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Table of Contents (Online Help)

Savings Accounts Settings

This window allows the user to set the parameters of clients' savings accounts. This is done separately for each savings product. To do this, the Savings product should have been defined at System/ Configuration /Products

How to define savings accounts settings

To define savings accounts settings, go to System/Configuration/Savings/Accounts Settings,the following screen appears:

• Savings have to be booked to GL Accounts: Tick this option for savings transactions to be automatically booked to the General Ledger as defined under System/Configuration/Savings/GL Accounts. Normally this option is activated by default.
• Currency: Click on the drop-down menu to select the product currency e.g "UGX". The default currency is selected under Support files/Currencies.
• Overdraft Protection? Activate this option to restrict withdrawals below the minimum balance of the savings account. In this case, the system will not allow overdrafts for the selected savings product under Savings/Overdrafts/Set Overdraft.
• Tracking of Savings at group member level: If the group savings should be tracked at group member level, this option must be activated before making entries in the savings module.
• Dormant accounts defined at group member level: This option becomes active the moment you activate the Tracking of Savings at group member level. Activate it if the group member's accounts have to be considered dormant after a number of days without operations.

• Note that once the option "Tracking of Savings at group member level" is activated and savings transaction entered into the system, the LPF user wont be able to deactivate the same option. The system returns a warning message.

• Savings have to be entered in chronological order?: If this option is activated, all savings transactions have to be entered in chronological order considering the date and the time of the transaction.
• The following user's password is required for re-activating dormant account: If this option is selected, the system will prompt the user for a password to activate a dormant account of that product under Savings/Deposit. Select the authorized user from the drop down menu. In case more than one user is required, press the shift key and click on the others.
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• Product has cheque books: Select this option if the savings product selected allows cheque transactions and enter the cheque book charges if any.
• Password is required to approve withdrawals above cashier's limit: When this option is selected, the system will prompt the user for the appropriate password every time a withdrawal above the cashier's limit is to be effected. Select the authorized user from the drop down menu. In case more than one user is required, press the shift key and click on the others.
• No. of days to classify an account as dormant: Dormant accounts are those that have had no transactions for a certain period of time. Here you can enter the number of days the account is allowed to have no transactions before it becomes dormant. When, at the data entry, a deposit or withdrawal has to be entered on a dormant account, Loan Performer gives you a warning message "Dormant account reactivation required".
• Min. number of days between 2 successive withdrawals: In order to discourage frequent withdrawals, you can set here a certain number of days before another withdrawal can be made on the same account. If a withdrawal is being entered before the indicated number of days, the user gets a warning message and can opt to penalize.
• Minimum allowed age for opening account: Enter here the minimum age that will qualify the client to open a savings account. The control is made on the date of birth of the client which you enter under Clients/Individual Clients /Personal Data
• Cash Withdrawal Penalty: This will be the amount chargeable as a penalty if the savings withdrawal is entered before the number of days allowed between 2 withdrawals.
• Compulsory penalty on 2 successive withdrawals: If you tick this check-box, the penalty becomes compulsory at the entry of withdrawals and the amount won't be modifiable.
• Compulsory Commission on Cash Withdrawal : If you charge commission on cash withdrawals, then here you can indicate either the amount (A flat amount for every withdrawal) or the percentage (A percentage of the withdrawal amount). At the entry of a withdrawal under Savings/Withdrawal, the commission to pay will automatically appear in the respective field.

Note that at savings account opening (Savings\open savings account) there is also an option of defining cash withdraw commission. The amount defined there will take precedence over the one entered here.

• Compulsory Commission on Cash Withdrawal: If you tick this check-box, the commission becomes compulsory at the entry of withdrawals and the amount won't be modifiable.
• Maximum amount per SMS transaction: Enter here the Maximum amount that can be sent or received by the clients via SMS for that savings product.
• Allow cheque deposits: Select this option if the savings product selected allows cheques deposits.
• Cheque clearing Charges: Enter here the charges for clearing the cheques for this specific savings product. The rates can be different for Up country, Local or other cheques.The cheque clearing itself is done at System/Cheque clearing.
• Opening Balance Enter the account opening balance for that specific savings product here. Whenever a savings account is being opened under Savings/Open Savings Account, the system will require that you enter this amount or more. And if it is made Compulsory by activating that option on the side, you won't be able to proceed without entering the set amount.
• Show the account balance on the deposit and withdrawal slip: If you activate this option the deposit and withdrawal slips will show the account balance.
• Standing orders:
  • Invocation Charges: Enter Invocation charges here.
  • Amendments: Enter Amendment charges here.
  • Execution charges: Enter Execution charges here.
  • Penalty charges: Enter penalty charges here that will be levied on cancellation of a standing order or in case of insufficient of funds.
  • Run automatically at start of the day: Check this option for Loan Performer to execute the standing orders and related charges automatically at log on.To read more about stranding orders go to Savings/Standing Orders.
• Bounced and stop cheque charges: Enter here the charges levied on bounced or stopped cheques.

• Account statement fees: Enter here fees for printing an account/ savers statement for a client. This charge will also be reflected in the client's savers statement.

Click on the Save button to save your settings.

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