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Table of Contents (Online Help)

Tontine default Settings

This tab allows you to set the parameters for the management of a selected Tontine savings product especially fees before proceeding to the second tab Tontine GL accounts where GL accounts are set.

How do you configure tontine default settings?

To configure tontine default settings, go to System/Configuration/Tontine configuration/Tontine default Settings. A screen like one below appears

• Product name: Select here the name of the tontine savings product. It should have been defined at System Configuration/Products.
• Currency: Click on the drop-down menu to select the product currency e.g. "UGX". The default currency is selected under Support files/Currencies.
• Frequency: From the drop down menu select the option for the frequency of savings deposits. Selecting daily means the period will be displayed in days, so is weekly and monthly.

• Note that when "Daily" is selected as frequency, the system gives you the choice "to Include non - working days" or not. Tick the check box if you want to include non working days.

• Period: Depending on the frequency selected above, the period field will require you to enter the number of either the days, weeks or months that the tontine will last.
• Amount: Specify the amount of money that will be required for every savings deposit e.g., "10,000/= per week".
• Charge commission at: From the drop down menu, select the option for charging commission. It can be at the start of the cycle or upon every deposit or at the end of the cycle.
• Commission: Enter the amount of the commission here e.g. 1,000/=. It can be a flat amount or percentage. Tick the option "As Percentage" If the commission is charged as a percentage.
• Booklet fees: Enter here the fees for the tontine booklet/ passbook e.g. 5000.
• Click on the save button to save the settings.

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