In employee-based institutions, particularly those using a check-off system, member savings and loan repayments are typically made on scheduled days, such as once a week or once a month. To process these transactions, (savings, shares and loan repayments) the admin will use the import tool. Steps Once the data is submitted, check for any errors.
Managing financial transactions efficiently is crucial for any financial institution. The Enhanced Teller Till Statement is a major step forward in improving transparency and accuracy in financial tracking. With this enhancement, every transaction now includes exact descriptions entered by tellers, ensuring greater clarity and simplifying reconciliation processes. This update empowers financial institutions with better audit…
We have introduced an improvement in fund allotment tracking, ensuring that once a teller’s fund allotment is approved, it impacts both the Cash at Hand and Reserve accounts in the system. This enhancement improves financial traceability, simplifies auditing, and ensures accurate fund movements within the system. Steps To Set Up Teller Fund Allotments Step 1:…
The system now automatically aligns loan repayment schedules with a group’s predefined meeting day during loan application, ensuring consistency and easier tracking of repayments. Steps on how to set the group’s meeting day 1. Click on Clients on the left-hand side.2. Search for the specific Group then edit.3. Click on the Group meeting day. 4….
The credit policy update increases the loan amount limit to 12 digits, allowing SACCOs and MFIs to offer loans up to one billion or more. This change enhances flexibility in loan structuring and enables these institutions to expand lending opportunities. Steps on how to set the loan limit 1. Click on Settings on the left-hand…
The fixed yearly interest option is within the Credit Product Policy (CPP). This new feature enables interest to be calculated on a flat configuration basis, delivering a straightforward and predictable method for interest calculations. Key Features How to Enable To enable the fixed yearly interest option, please follow these steps: Upon activation, the system will…
A new enhancement in the system now enhances the display of interest and outstanding balances, ensuring clearer financial information and preventing overpayment. This improvement allows users and tellers to see only the principal and accrued interest up to the current date, rather than the total interest for the full loan duration. With this update:✅ The…
Overview To enhance data accuracy and ensure complete member details, we have introduced improvements in the member onboarding process. Objective:We’re making it easier for you to provide complete and accurate information during onboarding by introducing separate fields for First Name and Last Name. New Name Field Configuration Exciting Enhancements to ‘Add Member’ Page and Member…
To improve security, accuracy, and efficiency, we have transitioned from using account numbers and phone numbers for transactions to a streamlined method based on each client’s unique numerical ID. The numerical ID is recorded under the Reference Number in the Member Details page and is now used for all deposit and repayment transactions, ensuring precise…
The Teller Reversal feature allows tellers to fully reverse transactions, restoring loan installments to their previous state. This ensures that any erroneous disbursements or repayments can be corrected seamlessly. Additionally, Concurrent Ledger Updates ensure that accounting ledgers reflect the transaction reversal accurately, maintaining precise financial records throughout the process. How to Reverse Loan Transactions Reversing…