Common Account Detail Fields

Common Account Detail Fields

Purpose

The fields and buttons detailed below are common to most accounts that are created

Common Fields

Field
Explanation
Number
Display only field of the internal database number
Account Type
[F2] to  the Account Type
Code
If the auto code option has not been checked on the Account Type, then a code should be entered here
Description
Enter the account description
Client
[F2] to  the Client
Interest Profile
[F2] to  the Interest Profile

This rate will be applied only to the balance of the current ledger

Usually a zero rate profile is applied
Account Group
Usually blank

If required [F2] to  the Account Group
Currency
[F2] to  the Currency
Company
[F2] to  the Company
Region
[F2] to  the Region
First Analysis
[F2] to  the First Analysis Code
Second Analysis
[F2] to  the Second Analysis Code
Vendor Program
[F2] to  the Vendor Program

If not required, select NU: Not Used
Active
Ensure this is checked on to display the account in a browse
Current Balance

This is the current due for the account. This balance is the sum of all transactions that have been posted to the current ledger.

For lending accounts, this is the arrears balance.

For investment accounts, this is the amount that the client has invested.

For dealer accounts, this is the amount owed to the dealer on settlement of a lending account, plus brokerage and commissions due (if applicable)

For insurer accounts, this is the portion owed to the insurer for financed insurance from lending accounts.

Future Balance

This is the future due for the account. This balance is the sum of all transactions that have been posted to the future ledger.

For Lending systems, this is the principal outstanding on the loan, plus interest to be earned where appropriate.

For Unit Fund Accounts, this is the amount of any revaluations that have occurred.

For Dealers, this is commission that is due at a later date.

It would be unusual for Call Savings, Deposit or Insurer accounts to hold a future balance.

Accrued Date

This is the date that the accrued interest has been calculated to

Accrued Interest
The amount of interest that is due on the account as at the accrued date specified or todays date if viewed from an account dialog.  A negative amount indicates interest to be credited to the account and paid out to the account holder. A positive amount is interest due to be charged to the account and recovered from the account holder.

This amount of interest is calculated against the running balance (transaction movements) on a daily basis since the last interest posting.

Interest must be posted to the account for the interest to be charged and be recognised in the General Ledger.
Withhold Tax
Shows the RWT figure calculated based on the RWT rate held on the clientassociated with the account.
Total Due
This is the balance of the account in total. The sum of the current ledger, future ledger, accrued interest less any withholding tax. 
Open Date
Will default to todays’ date on creation

Can be changed
Close Date
Date should be entered when account is to be closed
Entered Date

This is the time and date that the account was first opened. This field cannot be edited.

Modified Date

This is the time and date of the last time a change was made to the account. This field cannot be edited.

Last Receipt Date

This is the last date a payment was applied to the account.

Warning Indicator
If Required, [F2] to  the Warning Indicator

Notes
Free format field allowing notes specific to an account to be entered.  These may be overtyped at any time.  Changes will be recorded on the  record. 

If a permanent note is required, this would be better entered to the system as a diary note communication.
Do Not Auto Close
If this check box is ticked on then the Account Auto Close process will not automatically close this account




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