PROCEDURE FOR INTEREST CALCULATION/POSTING AT HO

Procedure For Interest Calculation/Posting At HO

NOTE:

If you intend to transfer interest calculated at the HO for SOs to the respective SOs electronically, then download and execute Int_Seq.exe at both the SO and HO, before calculation of interest at HO. This will enable generation of interest file with sequence number 1 at HO and will enable its subsequent import / posting at SO.

The file ‘Int_Seq_2014.exe’ can be executed on or after 29/03/2014 only.

Interest calculation and posting should be done only on or after 01/04/2014.

Download(Interest Calculation Tool)

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Step 1 

Download the revised DBAnalyzer Software 08/01/2014. Run DBAnalyzer software. Select ‘Database Discrepancies’. 

  

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• Ensure that previous financial year Interest Entry (2012-2013) is made for all accounts. (‘Ledger entries without previous year interest entry’ option will list the accounts without interest entry).

Login to Data Entry Module as Data Entry Supervisor and insert the interest transaction for the previous financial year (i.e. for 2012-2013) with the transaction date as '01/04/2013’ and transaction type as 'interest'. 

• Ensure that account type is available for all accounts. (Account numbers with blank account type’ option) Login as Supervisor. Use 'Common -> Account type Conversion' form. Select the correct account type and save.

• Ensure that ledger entries with Cleared Date as ‘01/01/1900’ are not available. (‘Ledger entries with LOT / Cleared Date as 01/01/1900’ option)  

• Ensure that account status is updated for all accounts. (Account numbers with blank account status' option) Select 'Database Discrepancies >> SB >> Account numbers with blank account status' option in DBAnalyzer and update the account status.  

Step 2 

Login as ‘Supervisor’ in on-line module.

• Check interest rates in initialisation group.

• Check the current financial year in the form (Form No.0410) ‘Initialisation >> Financial Year – SB / PPF / NSS’ (Financial Year should be01/04/2013 – 31/03/2014).  

Step 3 

From the menu,

  

• Select ‘Annual Interest Calculation’ form (Form No. 1305 / 1004 / 0904)to calculate interest for    SB / PPF / NSS.

• Select 'IBB Report' option to generate IBB Report. 

• Select 'Annual Interest Calculation' option to carry out calculation.  

Step 4 

After calculation is finished,

  

• Check the error files in SP5\OT folder to view the accounts for which interest was not calculated.

• Rectify the errors listed. It is advisable to rectify as many of the errors listed if not all and then re-calculate interest by selecting 'Annual Interest Calculation' option again, before interest posting. The process can be repeated any number of times till no accounts is listed in the error list. 

• After rectifying all the errors listed during interest calculation, recalculate interest before selecting the 'Annual Interest Posting' option to carry out interest posting. 

NOTE

• Interest calculation should be performed at HO for all SOs (including MDGs) and hence the database discrepancies rectifications mentioned above are to be done for both HO as well as SO accounts.

• For SOs, interest calculation should be performed only after receiving and incorporating all the Supplementary Dates’ transactions in SOSB module. 

• Ensure that the cleared cheque details received till 31/03/2014 are entered and posted. Also ensure posting of PPF cheques cleared till 31/03/2014 before posting PPF interest.  

• Interest if calculated and posted on any later date (after 01/04/2014) will also be appropriately posted in the ledger.