Professional Documents
Culture Documents
Fixed Deposit: Welspun Gujarat Stahl Rohren LTD
Fixed Deposit: Welspun Gujarat Stahl Rohren LTD
Topic for the Meeting: Business Process Detail WGSRL Date: 18.10.2002 Version: 1.0
Schedule Time of Start: Actual Time of Start: Venue: ERP ROOM, Vapi
Planned Duration of the Meeting: Actual Duration of the Meeting: Attendance (%): 100%
Module Members: Mr. Yogesh P. Berawala, Atul Trivedi, Pradeep Tibrewal, Chetan Makwana
FIXED DEPOSIT
Margin kept against LC & BG are kept in fixed deposit. Liquidation & renewal of Fixed
deposit will be as per Data & Expiry dates of Fixed Deposits. Interest & TDS data are
also generated & kept. Tracking of TDS Certificate will be done by accounting for TDS
Certificate in separate account TDS Certificate Receivable A/c
2.PROCESS WORKFLOW:
TRCKING OF FIXED
DEPOSIT & INTEREST
ACCOUNT
RECEIPT OF INTERERST
POSTING
1. INITIATING ACTIVITY:
2. ACTIVITY WORKFLOW:
At the time of establishing letter of credit or issuance of Bank Guarantee Margin is kept
by Bank at % based on Sanction Terms ( Normally 10%). Margin are kept under fixed
deposit for period depending on Expiry of L/c or Bank Guarantee. After keeping of fixed
deposit, original Fixed deposit receipt is discharged in favor of Bank ( The Margin/Fixed
Deposit are under Banks Lien ).
The details of Rates of Fixed deposit & Period will be entered in the system at this Point
and system will automatically calculate the Interest. TDS deductible on Fixed deposit
will be posted manually.
1 INITIATING ACTIVITY:
2 ACTIVITY WORKFLOW:
After keeping of fixed deposit and entering the same in the system. Various reports will
be generated for tracking of Fixed deposit and Receipt of Interest. Decision to
Liquidate /Renew Fixed deposit will be based on these report along with BG/LC due date
reports.
Activity Name: Receipt of Interest Activity No. FI-08.04.03
3 INITIATING ACTIVITY:
4 ACTIVITY WORKFLOW:
The Fixed deposit can be with Payment of Interest quarterly /Monthly /Days or can be on
maturity. In case of Fixed Deposit with Payment of Interest quarterly /Monthly /Days,
tracking is done for receipt of interest. Following entries are made at the time of receipt
of interest.
1 INITIATING ACTIVITY:
2 ACTIVITY WORKFLOW:
Fixed deposits are kept against L/c & BGs and the period of fixed deposit are guided by due date of L/c
BG & Rate of Interest. In case L/c or BGs are to be extended , on due date Fixed deposits are renewed for
further period. Fixed deposits can be renewed With Interest ( Net of Applicable TDS ) or other wise Only
Fixed deposit is renewed and Interest is credited to Bank A/c
1 INITIATING ACTIVITY:
2 ACTIVITY WORKFLOW:
Fixed deposit if not required can be liquidated before due date or can be liquidated
on due date. The decision to liquidate fixed deposit will depend on Bank
Guarantee / LC.
1. INITIATING ACTIVITY:
Deduction of TDS
2. ACTIVITY WORKFLOW:
TDS Deducted at the time of receipt of Interest is tracked for receipt of Certificate.
*TDS tracking will be done by viewing the TDS Receivable GL Account. This will be a
manual activity.
(ANNEXURES)
Signatures
Project Leader & H.O.D.: Mr. Anand Agarwal (Sr. Manager Finance & Accounts)