A ledger per member, interest that accrues correctly, and honesty about what it will not do.
A savings-and-loans group or credit union needs one account per member, interest on what is outstanding, and a bank balance it can trust. This is what Factura Financials does with each of those, as built — and the one thing it is not, which is a loan-management system.
What a credit society needs from its books
Factura Financials has no loan-book engine. What it does have is a real accounting layer for member ledgers, receipts and interest income — described here without the parts it lacks.
- One ledger account per member.
- A ledger master files under whatever group you choose, with its own opening balance and a bill-wise-tracking switch, the same mechanism used for any customer or supplier account. See General Ledger →
- Deposits, withdrawals and receipts posted against a member.
- Every posting runs through the same voucher and bill-allocation engine as the rest of the ledger. See General Ledger →
- Interest on an outstanding balance.
- A ledger can be switched to charge interest, billwise or on the running balance, against a set of stored rate rows, gated by a company-level activation flag. See General Ledger →
- A bank balance you can trust.
- Reconciliation is manual tick-and-match against the bank account’s unreconciled items, with no statement import. See General Ledger →
Knowing what has not cleared
A society holding member deposits needs to know, per account, what is still sitting unreconciled and how stale it is getting.
Reports they run
Trial Balance, Bills Receivable (member balances outstanding and overdue), Bank Reconciliation, Ratio Analysis and Daybook — the same standard reports any company on Factura Financials runs, pointed at member ledgers instead of trade debtors.
What we do not do
There is no loan-book engine: no amortisation schedule, no EMI calculation, and no principal/interest split per instalment anywhere in Financials. The interest feature that does exist computes simple interest on an overdue ledger balance, Tally-style — a bookkeeping mechanism, not a loan product. If a loan register with a repayment schedule is what you need, this page is telling you plainly that it is not what you would be buying.
Before you ask us
Does Factura Financials calculate loan repayment schedules?
No. There is no amortisation schedule or EMI engine. It calculates simple interest on an overdue ledger balance, which is a different thing from a loan product.
Can each member have their own ledger and statement?
Yes. A ledger master per member, filed under whatever group you choose, with its own opening balance and bill-wise-tracking switch.
Is bank reconciliation automatic?
No. It is a manual tick-and-match against your own record of unreconciled items; there is no bank statement import.
Built for a different sector: Trading & distribution, Manufacturing, NGOs, Oil & gas, or back to Factura Financials.
See a month close, end to end
Thirty minutes. Post, reconcile, report — and you can stop us anywhere.