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FD Management In ERPNext
Introduction
In ERPNext, Fixed Deposit (FD) management is a vital component of effective financial asset planning. A fixed deposit is a secure investment option offered by banks and NBFCs, providing higher returns than a standard savings account over a fixed period. With FD management in ERPNext, businesses can track, manage, and automate their fixed deposit operations directly within the ERP system, ensuring accuracy and compliance.
How to use the App
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To initiate a fixed deposit entry, navigate to the ERPNext Fixed Deposit list and click on "Add Fixed Deposit."
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Fill in all required fields such as FD Number, Posting Date, Bank Account, FD Account, Interest Account, FD Start Date, FD Amount, Maturity Date, and Maturity Amount for accurate fd management in ERPNext.
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Click "Save and Submit" to finalize the entry.
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Upon submission, ERPNext automatically generates a journal entry: Bank Account is credited and the financial asset (FD account) is debited, ensuring transparent accounting.
When the Fixed Deposit Matures:
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Go to the Fixed Deposit list, select the relevant deposit, and mark it as "Matured".
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Enter the Maturity Amount and click on "Update" to proceed.
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ERPNext automatically generates a journal entry to reflect the maturity: the Bank Account is debited, while the FD Account and Interest Income Account are credited. This simplifies erpnext financial asset tracking and reporting.
When The Fixed Deposit is Renewed:
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From the Fixed Deposit list, select the deposit to renew and check the "Renewed" option.
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Provide the Renewed Amount, New Maturity Date, and updated Maturity Amount. Click on "Update" to process.
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ERPNext will create a journal entry where the FD Account is debited with the Renewal Amount and credited with the previous Principal. The interest difference is posted to the FD Interest Account. A new ERPNext Fixed Deposit entry is automatically generated, keeping the asset lifecycle traceable within your ERPNext financial asset management.
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