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