A term account is typically an account that doesn’t require much management. Usually, part of you checkings account balance is transfered to the term application (term deposit). So it’s basically an account you shouldn’t move. When the deposit term ends the term deposit is transfered back into your checkings account along with interests.

If it’s an automatically renewable term with capitalized interests, everytime it matures, your checkings account is credited with the interests value.

How does it work on Boonzi?

  1. In Boonzi, navigate to Accounts under Configuration, on the main menu on the left, and click New account to create the term account
  2. Create a transfer transaction from your checkings account to your term account with the term deposit
  3. Every time it matures, create a transfer from your term account to your checkings account
  4. You should also create an income transaction with the interests value

If it’s an automatically renewable term with capitalized interests you should follow the same process except that:

  1. There is no transfer transaction from your term account to your checkings account (step 3). (Except when the account is closed)
  2. The income transaction (from step 4) must be registered in the terms account.

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