Savings and deposits

SACCO Savings holds the savings products, every member’s accounts and each deposit and withdrawal, with a receipt for the member and a running balance on the account.

The savings accounts: number, member, product, balance, rate and status

In this chapter

Savings products — The rule book of each kind of account.
Open a savings account — From an empty form to an active account with a number.
Take a deposit — Receive money on an account and print the receipt.
Pay a withdrawal — Submit, the rule checks, confirm and receipt.
Approve a withdrawal — Products whose withdrawals need a manager.
Balances and statements — Read an account and print its statement.
Interest on savings — Rates, the yearly interest and interest entered by hand.
Freeze, dormant and close — Stop, wake up and close accounts.

Words used in this chapter

Word	Meaning
Savings product	A kind of account with its own rules: Regular Savings, Fixed Deposit, Junior Savings and so on.
Available Balance	What the member can use: the ledger balance less any amount on hold.
Hold Amount	Money kept back on the account, for example deposits pledged to a guarantee.
Transaction	One deposit, withdrawal, interest, fee, tax, transfer or adjustment on one account.

The life of an account

Status	What it means	Who moves it on
Draft	Being filled in. It has no account number yet.	Anyone: Submit. Savings manager: Activate
Pending Approval	Waiting under Savings › Accounts › Pending Approval.	Savings manager: Approve
Active	Open for deposits and withdrawals. The account number is given at this point.	Savings manager: Freeze, Mark Dormant, Close Account
Frozen	Nothing goes in or out until it is unfrozen.	Savings manager: Unfreeze
Dormant	Unused. A deposit wakes it up again.	Savings officer: Reactivate
Closed	Finished; the balance was zero. The history stays.	—

The life of a transaction

Status	What it means	Who moves it on
Draft	Typed in, nothing has moved.	Submit (any user) or Confirm (savings officer)
Pending Approval	A withdrawal on a product that asks for approval.	Savings manager: Approve
Approved	Checked against the product rules; ready to be paid or received.	Savings officer: Confirm
Confirmed	Done. The balance has moved and the receipt number is given.	Savings manager: Reverse
Reversed / Cancelled	Shown with a ribbon; neither counts in the balance.	—