Initial Customer Account - Deposits?

Functionality discussions and feature requests

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lfoster
Posts: 51
Joined: Fri Oct 03, 2008 9:49 am

Initial Customer Account - Deposits?

Post by lfoster » Fri Oct 03, 2008 6:41 pm

I just downloaded and installed the latest version on my computer to see exactly how this works. I'm using this as a typical "Bank" system where customers can come in and make deposits and withdrawls. The question I have is should a customer come in and make a "deposit" or wish to "withdraw" how do I show this on their account? Where exactly in the Admin do I do this?

lfoster
Posts: 51
Joined: Fri Oct 03, 2008 9:49 am

Post by lfoster » Sat Oct 04, 2008 7:57 am

OK, I'm hoping someone can give me an answer here. I have figured out how to "deposit" into a customer account but the "Bank" debit account shows a negative. How do I "deposit" into the bank Debit account to get rid of this negative?

I want this to work as a traditional bank system where the customer would make a deposit (ie. bring in 'money') to place in his account.

Has anyone here used this program in this way and could offer a little help?

hugo
Posts: 633
Joined: Sun Jun 18, 2006 1:40 pm

Post by hugo » Sat Oct 04, 2008 9:08 am

Hi Lfoster,

In Cyclos a transaction has always an origin and destination account. Because of this you cannot 'create' units in account with effecting another account. This gives you more control and is common in financial systems.

The Debit account is mostly used for the (emission) creation and destruction of units. Here some explanation from the Cyclos administration manual.
Loan (debit) Account
The Debit or Loan Account is only used for loans and the initial credit (which can be a loan or a gift). It is the main System Account and it is called loan account for clarity reasons (sometimes this kind of account is called the Float Account, or the Debit account). It is common to leave the debit account as the ONLY account that has no negative limit. This account is necessary for the creation of Units. When Units are created the Loan Account goes negative and the receiver (mostly a Member account) will go positive with the same amount of Units.
The administration of the Loan Account is therefore very critical. Maybe not so much for a LETS kind of system, but for Barter (business) software or a system backed with money this must be very secure and controlled.
Regards, Hugo

lfoster
Posts: 51
Joined: Fri Oct 03, 2008 9:49 am

Post by lfoster » Sat Oct 04, 2008 6:31 pm

Thanks Hugo. I guess the way I could look at it, the negative amount showing on the mank 'bank' account would be the amount that the 'bank' would need to have available should there be a run on the 'bank', correct?

Due to certain transaction or service fees, this number would go up towards the positive and the resulting negative would be the number of "units" that the 'bank' needs on hand to satisfy withdrawls.

Looks like it would be a quick check to make sure that the "units" on hand are always equal.

Leonard

hugo
Posts: 633
Joined: Sun Jun 18, 2006 1:40 pm

Post by hugo » Mon Oct 06, 2008 7:58 pm

Hi Leonard,

Yes exactly. This is how most 'backed' systems work. In some case a bonus and conversion fee is charged what means the balance between bank account and Cyclos debit account is not one to one.

Some systems are partially backed with conventional money and partly with other financial credit papers.

logzy
Posts: 4
Joined: Tue Dec 04, 2012 3:08 pm

Re:

Post by logzy » Tue May 02, 2017 9:48 am

lfoster wrote:OK, I'm hoping someone can give me an answer here. I have figured out how to "deposit" into a customer account but the "Bank" debit account shows a negative. How do I "deposit" into the bank Debit account to get rid of this negative?

I want this to work as a traditional bank system where the customer would make a deposit (ie. bring in 'money') to place in his account.

Has anyone here used this program in this way and could offer a little help?
Please how did you achieve this? I need to achieve the same thing but stuck as to how to achieve it.

Thanks

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