Share products define the rules, default settings, and constraints for a financial institution's Shares and dividends. A share product provides a template for multiple accounts that are or will be held by the financial institution's clients.
The categories of information required to set up a saving product includes:
- Identifying or descriptive information
- Market price
Select Share Products.
Please refer Details from Image above , Details mentioned below are updated with respect to the provided fields numbers.
- 1 - Provide Savings Product name .
- 2 - Provide Short name.
- 3 - Provide Description of this product.
- 5 - Provide Decimal places.
- 6 - Provide Currency in multiples of. This is to provide total rounding off amount. For example: 10, so Total amount gets rounded of to 10's.
- 4 - Provide Total Number of Share - Is the total number of shares.
- 5 - Provide Shares to be issued - Is the numbers of shares to be issued.
- 6 - Provide Nominal Price - Is the per share price value.
- 7 - Info grey field Capital value - Is the Per share price * Shares to be issued.
- 11 - Provide Shares per client - Minimum value
- 12 - Provide Shares per client - Default value
- 13 - Provide Shares per client - Maximum value
- 14 - Provide Minimum active period - Is the minimum period to be active in order to receive dividends.
- 15 - Select Period - For now it only has Days to be selected.
- 16 - Provide Lock-in period - This is to set lock-in period. Hence, withdrawal wont be allowed for the selected period.
- 17 - Select Period - Days or Weeks or Months
- 18 - Allow dividends for inactive clients - Check the check box if you want to enable to provide dividends to clients although they are inactive. Enabling this dividend will only be provided once. For example, a client bought share on 1st Jan, 2015 and redeemed(sold) it on 31st June, 2015. An organization declared dividend on 1 August, 2015 so it will get the dividend although he is in inactive and only once.
- 19 - Click on Add - To add & define market price for a period
- 20 - Select From Date - Is the date from which provided unit price is applicable, example - 05/01/2016
- 21 - Nominal/Unit price - Provide unit price, example - 5
- 22 - x - Is to remove the period & date. In the example above, the from date 05/01/2016 applicable per share is 5. Suppose there was one more chart defined with from date as 05/05/2016 with per share as 7, then depending upon the period, the share price is applicable.
By default Accounting will be disabled - None:- Meaning If you are using this product for various transactions like deposits, withdrawals, etc. these transactions are not passed in journal entry.
Enabling accounting for the savings product:->> You should have created chart of accounts, for more information refer: https://mifosforge.jira.com/wiki/display/docs/Chart+of+Accounts+and+General+Ledger+Setup.>> To enable Accounting, you need to select cash accounting. As of now, Mifos X supports only cash accounting for savings product.
Clicking on the show button enables Advanced accounting rule.
If you click on Add button, it will expand and show up selection drop-downs.
- Configure Fund sources for Payment Channels. Example: In the image shown above, Payment type - Cheque is mapped to Fund source - Bank. So whenever payment type is used for transaction. Journal entry for Account - Bank will be passed.
- Map Fees to Income Accounts.
- Map Penalties to Specific Income Accounts
Click on Submit button to Save/Create savings product.
Go to Admin>>Product>>Share Product
Go to Admin >> Product >> share Products >> Select share product (Example: Money market share product) >> then click on Edit button.