Field descriptions: Depository accounts

This unique number identifies the depository account.

If the account category for the account does not use a document sequence, you enter the account number manually.

If the account category for the account uses a document sequence, the account number is assigned automatically. When creating a new depository account, the field displays New.

The customer to which the depository account is assigned.

Learn about creating customers

To set up a depository account for a customer, you need to have a vendor record for the customer (in addition to their customer record). The vendor record is needed because funds for withdrawals are disbursed as bill payments through Accounts Payable, and bill payments can be made only to vendors.

We recommend basing the name of the vendor record on the name of the customer record that it's associated with. For example, if the customer is named C-ABC-Consulting, you could name the vendor V-ABC-Consulting.

Learn about creating vendors

This option is selected by default, but you can change it any time.

If this option is selected, you can email statements for the depository account from the Statements page, though you do not need to. On the Statements page, you can select the depository accounts for which you'll email statements for a specific period.

If you clear this option, you cannot email statements for the depository account from the Statements page. You can generate statements as PDF files and email those files, or you can print them and send physical paper statements.

The state of the depository account is set automatically, as follows:

• Opened: The depository account is active, and transactions can be posted for it.
• Closed pending: The depository account has been closed. Interest has been calculated and posted through the closing date, but the final statement for the depository account has not yet been generated. When interest and statements are generated, no more interest will be calculated or posted for the account. Transactions can no longer be posted for the account.
• Closed: The depository account has been closed. The final statement for the depository account has been generated.

The status of the depository account is set automatically based on the state of the depository account:

• Active: A depository account is active if the state of the depository account is Opened or Closed pending.
• Inactive: A depository account is inactive if the state of the depository account is Closed.

You can permanently, safely store supporting documents for the depository account by uploading them as an attachment. You can attach any type of file, including scanned images, spreadsheets, or word-processor documents.

Learn about how to add attachments and who can add attachments.

The balance of the depository account.

This balance does not include any accrued interest that has not been posted.

The interest rate for the depository account.

The interest rate's start date must be on or before the depository account's opening date.

Learn more about depository interest rates

The depository account opening date. This date must be all of the following:

• Not in a closed period
• Not in a period for which interest and statements have been generated
• On or after the effective start date of the interest rate assigned to the account
• On or before the transaction date of the first transaction posted to the account

If the depository account has a maturity date, enter that date.

Settings in the Enable functionality section of the Configure Depository Management page determine if this field appears, whether it's required, and its name. Learn more about configuration and customization settings for the maturity date field.

The date when the transaction was posted. The transaction date for each type of transaction is as follows:

• Deposit to undeposited funds: Receipt date.
• Deposit to bank account: Receipt date.
• Withdrawals, transfers, and adjustments: Posting date.
• Closure of depository account: Closing date.