Quarterly Deposit

Four times per year, employers must transfer the accumulated cesantia provisions to the trust company. CifraHQ manages this as a deposit batch with a full lifecycle from draft to reconciled.

Where to find it

Go to Payroll > Cesantia Fund > Deposits.

Deposit schedule

Ley 44/1995, Art. 5: Deposits not received by the trust company by the deadline incur a default interest charge at the CSS reference rate. CifraHQ's Compliance Calendar alerts you 7 days before each deadline.

Deposit lifecycle

Draft -> Calculated -> Deposited -> Reconciled

Creating a deposit batch

1. Go to Payroll > Cesantia Fund > Deposits and click New Deposit.
2. Select the Year and Quarter.
3. Click Save. The batch is created in Draft state with the correct period dates and due date pre-filled.

You can only have one batch per quarter per year. If a batch for the same quarter already exists, the system will reject the duplicate.

Calculating the deposit

On the deposit detail page, click Calculate. The engine:

1. Reads the CesantiaBalance record for every active employee.
2. Computes the amount accrued during the quarter (AccruedPrima and AccruedIndemnity increments for the quarter period).
3. Subtracts any amounts already deposited in prior batches.
4. Writes one line per employee with CotizableBase, PrimaAmount, IndemnityAmount.
5. Updates the deposit header totals (EmployeeCount, TotalPrima, TotalIndemnity).

You can recalculate as many times as needed while the batch is in Draft or Calculated state. Each recalculation regenerates all lines from the current balance data.

Reviewing deposit lines

After calculating, the deposit detail page shows a grid with one row per employee:

Generating the bank transfer file

Click Bank File to download a CSV file formatted for bank transfer. The file includes:

• Trust company name and account number (from the policy)
• One row per employee with their ID, name, and deposit amounts
• Total deposit amount for verification

Send this file to your bank or treasury team to initiate the wire transfer. The bank file format is generic CSV/XLSX; contact support if your trust company requires a proprietary format.

Marking as deposited

After the funds have been transferred:

1. Click Mark Deposited on the deposit detail page.
2. Enter the Deposit Date (the date the wire was sent, in dd/MM/yyyy format).
3. Click Confirm.

This transitions the batch to Deposited state and records the deposit date. The CesantiaBalance DepositedPrima and DepositedIndemnity columns are updated for each employee in the batch.

Reconciling with the trust

Once the trust company confirms receipt (usually within 1-3 business days):

1. Click Reconcile on the deposit detail page.
2. Confirm the prompt.

The batch moves to Reconciled state. The GL posts a second journal entry that clears the Cesantia Payable liability:

Deleting a deposit

Deposits in Draft or Calculated state can be deleted. Deposits in Deposited or Reconciled state cannot be deleted - the funds have already moved.

Related: Overview - Monthly Accrual - Policy Setup - Reports - Compliance Calendar