Jisort Admin User Mannual
5. 1.4 CREATING PRODUCTS
To access products move to the tab products as indicated on the image below
The products created under this tab are savings account, shares account and fixed deposit account. This section has 7 sub-tabs namely;
a) Savings and deposits product registration
b) Shares product registration
c) Fixed deposits product registration
d) Property Registration
e) Unit type registration
f) Unit registration
g) Unit Allocation
1.4.1 SAVINGS AND DEPOSITS PRODUCT REGISTRATION
Under this section savings and deposits are registered. Below is a table with field names and their explanations.
Field name |
Explanation |
Product name |
A field to add either saving or deposit account brand name. This brand name may differ with different Sacco’s depending on their naming policies. Example of a product name may be ‘jijenge account’ |
Short name |
This is a shortened form of the product name. Example: Gjnge. |
Description |
A field to add a descriptive note for the product created. |
Currency |
Select the currency at which the account will be operating with. |
Nominal annual interest |
Field where you add interest growth rate of the savings at the end of the year. |
Interest compounding period |
Field with drop down list where you select the period at which interests should be compounded. |
Interest calculated using |
This is a field with a drop down list. It provides two options; I. Average daily balance II. Daily balance P.S: Average daily balance- sub-total balances of a particular month divided by the days in that month Daily balance- Balance at the end of a day |
Interest posting period |
This is a field with a drop down list providing an option of periods at which interests can be posted. |
Minimum opening balance |
Minimum amount you should deposit in the account for it to be activated. |
Apply withdrawal fees for transfer |
Field with drop down list two options that is Yes and No. Mostly Yes is selected since most withdrawal operations attracts a fee. |
Enforce minimum balance |
A field where you select whether minimum balance should be enforced. |
Is overdraft allowed |
Choose from drop down list the two options Yes or No. The option picked determines whether negative withdrawals are allowed or not. |
Enable dormancy tracking |
This is a field where you allow tracking of a dormant account. P.S: when you miss on a contribution, this feature will notify the sacco. |
Balance required for interest Calculation |
In this field you add minimum balance that can be in the account for interest to be calculated. |
Minimum balance |
Minimum amount that can be in an account at any given time. |
Savings reference |
This is a field with a drop down list option. Select the |
|
account in which the savings reference belongs to from the drop down list. |
Overdraft portfolio |
Field with a drop down list, to select the account to which overdraft portfolio goes to. Overdraft portfolio...when individuals/members have overdrawn the overdrafts accumulate now this becomes classified as overdraft portfolio in other words this are cumulative overdrafts. In this field you select to which account does the overdraft go to |
Savings control |
Select account to which savings control will go to. |
Savings transfer in suspense |
From drop down list select account to which savings transfer in suspense should go to. |
Interest on savings |
Select from the drop down list to which account should interest on savings go to. |
Write-off |
Select from drop down list to what account does write off go to. |
Income from fees |
Select from drop down list to which accounts it belongs to. |
Income from penalties |
Select from drop down list to which account income from penalties belongs to |
Overdraft interest income |
Select from drop down list to which account does overdraft interest belong to |
Status |
This where you choose whether to activate or deactivate a product |
Click on the button save to effect the entries made