Savings interest

Pay a rate on member savings, accrued daily and posted to the ledger.

Workflow

  1. 1

    Set the rate

    Under Savings interest, choose Set rate for a savings product. The rate is an annual rate whatever the payment frequency, and each change is kept as a new version from the date it takes effect.

  2. 2

    Preview the period

    Open a run from Upcoming runs. Interest is balance x rate x days / 365, so the preview shows each member's average balance, the days counted and what they earned.

  3. 3

    Approve and post

    Approve with the board minute, then post. An accrual records the expense and what members are owed; a credit pays it into their accounts, net of any withholding tax.