FD Products
Last updated
Udara360 User Guide
Last updated
FD is an abreviation for Fixed Deposit. The Fixed Deposit Product page enables you to create and manage Fixed Deposit products, which are investment accounts where money is locked for a specific period at a fixed interest rate. This page allows you to configure new Fixed Deposit products, manage their settings, and track the maturity and liquidation processes.
Log into the application using your credentials.
From the dashboard, navigate to Accounts in the side menu.
Select Products from the dropdown list.
Select FD Product from the Products dropdown list.
To create a new Fixed Deposit Product, follow these steps:
Click the Add button in the top-left corner of the Fixed Deposit Product page.
Complete the fields as required:
Name of Product: Enter a descriptive name for the Fixed Deposit product.
Product Code: Assign a 3 digit unique numeric code for the product.
Default Applicable Interest: Select the product's applicable default interest rate from the dropdown list of existing active interests. If this field is empty, kindly refer to Interest on how to create a credit interest
Default Interest Rate (%): The rate configured for the selected default applicable interest is automatically populated.
Interest Expense Account: Select from the dropdown list of active Interest Expense general ledgers to record interest expenses. If this field is empty, kindly refer to General Ledgers on how to create a general ledger Here are the properties for creating an Interest Expense GL. Step 1 - GL Creation
GL Name: ABC Fixed Deposit Interest Expense
Level 1 Category: Expense
Level 2 Category: Interest Expense
Level 3 Category: Interest Expense
IFRS Category: Interest and Similar Expense
Transaction Permission: Open
Currency: Select your currency
Step 2 - Other Business Automation set-up
Account Type: Interest Expense
Account: Select the Fixed Deposit Interest Expense GL
Interest Payable Account:
Select from the dropdown list of active Interest Payable general ledgers to record interest payables. If this field is empty, kindly refer to General Ledgers on how to create a general ledger Here are the properties for creating an Interest Payable GL. Step 1 - GL Creation
GL Name: ABC Fixed Deposit Interest Payable
Level 1 Category: Liability
Level 2 Category: Other Liabilities
Level 3 Category: Interest Accrued Not Yet Due For Payment
IFRS Category: Payable
Transaction Permission: Open
Currency: Select your currency
Step 2 - Other Business Automation set-up
Account Type: Interest Payable
Account: Select the Fixed Deposit Interest Payable GL
Withholding Tax Account:
Select from the dropdown list of active With-holding Tax general ledgers to record Withholding Tax deductions. If this field is empty, kindly refer to General Ledgers on how to create a general ledger. Here are the properties for creating a Withholding Tax Payable GL.
GL Name: ABC Withholding Tax Payable
Level 1 Category: Liability
Level 2 Category: Other Liabilities
Level 3 Category: Account Payable
IFRS Category: Payable
Transaction Permission: Open
Currency: Select your currency
Step 2 - Other Business Automation set-up
Account Type: With-Holding Tax Account
Account: Select the With-holding Tax Payable GL
Default Tenure (In Days): Specify the default tenure (duration) for the Fixed Deposit product.
Pre-liquidation Charge (%): Specify the pre-liquidation charge rate, if applicable. This penal charge represents a percentage deduction to be applied on accrued interest payable to customers where they choose to liquidate their fixed deposit plan before maturity.
Click the Save button to create the Fixed Deposit product.
Confirm the action by selecting “Yes, I want to proceed.”
Here's how to modify a Fixed Deposit Product below:
In the Actions column, click the three vertical dots (⋮).
Select Modify from the dropdown menu.
Update the necessary Fixed Deposit Product details.
Click Update to save and apply the changes.
Confirm the action by selecting “Yes, I want to proceed.”
To activate/deactivate an existing Fixed Deposit Product:
In the Actions column, click the three vertical dots (⋮) next to the Fixed Deposit Product you wish to deactivate/activate.
Select Deactivate/Activate from the dropdown menu.
Confirm the action by selecting “Yes, I want to proceed.”
