Discounted TD Upfront Interest Combined And Posted As Single Set of Entries (Doc ID 3052597.1)

Last updated on OCTOBER 15, 2024

Applies to:

Goal

We want to implement the Discounted TD and interest paid to the customer as follows:

Two types of Advance Interest Payments:

1.Normal Interest
2.Bonus Interest
Currently, the accounting flow combines Normal Interest and Bonus Interest, settling them to the payout account as one transaction. However, our business requirement is to have separate accounting entries for Normal Interest and Bonus Interest.

Eg. 
Deposit Amount - 600,000,000
Tenor - 30 Days
30 Days Interest Rate - 11.50%
Bonus Interest Rate between < 500,000,000 to > 1,000,000,000 - 1%

Current Accounting Entries
Total Interest Settled to the CASA - 6,164,383.56

Excepted Accounting Entries
Deposit Amount Tenor Deposit Interest Rate
600000000 30 11.50% - 5,671,232.88 (Want to settle to CASA)

Deposit Amount Tenor Bonus Intertes Rate
600000000 30 1.00% - 493,150.68 (Want to settle to CASA)

Please kindly provide to meet our requirement separate accounting entries for Normal and Bonus Interest rate. 

Solution

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