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SACCO Savings and Shares

Every member can hold a savings account (one per savings product) and a shares account. Each account has a page with its balance, its full history, and the buttons for what you can do to it.

Savings products

SACCO → Savings products lists the products members can hold. Everyone who opens accounts can read them; only an administrator creates or changes one. A product sets:

  • the interest rate, any dated rate change (a new rate from a given day), and how often interest is added (Monthly, Quarterly or Annually) — see Interest and Dividends;
  • the minimum balance an account must keep, and the opening fee taken from an account's first deposit;
  • the limits on a single transaction and on a day's or month's total, and the amount above which a withdrawal needs a supervisor;
  • the withdrawal fee, the withholding tax % on interest, and how many months of no activity make an account dormant;
  • whether the product is Active or Inactive (an inactive product takes no new accounts).

Opening an account

On a member's page choose OPEN ACCOUNT, pick the product and confirm. The account number (for example S000001) is given automatically. A member whose status is Pending cannot have an account opened.

Deposits and withdrawals

Open the account and choose DEPOSIT or WITHDRAW. Enter the amount, choose the cash account the money went into or came out of, the payment method and a note. It is saved as one entry with a receipt number, and the cash account is updated at the same moment — the entry appears in the Cash Ledger, and the Balance Sheet shows what members hold as a liability.

Cashiers, branch managers and administrators can post. These rules are applied for you:

  • a withdrawal cannot take the account below the product's minimum balance, or below what is pledged to loans (see Loans, Meetings and Fees);
  • a frozen account takes no withdrawals but still accepts deposits; a closed account takes nothing;
  • the per-transaction, daily and monthly limits apply;
  • a withdrawal above the product's approval amount needs a branch manager or administrator;
  • the same entry cannot be posted twice if you press the button twice.

TRANSFER moves money from one member's account to another's by typing the other account number; the screen shows whose account it is before any money moves. A transfer moves no cash.

STATEMENT downloads an account statement for a period as a PDF or CSV. Each entry has a receipt you can print.

Taking an entry back

Nothing is ever edited or deleted. A mistake is taken back with Reverse entry next to the entry: you give a reason, and a new opposite entry is posted. Both stay in the history and the cash books are corrected the same way. Only a branch manager or administrator can reverse an entry, or correct the wording (method, reference, note) of one. The figures of an entry are never edited.

Fees on accounts

  • The opening fee is taken from the account's first deposit.
  • The withdrawal fee is a separate entry posted with each withdrawal.
  • A branch manager or administrator can waive a fee, or refund one later by reversing the fee entry.

Fees are earned income for the SACCO; they do not move cash.

Freezing and closing

A branch manager or administrator can freeze an account (nothing can be taken out), unfreeze it, or close it. Closing needs a zero balance and nothing pledged to a loan; a closed account keeps its history and cannot be reopened.

Shares

Each member has one shares account; their first purchase opens it. Choose BUY SHARES or REDEEM SHARES on the member or the shares account.

  • The price of a share is set in Settings, and the price paid is recorded on every purchase. Minimum shares and Maximum shares in Settings limit what a member may hold.
  • Buy shares is open to cashiers, branch managers and administrators and takes cash in.
  • Redeem shares is for branch managers and administrators. It returns the average amount the member paid in for the shares given back, so changing the share price later never creates or loses money, and it may not leave a holding between nothing and the minimum.
  • A purchase or redemption can be reversed like any other entry.

The Share register report lists who held how many shares on a day, what they are worth, and who is under the minimum.

Dates

Everything is dated today. A branch manager or administrator can choose another date — a past one, never a future one — to record something that happened earlier. Back-dated entries are checked: they cannot fall in a closed period or on or before the day interest was last paid to that account, and they cannot make the account overdrawn on any day in between.

For money that moved before you used the system, choose to record it without cash: no cash account changes and no receipt is made; the books carry it as opening equity against member savings.

Importing starting balances

SACCO → Import balances (administrators) brings in what members held when you started. Upload a CSV; the screen checks every row first, can open accounts that are missing, saves in batches, and lets you download any rows that failed. An account that already has an opening balance is skipped, not doubled, so a file can safely be run again.

SACCO entries are not governed by the branch day lock.

SACCO WorkspaceSACCO Interest and Dividends