Deposit Account

The Woodcore deposits account module is a fully functional deposit account that can be used for a variety of purposes, such as making payments, money deposits as a corporate or checking account, and managing overdraft portfolios. The deposit account comprises of savings account, also known as a deposit account, and a fixed deposit account.

Each deposit account is an instance of a deposit product. This implies that the parameters and features of a deposit account are inherited from the product which the account was created under. This allows you effectively organize your deposit accounts according to your product offering. Therefore before you create a deposit account, ensure you have the deposit product set up.

On the deposit module, there are two deposit accounts types:

  1. Savings accounts, also known as deposit accounts, which are instances of the savings product.
  2. Fixed deposit account, which is an instance of the fixed deposit product

Both accounts differ in their creation process, purpose, and how the accounts operate. In all cases, the deposit account, upon creation, is assigned a unique account number and a specified interest rate, which is owned by an individual client or entity.

Creating a Deposit Account

On Woodcore, there are two ways you can create a deposit account for a customer.

  1. The Customer (Clients) module
  • On the console, navigate to the Business > Clients menu. This page displays a list of all your existing customers.
  • Select the desired customer. You can also search for the customer using either the customer's name, CIF number, or external ID. This implies that the customer's account must first exist on the system.
  • You will be directed to the customer’s portfolio page. If the customer already has an account(s), the page will display all the accounts they hold in your organization. Click on the New Deposit button to create a deposit account.
Create a deposit on the Customer Module

Create a deposit on the Customer Module

  • Fill out the deposit account creation form with the required information. See the sections below.

  1. Account Module

A deposit account can also be created on the Account module.

🚫Note: Using this route, the deposit account can only be created for customers who already have an existing deposit account in your organization. Where this is a new customer, we recommend you create the deposit account using the customer module.

To create an account using the route, follow the steps below:

  • On the console, navigate to Account > Deposit menu. This page contains an overview of all deposit accounts (savings and fixed deposits) in your organization, including the account number, balance on the account, and the product type each account belongs to.
  • Click on the account name. You can also search for the customer using either the customer's name, account number, or external ID.
  • On the customer’s portfolio page, click on the New Deposit button.
Create a deposit on the Deposit Module

Create a deposit on the Deposit Module

  • Fill out the deposit account creation form with the required information. See the sections below.


Deposit account creation form: Details section

Deposit account creation form: Details section

  • Product: Choose an existing product that the savings account will be associated with. The savings product must exist prior to account creation.
  • Field officer: Select a field officer from the employee drop-down list.
  • Submitted on: Enter the account creation date.

IMPORTANT: The submission date is different from the account activation date. An account can be created and remain pending until it is activated. This implies that a customer's account can exist but remain inactive until it is activated.

  • External ID: The external ID is a unique identifier assigned to a customer, account, or transaction where the customer’s data exists on a previous system.


Deposit account creation form: Terms section

Deposit account creation form: Terms section



The following fields: Currency, Decimal Places, and Currency In Multiples Of fields are automatically filled from the linked product and cannot be modified. Other fields are also populated by default, but they can be modified if needed.

  • Nominal Annual Interest: Enter the percentage of interest that will be earned on the account over a one-year period.
  • Interest Compounding Period: Select the frequency at which the interest earned on a deposit account is calculated and added to the principal amount. Available options include Daily, Monthly, Quarterly, Semi-Annual, and Annual.
  • Interest Posting Period: Select the frequency at which interest should be added to the account. Available options include Monthly, Quarterly, Bi-Annual, and Annually.
  • Interest Calculated Using: Select the method used to calculate the interest earned on a deposit account.
    • Daily Balance: Here, the interest is calculated on the balance in the account each day. The interest earned is added to the account at the end of each day, and the calculation is based on the balance at the end of that day.
    • Average Daily Balance: The interest will be calculated on the average balance in the account each day.
  • No. of Days in Year: Depending on your financial days in a year configuration.
    Available options are 365 Days and 360 Days.
  • Minimum Opening Balance: This refers to the lowest amount a customer is required to deposit in order to open the account.
  • Lock-in Period: Enter a Lock-In Period for each account. During this period, the customer's deposit cannot be withdrawn. The lock-in period can be set in Days, Weeks, Months, and Years.
  • Apply Withdrawal Fee for Transfers: Select if a withdrawal fee should be charged when transferring funds out of the account.
  • Enforce Minimum Balance: Click on the options to set the minimum balance for the account.
  • Is Overdraft Allowed: Select an option to enable or disable overdraft.
  • Minimum Balance: Enter the minimum balance, which is the lowest amount of money that must be kept in the account.
  • Maximum Overdraft Amount Limit: Enter the highest overdraft amount allowed.
  • Minimum Overdraft Required For Interest Calculation: Enter the minimum amount that must be owed in overdraft for the customer’s account to start accruing interest on the negative balance.
  • Nominal Annual Interest Rate For Overdraft: This refers to the annual interest rate charged on the negative balance of an overdraft.


Deposit account creation form: Charges section

Deposit account creation form: Charges section

By default, the charges that are selected in the product will be applied to the deposit account. But, it is also possible to create extra charges that will only apply to the account. These charges need to be pre-defined in the Charges section. It's worth noting that the Charges section includes a specified due date field, which enables you to set a particular date for the charges to be due and deducted.


A preview will be displayed with all the details. It is important to carefully review for any errors. Once you are sure the details are correct, you can click the Submit button to finalize the creation of your customer’s deposit account.