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How do I show renewal of FDs in PMS & Accounts in MProfit?

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  • How do I show renewal of FDs in PMS & Accounts in MProfit?

    Suppose you have added Investment entry for Bank of India FD (Ref12345) on the date 25/09/2013.

    Now this FD is closed and new FD is renewed from the net amount received on maturity of the first FD.

    1. Make an withdrawal entry for Bank of India FD (Ref12345).
    To do this double click on FD entry and click on Add Interest/ Withdrawal.







    2. From Transaction select Withdrawal. Enter withdrawal Date, Principle Amount, Interest and TDS. Click on Save.





    3. Right click on Withdrawal entry and select "Mark this transaction as CLOSE and renewed".





    You can select withdrawal entry to see "Trans: Marked as Renewed".





    4. Double Click on FDs asset to add new Renewal FD entry.





    5. Enter all the information and click on Save.
    Make sure that amount received on maturity of the first FD is same as amount invested of renewal FD.





    6. Right click on the Investment entry of newly added Renewal FD and select "Mark the transaction as INVESTED on renewal".





    You can select Investment entry to see "Trans: Marked as Renewal".





    7. You will see the effect in Accounts. Entry will appear in “Asset Switch / Renewal / Demerger” ledger.







  • #2
    How can i do the renewal of renewed FD. For example i have placed an FD for Rs. 10000/- @ 8% per annum interest with FD Number being ABC. At the end of the tenure i renewed the FD for 1,08,000/- at 7% per annum with FD Number being BCD. Followed the above process and marked the same as renewed.

    Now after a year my BCD FD is due for renewal and reinvested the same with value 115,560/- with new FD number PQR

    My Question is as BCD is first renewed the trans is shown as "Marked and renewed" subsequently when the same is matured and again invested the status of the transaction should change to "Invested on renewal"

    Comment


    • #3
      Dear Paras Jhaveri,

      Currently we do not have this feature. We will forward your suggestion to the product team.
      MProfit Support

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