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How to add reinvestment entry for Insurance Policy with principal amount in MProfit?

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  • How to add reinvestment entry for Insurance Policy with principal amount in MProfit?

    Suppose you have Birla Sunlife Insurance Policy of Rs. 6,00,000 which got matured on 01-10-2016.

    So out of the matured amount (Say Rs. 6,50,000) you reinvested Rs. 6,00,000 into another Birla Sunlife Insurance Policy and Rs. 50,000 was paid into my bank account.

    1. In PMS portfolio, enter one withdrawal entry for Birla Sunlife Insurance Policy of Rs. 6,50,000.

    From summary screen double click on the Insurance entry. Click on 'Premium or Withdrawal' button.




    Select Trans. Type as 'Withdrawal' and enter the amount Rs.6,50,000









    2. Create one new transaction of Rs. 60,00,000/- of new Birla Policy say 'Birla Sunlife Insurance Policy 2'.

    From summary screen double click on Insurance.





    Enter the asset name as "Birla Sunlife Insurance Policy 2" and Folio No. Click on Ok.





    Enter the details and click on Save.





    3. Go to Accounts. Double click on Unassigned Bank/Ledger.





    4. Assign both the transactions to "Asset Switch/Renewal/Demerger" ledger one by one. Right click on the transaction and select 'Assign Bank or Ledger for this PMS transaction'.





    From the drop-down list select "Asset Switch/Renewal/Demerger" ledger and click on 'Select and Close'.






    5. Now pass one JV of transferring 50,000 from Birla Sunlife Insurance Policy to Capital Account



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