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Table of Contents (Online Help)

Open Savings Account

This window allows you to open a savings account for a client. The clients should have been registered under the menu Clients.

Note that in Loan Performer, a client can have different savings products but with the same account number or different account numbers with the same savings product. You will be able to see the different products and savings accounts a client has including the transaction history on the accounts under the menus Client/Individual clients/Savings Details, Clients/Groups/Savings Details or Clients/Business/Savings Details according to the client type selected.

How to Open a Savings Account

To get here, go to Savings\Open Savings Account, a screen as the one below will be seen:

• Select the type of client you want to open a savings account for, e.g., "Individual Client".

Client code: Click on the Choose button to select the Client Code from the grid e.g. "KA/I/000014". Then click on the Next button to continue, the following screen appears:

Click on the Next button and a screen like one below appears:

• Name: The name of the client will automatically appear here e.g. "Roberto Carlos"
• Product: Select the savings product from the drop down menu e.g. "Free Savings". The savings products should have already been defined under System/Configuration/Products.
• Opening Date: Enter the date on which the savings account is being opened e.g. "02/02/2014".
• Account No: The account number automatically appears here e.g. "KA/I/000014". It is the same as the code of the selected client. However if the client is to have another savings account of the same product, highlight the savings product in the grid and click on the button New Acc. Number. Click on the Add button to add the account to the grid.

• Note: In case of an error and you wish to correct information about the savings account created, click on the entry in the grid. It will be highlighted in red and the information will appear in the corresponding fields. Make the necessary changes and click on the button "Update" button. You can as well get rid of that savings account by clicking on the button "Delete". The account will be deleted but the client name and number will stay.

• Default Savings Product: Activate the checkbox if you wish that the selected savings product should be the default product for all savings transactions of the client.  
• No withdrawals allowed:  When this option is ticked, Loan Performer will not allow any withdrawals on this account.
• Account on hold: When this option is ticked, Loan Performer will not allow any transaction on that savings account.
• Signatures needed for withdrawal: Loan Performer allows the user to set the number of signatures needed for withdrawals on that savings account under Savings/ Withdrawals/General Account Information
• ATM Card number: Enter the ATM card number here if he/she has one.e.g. "00000045". The ATM cards are created under Savings/Credit and debit cards
• Cash withdraw commission: If you charge a commission for savings withdraw, enter the amount here that will be charged every time a withdraw from this account is made e.g. "2,500". This commission will take precedence over the one at Savings Accounts Settings.
• Co-Account Holder: Type the name of the client here. However, if the co- account holder is also a client, then tick the checkbox Exists as a client? and click on the button ??? to select him e.g. "Tumu Frank". If the client presented Identity documents at registration under the menuClients/Individual clients/Identification, the ID details will appear in the section underneath:

• Note that Loan Performer allows you to enter only one Co-account holder.

• 
• Opening balance: If there is an amount to pay as opening balance for the savings account, click on the button to enter it e.g. "250,000" (See the image below):
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• Voucher number: Enter here the payment voucher number e.g. "0000012". This field can be made compulsory by ticking the option "Voucher number is compulsory at entry of transactions" under System/Configuration/Register Part 2. If  made compulsory, this box will appear in yellow colour.

• However, if you ticked the option "Receipt number should be used as voucher number" under System/Configuration/Receipts/General settings, this field will be read only and the system will generate the voucher numbers automatically that will be similar to the receipt numbers.

• Amount: Enter the amount of the savings deposit here e.g. "250,000". This amount will be reduced with the VAT rate defined under the menus Support files/VAT rates and System/Configuration/Savings/VAT Settings.

• Mode of payment: Select the mode of payment of the opening balance from the available options e.g. "cash".

• By Cash: Check this option and choose the MFI's cash account on which the opening balance deposit will be booked. Cash accounts must have been defined under System/Configuration/Cash Accounts and the default cash account of a particular LPF user defined under System/Configuration/users/Add a Users.

• By Cheque: This option enables you to pay the opening balance by cheque. When you activate the check box, the following fields appear:

  • Bank: From the drop down menu, select the client's bank from which the opening balance amount will be drawn e.g. "Stanbic". The client's bank details should have been entered at registration under Clients/Individual clients/Personal Data.
  • Cheque number: Enter here the cheque number e.g. "100".
• Transfer from: From the drop down menu, select the client's bank account from which the amount will be transferred e.g. "Stanbic"and in the To a/c field, select the MFI's bank to account to which the money will be transferred next e.g. "Centenary". You also have to make sure that the institution's bank accounts have been defined at the menu System/Configuration/Banks.
• Save and Return: This button enables you to save the opening balance information and return to the main screen whereas Cancel enables you to quit the dialogue box without saving the information.
• Click the Save button on the main page to save all information on the client's account.

Related Topics

Contact LPF live support for more information
This service requires an Internet connection.