Deposits
Deposits are accounts where monies are held on your behalf, such as Bank(Checking) and Savings Accounts, and are viewed as monetary assets.
The value of a deposit at any particular time is the sum of credits to the account minus the sum of debits from the account, up to that time. Money in the deposit is held in a specified currency. If this is different from the reporting currency, then the value of the deposit is reported in both the local and reporting currency.
A deposit may generate interest payments, which can be credited to itself or transferred to another deposit account. It will generally have an associated interest rate (e.g. 2.5% APR), and this rate may vary over the lifetime of the deposit. A set of rates can be associated with a deposit so that the rate applicable to the account at any particular time can be determined.
Each deposit has a parent institution, so for example a Barclays bank account would have Barclays as a parent. For reporting purposes, the interest is deemed to be income from the parent of the deposit.
Each deposit account belongs to a deposit category that controls reporting of the account and can also restrict which transactions can be performed against an account.
The various categories are as follows
| Category | Description |
|---|---|
| Checking | This is a standard current or checking account |
| Savings | This is a standard savings account. There is no difference between the treatment of Checking and Savings accounts other than the reporting split |
| Bond | This is a standard fixed rate savings bond that has a maturity date |
| TaxFreeSavings | This is a taxFree savings account. Any interest generated by this account will be deemed as taxFree |
| TaxFreeBond | This is a taxFree bond. Any interest generated by this account will be deemed as taxFree |
| Peer2Peer | This is a peer2peer loans account |