Call Account Set-up

[Segunmichael]

Dear Mark,

I have about 5,000 clients i am trying to set-up Call accounts for. A Call account works similarly to a savings account. That is, a predetermined interest rate is applied to the balance in the account on a daily basis and the accrued interest earned over the month is capitalised (paid) into the account at the end of each month or quarter depending on the settings.

The applicable interest rate can be applicable to a batch of accounts or all of the accounts but should be stored in a central location so that I dont have to manually change the applicable rate for the entire 5,000 accounts.

I also want the flexibility of being able to change the rate retrospectively and recompute the interest accruals / capitalised interest paid into the account in the past.

I will like to upload the Client transactions (deposit/withdrawals) in bulk and generate report of balances in all of the accounts.

Please does the FundManager software have these capabilities (Call account management) and can it handle this number of accounts?

Hope to hear from you soon.

Thanks.

[Mark]

Hi Segunmichael,

We don't have any specific features for a "call account", but you can track them like any other cash type investment. FM doesn't automatically record any transactions, you would have to enter, import, or retrieve them somehow. These would just be interest type distribution transactions. You wouldn't enter any rate into FM, just the actual interest transactions.

FM does have the ability to calculate accrued interest on bond type investments, but even in that case, you still have to enter, import, or retrieve the actual interest transaction.

Yes, FM can handle that number of accounts.