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If the type of batch is a Credit List, or Debit List or ICC, select the appropriate Contra Account for the transactions.
Post the details of each transaction in transaction lines.
If you are authorized to approve the batch and update the accounts in the batch, click on the Approve button and then the Update button. Otherwise, the authorized teller will have to accomplish the approval and updating. (NOTE: If you are not authorized to approve and update, the Approve button and the Update button are not highlighted and enabled.)
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| # | Title | User Story | Importance | Notes |
|---|---|---|---|---|
| 1 | Create Savings Account to GL Entry | As an accountant, i would like to be able to make a transfer from a Savings Account to a General Ledger Account and vice versa | ||
| Create Loan Account to GL Entry | As an accountant, i would like to be able to make a transfer from a Loan Account to a General Ledger Account and vice versa | |||
| Create Share Account to GL Entry | As an accountant, i would like to be able to make transfer from a General Ledger Account (e.g Cash at Hand) to Client's Share Account and Vice versa | |||
| Create Recurring Deposit Account to GL Entry | As an accountant, i would like to be able to make transfer from a General Ledger Account (e.g Cash at Hand) to Client's RD Account and Vice versa |
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Some Use Cases
- Posting of Manually calculated interest on Savings e.g Some SACCO opt to calculating and posting interest on savings manually at a specific period of the year. For all clients interest is calculated and these have to be posting on their (clients savings account) with description such as "Int. on Savings 2017" IN Which case we use either Batch Type: 001 Mixed Account Batch. or Batch Type: 003 Customer Account Credit List where we post multiple credit transactions of customer accounts, against one GL account i.e Debit Customer Saving Accounts and Credit one GL Account (Contra Account) - Interest Expense on Savings (GL)
- Salary Payment to Staff - MFI/SACCO makes it compulsory for staff to open savings account where salaries are posted at the end of the month. Debit Staff Savings Account and Credit Salary Payable GL Account (Contra Account)
- Posting/Adjustment to Clients Account from a GL Account, e.g Suspense Debitors/Creditors
- Adjustment to Interest on TD - Some times the interest calculated by system is either less or more, due to difference in number of days in a month. if Interest is less than manually calculated, the difference in interest earned by the client's TD has to be posted to client's savings account DR. Interest Payable on Fixed Deposit (GL) and Credit Client's Savings Account and if more withdraw the difference from client's savings account and post it to Interest Payable on Fixed Deposit Account by DR . Client Savings A/C and DR. Interest Payable on Fixed Deposit (GL)
- Batch Loan disbursement - DR. Loan Accounts and CR. Saving Accounts
- Dividend posting - DR. Dividend Payable GL A/C (Contra Account) and CR. Saving Accounts
- Membership renewals - DR . Client Savings A/C and DR. Membership Account (GL)
- Ledger Fees payment - DR . Client Savings A/C and DR. Ledger Fees Account (GL)
- Client makes deposit through SACCO Bank Account in another bank say Bank A, when bank statements are got from the bank in which the SACCO holds its account, the money deposited by the client has to be posted to his savings account if it's for savings purpose or if its for loan servicing then it has to be taken to client's loan account DR. Cash at Bank A (GL) and CR. Clients Loan A/C or Loan A/C depending on clients interest
Attributes
| Attribute | Description | Notes |
|---|---|---|
| Batch Number | Auto generated by system | |
| Batch Name | See above description for this | |
| Batch Type | drop-down with list of the 5 batch types as above | |
| Default Value Date | See above description for this | |
| Total Amount | See above description for this | |
| Default Description | See above description for this | |
| Currency Type | See above description for this |
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