Savings Accounting System
The Savings Accounting System will accommodate various types of savings plans. Designed to allow one-time entry of the Customer Information, which can be tied to as many accounts as necessary. Accounts are set-up based on size, type, and class, and reports may be generated accordingly. Compounding may be done daily, monthly, quarterly, semi-annually, or annually. Deposits and withdrawals may be made at any time. Statements are created individually, or may be run on a selected cycle basis. Complete accounting of accrued interest is available at all times, including: Interest Paid to Customers, Interest Due and Unpaid to each and all customers, and Total Unpaid Interest for each class and type of account. Interest may be paid to the customer or to any designated individual, added to the principal account, or transferred to another account. The Check-Writing option permits automatic payment of said interest. Records are kept of pledged savings, income tax withheld, and interest paid-out. Inquiry of customer or account balances is always available, and of course Truth-In-Savings quoting is incorporated. Average Daily Balance (ADB), designed to work with general ledger systems, produces a balance according to accounts for the purpose of monitoring trends, is also included.
Available Options: