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Table of Contents (Online Help)

Enter Standing Orders

Before entering any standing order for a client, you need to check the standing order settings at System->Configuration->Savings->Savings Accounts Settings. These settings indicate how much you will charge for the invocation, amendment, execution or penalty charges related to the standing order.

In Loan Performer you can invoke or amend standing orders and subsequently levy charges or penalty for the invocation or amendment.

How to enter a Standing Order

To enter a standing order you go to Savings->Standing Orders->Enter Standing Orders. A screen will appear looking as follows:

• Product: Select the Product from the product drop down list, e.g., "Free Savings".
• Savings Account: Here you select the savings account from which you want the standing order to be transferred. To do this, click on the Choose button and select the account from the list that is displayed, e.g., "KA/I/000009".

Note that the Client Code and Name fields will automatically be populated for the selected account.

• Date: In the date field enter the date when the standing order is initiated, e.g., "12/08/2021".
• ST/ Order No: This field is read only and displays the standing order number which will automatically be generated during the entry of the standing order.
• From ...... to ....... : In these date fields enter the period over which the standing order will be executed, e.g., "01/01/2021 to "31/04/2021".
• Debit: In this field enter the amount that will periodically be transferred  to the beneficiary as per the standing order instructions of the benefactor, e.g., "110,000".
• Cycle: You can choose the intervals for the standing order execution. There are two options.
  1. Day on the month; where the standing order execution intervals can be Half monthly/Monthly/Bi-monthly/Quarterly/Four-monthly/Six-monthly/Annual
  2. Day of the week; where the standing order execution intervals can be Weekly/Bi-weekly/Tri-weekly/Four -weekly.
• Repeat: You can determine how often the standing order should be executed in a given period of time. There are several repeat intervals depending on the cycle selected above. You should pick on the one that is in line with the standing order instructions.
• Execution charges: In this field enter or alter the charges associated with the execution of the standing order. You can set up these charges at System->Configuration->Savings->Savings Accounts Settings and then the charges will automatically show up in this field. You can also manually enter or alter them. This will be the charge to the client whenever a standing order is executed. Loan Performer will automatically calculate and add VAT to the charges, if VAT has been defined, to give a VAT inclusive figure. The VAT associated with Standing orders can be set at System->Configuration->Savings->Savings Accounts Settings->VAT Settings.
• Beneficiary: In this section you enter the information of the receiving client. There are two options when selecting the type of client.

1. Option one: If the receiving client is an existing client, select from the Individual/Group/Business client sections.

• Product ID: Select the Product ID from the product drop down list, e.g., "S000".
• Savings Account: Here you select the savings account of the beneficiary. To do this, click on the Choose command button and select the account from the list displayed.
• The following fields will automatically be updated with the relevant information if the receiving client is an existing client.

  • Account Holder e.g, "Wilson Holy William".
  • Bank Name, e.g., "Crane".
  • Branch, e.g., "Kampala".
  • A/C Number, e.g., "00011102100"

2. Option two: If the receiving client is not an existing client, select the None radio button option. The fields for account holder, bank name, bank account and branch will appear. This means a cheque will be issued to this third party client after filling in the bank details of the beneficiary as seen below:

• Invocation Charges: In this field enter or alter the charges associated with the invocation of the standing order. You can set up these charges at System->Configuration->Savings->Savings Accounts Settings and then the charges will automatically show up in this field otherwise you can also manually alter what appears as default and manually enter a different value. This will be the charge to the client whenever a standing order is invoked.

The Loan Performer will automatically calculate and add VAT to the charges, if VAT has been defined,to give a VAT inclusive figure.

Click the Save button to save the standing order settings. and on the Close button to exit the menu.

Related Topics

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