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How to account Fixed Deposit?

We can enter the fixed deposit into the system.

Step 1: create a GL for fixed deposit in general ledger charts of account.

Fixed deposit GL needs to creates under Assets in charts of account.

Step 2: Pass a journal entry for entering the fixed deposit:

1. Go to general ledger –>>Journal Entry –>>Create Journal Entry

2. Enter Journal Date–>> in Sr. 1 Select Fixed deposit and enter the fixed deposit amount in debit column, in Sr. no. 2 Entry the Bank account from which FD has created and enter the same amount in credit column.

 

 

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