Member services ยท Lesson 5 of 15

Shares and savings

Accounts and postings shows Amina's three accounts, her voluntary savings account is opened, and a 50,000 shilling contribution is posted to her compulsory savings. Her compulsory savings statement then shows total in, total out and the closing balance, month by month.

About 15 minutes

Key ideas

1

Three accounts

Accounts and postings shows a member's three accounts: shares, compulsory savings and voluntary savings. In our example Amina's voluntary savings is not opened yet.

2

Open voluntary savings

Voluntary savings is opened when the member wants it. Choose Open account, type her passbook number, and tick Disclosure accepted once she's read the terms.

3

Post a deposit

Choose Record transaction and fill in the account, the type, the till, the amount and her receipt number. In our example: compulsory savings, a Contribution, into the Head Office till, 50,000 shillings. Withdrawal and Adjustment are in the same list, but a cashier sees only Contribution. Then choose Post transaction.

4

Her statement

Choose Statement on her compulsory savings to see total in, total out and the closing balance, month by month.

Practice

Try it in your training organization

  1. 1. Open a training member and choose Accounts and postings; find the shares, compulsory savings and voluntary savings accounts.
  2. 2. On voluntary savings choose Open account, type a passbook number, tick Disclosure accepted and choose Open account.
  3. 3. Choose Record transaction: compulsory savings, Contribution, your training till, an amount such as 50,000 shillings, and a receipt number.
  4. 4. Choose Post transaction and check the compulsory savings balance.
  5. 5. Open Record transaction again and look at the other types, Withdrawal and Adjustment, then close it without posting.
  6. 6. Choose Statement on compulsory savings and read Total in, Total out and the Closing balance for each month.

Check yourself

Watch the video and take the quiz

Sign in to watch this lesson's video, answer its 4 questions and count it towards your certificate. Your progress is saved.

Open in my learning