SoundThrift - Cooperative Thrift & Credit Management System

Traditionally, Cooperative Societies maintain the records of members, their accounts, in books and provide a passbook for each member just as the banks were doing in those days.

However, today, banks have shifted from manual book keeping to the use of Information Technology to enhance their efficiency in performing their accounting functions and pass books have become history.

It is time that you also computerize your records and do away with passbooks by installing a copy of the SoundThrift Cooperative Thrift and Credit Management System. This is a software package specifically written for your operations. In the following sections, we list the salient features of this versatile software solution.

Key Features of SoundThrift

  • Management of the list of members with possibilities to:
      Search by member code, name and combination of other parameters.
    • Inclusion of member’s photograph.
    • Print member’s details for individual member and all members.
    • Display/print member’s account balances for share contribution, loans and savings.
  • Maintain records of loan applications with facilities including:
    • Calculation of interest and monthly repayment.
    • Report on loan applications.
    • Each application can be status marked as pending, rejected, granted and you can report as such.
  • A ledger is included with facilities including:
    • Entries of receipt, payments and journal transactions.
    • Double entry principle is maintained.
    • You are guided through the steps.
    • Reports include
      • Transaction entries with options to filter the output;
      • Account inquiry to check details of any ledger account;
      • Statement of individual member accounts for loans, savings, shares;
      • Account listing – a list of all ledger account balances as at a given date;
      • Account analysis for the analysis of any account balance into individual member balances.
  • Interest calculations are done on savings account and Journal entry is generated automatically.
  • Dividend calculations are done on all share contributions of members and Journal entry is generated automatically.
  • Salary deductions – to facilitate easy entry of cooperative loan repayment/savings from salaries. Journal entry is generated automatically.
  • Other features :
    • Easy to use with tool tips, online help user manual. All in simple English.
    • Access to the modules of the software is controlled by flexible password system.
    • You can define parameters for interest rate on loans/savings, thrift/credit type.

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