The Sacco System is an application for use in Savings and Credit Cooperative Societies (SACCO). It is used for maintaining the members register, monitoring and keeping records of members’ savings, loans, withdrawals and deposits.
The member module, loans and Back office (BOSA) can bundled together to form the Pro Sacco system.
Key Modules
  1. ShareSavings Records management
  2. Loans Management(multiple types of loans)
  • Refinancing loans
  • Loan tracking
  • Loan clearance
  • Penalties
  • Other charges
  • Many more
  1. Shamba setup- as form of loan disbursement and also as collateral
  2. Additional functionalities.
  • SMS notification
MPESA remittance by members
The system maintains a database of members. Information that is stored includes member full names, identification number, employment details, gender, next of kin, loans given, shares held and much more. The system highlights can be summarized as follows:
  1. a) ShareSavings Records management
The system enables the Sacco to define an unlimited number of shares and savings products with their particular attributes and descriptions. Thereafter the system tracks movements in balances and contributions as well as a history of transactions affecting the sharesSavings.
  1. b) Loans Management
The system enables the Sacco to define an unlimited number of loans with their particular attributes and descriptions. It enables the loans officers to automatically appraise loan applications against individual loan qualification requirements and generates an appraisal report which can be printed and attached to the loan application form and presented to the relevant committee. Thereafter it enables the loan to be tracked through its various stages until it is disbursed by cheque or cash. The loan repayment is also comprehensively managed and several tools and reports availed to enable effective and efficient collection of loans as and when they fall due. An aging report is available to track loans that fall overdue for prompt attention. Loan penalties can be automatically loaded to loan accounts if there is loan default. It also automates the full range of interest calculations for loans.
  1. c) Guarantors register
The system enables the Sacco to closely monitor guarantors and how the loans guaranteed are being repaid. Loan repayments automatically adjust the tied shares so that the guarantors can reuse the free shares if necessary.
  1. d) Dividends Calculation and Management
The system enables the Sacco to compute dividends based on either the closing balances or the weighted average and thereafter use the amounts to either: 1) Pay cash, 2) Offset against loans, or 3) Boost savings or deposits. This is done very efficiently and appropriate reports generated.
The system maintains accurate and precise records of loans taken by members as well as repayment records and balances. Share contribution and share balances are also tracked. Audit trail for all adjustments and payments are available. Detailed statements of loan repayments and share contributions are on hand.
The system accommodates any combination of loans repayment and share contribution either through employer’s payroll or direct payments by individual members. It also allows adjustment on loan repayment rates and share contribution rates.
Calendar of Events
The system allows the organization to use the Microsoft Outlook as a tool to manage activities. The tool is embedded into the system menu and its powerful features can be put to full use.
A host of reports are available from the system: loans given in a month, monthly loan repayments and shares contributions, defaulters reports, monthly interest paid, guarantors list, member statements, summarized member cards, dividend report, member listing and much more.
The reports are filtered by the type, employer, grade, payroll or member number, Station, department, date, interest rate e.t.c. we use Crystal Reports as the report writing tool.
Product Features
  • The system maintains a database of members, Member next of kin, Loan types, Share types, Employers, Station and department. The details include the following:
  • Member full names, member number, payroll number, sex, date of birth, ID number, station, department, employer code and much more.
  • Member’s next of kin full names, relation to the member, sex, postal address, telephone, and ID number.
  • Beneficiaries’ names, relation to the member, sex, postal address, telephone, and ID number and % entitlement.
  • Loan types and loan attributes like names, maximum repayment period and interest rate (reducing balance or fixed) etc.
  • ShareSavings types and share attributes like names, share capital, with holding tax (%), and Dividend rate % e.t.c
  • Sacco Banks
  • System Users
After entering the initial member, loan types and share types information, the user will then enter transactions on share amounts, share contribution rate, loan amounts and loan repayment amount and other day-to-day adjustments. The transactions and adjustments that the system keeps track of include the following:
  • Loan and Shares adjustments for the current monthperiod
  • Cash remittance on loan, shares and interest
  • Cash refund on loan, shares and interest
  • Repayment and contribution rate adjustment on loans and shares
  • Registering new member loans, repayment amount, member basic salary and loan guarantors
  • Registering member shares and contribution rate amount
  • Calculating dividend shares
  • Loan application form, loan appraisal, tracking and processing
The system carries out a number of automatic processes, which the program performs without the user’s interaction. These processes include the following:
  • Debit raising to generate a schedule of expected remittances on shares and loans
  • Post period to close the current period and open a new periodmonth
  • Generate dividend to calculate the tax charged and the amount paid to each Sacco member
  • Post dividend to update dividend report
  • End of Year Procedure (EOY) to close current year and open a new year
After the period transactions are carried out various reports are then available from the system. These reports show the status of the loans, the members’ shares, loan and share history among others. All reports may be viewed on the form or printed out. The reports include:
  • Monthly SharesSavings and Loans expected remittances
  • New Loans issued in current period
  • Loan application in current period
  • Share contribution rate adjustments
  • Loan contribution rate adjustments
  • Cash remittance and error corrections
  • Cash refund and error corrections
  • General Ledger Summary
  • Member Cards for current year
  • Member Statements for current year sorted in loanshareSavings type
  • Loan Status
  • Defaulters report – aged
  • Loan History
  • Share Status
  • Guarantors Listing and loans guaranteed
  • Dividends
  • ShareLoan Schedule
  • MembersNext of Kin Listing
  • LoanShare Type Listing
  • Stations Department Listing
The reports can also be exported to popular spreadsheets and word processors such as Microsoft Excel and Microsoft Word or even send by electronic mail.
The Accounting Software is a sacco specific accounting system that incorporates popular accounting procedures. This includes the general ledger, accounts receivable, accounts payable and cash modules. Data can be automatically posted to ledger accounts from the SACCO, Payroll, and Front Office modules.
The Accounts module, General Ledger module, Budgeting module, Fixed Asset Management module and Performance Evaluation (PEARLS) module are bundled together to form the Pro Accounting system.
1.2.1             Chart of Accounts
The system contains a customizable but detailed chart of accounts suitable for sacco organizations. The system allows users to customize the chart of accounts to suit individual needs.
1.2.2             Comprehensive
The system simplifies maintenance of the general ledger and allows group transactions using user defined journal codes. Journal entry allows for easy entry and view of all debits and credits. The receivables ledger keeps track of important inward transactions as well as miscellaneous debits and credits to the customer’s accounts. The payables ledger keeps track of payments.
The system includes an assets register to register the company’s assets.
1.2.3             Audit Trail
Full and secure audit trail reporting from the journals provide a complete audit trail as well as a way to verify
transactions before posting is done  and includes reconciliation of accounts.
1.2.4             Reporting
The system offers enhanced reporting capabilities and generates several reports including but not limited to the trial balance, account activity details, balance sheet, income statement, profit and loss statement, reconciliation, cash report and much more.