How to create a term deposit

  • 1
  • Question
  • Updated 5 years ago
  • Answered
Hi everyone,I have bought 'Reckon Account Personal Plus 2015'. I am new to this software. Can anyone help me to setup a term deposit? I have really tried.
I want to be able to track the money from the start of term deposit to maturity. For example, money taken from a bank account (an account setup in Reckon) to create the TD, then the TD matures and the principal and interest is returned to the account (also in Reckon).

Also, do I need to setup a TD account for every term deposit?  I have a large number of term deposits over the years.

Thank you very much.
Photo of Denis Mock

Denis Mock

  • 70 Points

Posted 5 years ago

  • 1
Photo of Atlanta


  • 400 Points 250 badge 2x thumb
This is the method I use
Set up a new Term Deposit or Asset Account for each term deposit
Transfer the money from your bank account to the term deposit account using an 'Equity' category

Depending on your interest payment options for each term deposit determines how you show the interest earned. There are many variations to these options such as monthly or annual / end of term, and also if the interest is paid to another account or added to the term deposit.

The defining point is to make sure that you show interest earned as a unique category, it makes it a lot easier for tax purposes.

If you surrender a term deposit which has accumulated interest it can be advantageous to transfer the funds back to your savings account as a split transaction of Equity and Interest. Again it makes it easier for later reconciliation