Early Termination of Deposit Contract
At the end of the article, you can watch the VIDEO INSTRUCTIONS
To terminate a deposit contract early, go to the "Financial Information" tab and click the "Early Termination" button at the top of the page.
A window opens displaying the stages of the early termination process.
Early Termination Stages
1. Deposit Termination
The current date is automatically set. It can be changed in either direction if necessary. Click the "Start Process" button. All accruals have been written off: interest and personal income tax.
2. Return of Paid Interest
The program automatically shows the amount of interest that was paid and needs to be returned. To do this, create a Cash Flow - Income for the amount of paid interest.
If no interest was paid, proceed to the third stage.
3. Interest Recalculation for Early Termination
The current date is automatically set. It can be changed in either direction if necessary. Click the "Start Process" button. Interest will be recalculated at the recalculation rate specified in the deposit product.
Payout Amount Calculation
To calculate the amount payable upon early termination of the contract, add:
- Amounts payable;
- Future payment amount.
After processing Cash Flow - Expense for the total amount, a record of the deposit refund will appear in the operations.
Return of Voluntary Share Contribution
When closing the deposit, don't forget to also return the voluntary share contribution. To do this:
- Go to the share contract.
- Create Cash Flow - Expense for the share amount.