Thanks Vishwas,
The explanation helps us to translate it correctly into other language.
On Sun, Nov 10, 2013 at 10:53 PM, Vishwas Babu <[email protected]>wrote:
> 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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>
>
>
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--
Regards
Nayan G. A.
9901154134
------------------------------------------------------------------------------
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from the latest Intel processors and coprocessors. See abstracts and register
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