Identifying the purpose of Fixed Deposits

Customer Introduction:

This customer makes provision for various expenses by making fixed deposits.

Problem / Goal:

Fixed deposits were being made as a provision for Salaries, Rents, GST, Capital projected expenses etc. But the online banking software does not have a field to identify the purpose of the FD. Also in the accounting voucher there was no place to record the maturity amount, interest rate and maturity date.

The Solution:

We provided accounting vouchers with ‘Attributes’. Attributes are user defined fields and can have any type of data such as numbers, dates, dropdown etc. Using the attributes, the user was able to create new fields “Maturity Date”, “Maturity Amount” and “Purpose of FD”. Now for the FD Contra voucher, users started adding these additional information bits.

The Result / Benefits:

It now became possible to list out all Fixed Deposits which are active along with the information that was tagged to it.