Hi Nayan,
>> are these standard terms?
No, these are not standard terms.
Their usage was as follows
1) Savings Reference: A Fund source to "Debit" for Deposits and "Credit"
during Withdrawals
2) Savings Control: An account that represents the Liability held (amount
owed to customers) by the Bank. This account is debited
during withdrawals or fee payments and credited during Interest postings
and deposits.
I am not sure if there is a standard term to describe these accounts, We
picked up the names we ended up using while googling for terms used by
other accounting packages etc to describe these accounts. The purpose of
the accounts are pretty standard though
There is no harm in keeping the names as is or changing to something more
appropriate (On second thought it would have been better to term "Savings
Control" as "Savings liability", usage of the term Control is probably not
very apt since we do not use the account as a control account in the strict
sense, see
http://blog.accountingcoach.com/accounts-receivable-control-account-subsidiary-ledger/
)
Adding the description of how these accounts are used as help text next to
the labels (like its done for loan products in the reference UI) would help.
Regards,
Vishwas
On 6 November 2013 13:47, Nayan Ambali <[email protected]> wrote:
> Hi,
>
> In new MifosX UI, saving products have these below labels
>
> *Accounting* Savings Reference(Assets) 85 (GL code) Savings Control
> (Liabilities) 52 (GL code) Interest On Savings(Expenses) 85 (GL code) Income
> from Fee(Income) 17 (GL code)
>
>
>
> What does "Savings Reference" and "Savings Control" means? are these
> standard terms? if not what are the appropriate labels?
>
>
> Below are Old Mifos labels for reference
>
> Accounting
> * GL code for deposits: 24101 - Mandatory Savings Accounts
> 23101 - Savings accounts 4606 - Village
> Development Fund 4603 - Margin Money-2 4602 -
> Margin Money-1 4601 - Emergency Fund --Select--
>
> * GL code for Interest: 41102 - Interest on clients
> mandatory savings 41101 - Interest on clients voluntary
> savings --Select--
>
>
>
>
>
>
> --
> Regards
> Nayan G. A.
> 9901154134
>
>
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