CHIT FUND SOFTWARE

Chit Company Daily Entry Flow

1) Customer Creation and Management

Customer Creation & Management Once you sign up for the system, you can add unlimited customers/members through the Customer Creation page. You can maintain complete customer-wise information, including customer name, photo, address, contact details, and other required information. All customer details can be easily uploaded, updated, and managed directly within the system. This helps you maintain accurate and organized customer records and access the required information whenever needed.

2) Chit Group Management

Chit Group Creation Chit companies can manage multiple chit groups efficiently using the Group Creation feature. For each chit group, you can add and maintain all the essential group information, such as Chit Value, Number of Months, Starting Date, Ending Date, and other basic group details. All group-related information can be easily created, updated, and managed from a single page, making it simple to organize and monitor multiple chit groups.

3) Ticket Allocation

The Ticket Allocation feature allows chit companies to easily allocate customers to their respective chit groups and ticket numbers. You can select the customer, assign them to the appropriate chit group, and allocate the required ticket number. The system maintains these allocations accurately, making it easy to track each customer’s group and ticket details.

4) Online Chit Auction

Once the chit group creation and ticket allocation are completed, the company can proceed with the chit auction. Using the Auction module, you can easily schedule, conduct, and record complete auction information. All auction-related details can be securely saved in the software for future reference and reporting. Our system also supports online chit auctions, allowing customers to participate conveniently through the online platform. The auction process is designed to be simple, efficient, and transparent..

5) Due Collection & Receipt Management

After completing the chit auction, customers can make their monthly due payments through the system. The system automatically calculates the due amount and generates a customer bill or receipt. The bill can be provided to the customer immediately after payment. All payment and receipt details are securely maintained in the software, making it easy to track, manage, and retrieve customer payment records whenever required.

6) Prize Money Management

After completing the chit auction process, the prized amount can be paid to the successful bidder or customer. Using the system, the company can record and maintain complete prize amount payment details, including customer information, group details, payment amount, and transaction records. This makes it easy to track, manage, and retrieve prize payment information whenever required.

7) Reports & Business Analysis

Generate Member Reports, Group Reports, Auction Reports, and various other business reports within minutes using our software. Our system solution comes with a wide range of pre-generated reports, helping you quickly access important business information whenever you need it. These reports make it easier to analyze your business performance, monitor collections, review group and member details, and make informed business decisions.

Manager or Admin

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Managers can perform important day-to-day operations such as customer creation, group creation, ticket/number allocation, auction generation, prize amount entry, and other essential chit fund activities. Managers can also monitor and maintain the branch’s financial transactions and accounts. They can manage daily collections, record cash deposited into the bank, record cash withdrawn from the bank, and maintain all related accounting entries. The software also helps managers verify and monitor financial transactions, making branch-level accounting and daily operations easier to manage.

Chit Subscriber or Customer

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Subscribers can also view prized money details, auction information, payment history, and other important chit group details through the mobile app. All chit-related information is available in one place, allowing subscribers to access their group details anytime and stay updated with the latest information instantly.
Auditor or Chartered Accountant
The Auditor / Chartered Accountant (CA) is responsible for reviewing and maintaining the financial records of the chit fund company. One of their key responsibilities is GST filing, which is carried out periodically as required by applicable regulations. They verify the receipts, subscriber payments, prized money payments, and other financial transactions recorded in the software. They also review the company’s accounts and prepare the required financial statements and records for Chit Registrar Office compliance. The Auditor/CA plays an important role in ensuring that the company’s financial records are accurate, properly maintained, and compliant with applicable accounting and tax requirements.

Open Chit Company

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Every month, the prize money will be given to one customer. The auction minutes and related details must be recorded and submitted to the Chit Registrar’s Office. This procedure is followed only by fully registered chit companies. Unregistered companies do not follow this procedure.

User Experience

You can use the User Mobile App as well. All the functionalities can be accessed easily, making it very convenient for users. With this app, you can quickly generate bills and check reports. It will provide a lot of benefits and convenience for both users and the connector.

Mobile app

We provide an Android app that allows you to generate receipts directly from your Android mobile. Users can also view and manage their group details through the app. All these features have been developed specifically for Android devices and the Android operating system.

Fast Act

We provide an Android app that delivers excellent performance, with reliable data storage that prevents data loss. The app offers faster loading speeds and better performance because it runs on a high-end cloud server. As a result, the app is highly stable, with minimal chances of crashes, giving you a smooth and seamless user experience.

Protect

All the data you generate and manage on a daily basis is securely stored on our cloud server. We automatically take and store backups of your data on a daily basis, so your information will always be available on the cloud server whenever you need it.
Based on your requirements, we can also forward your database to you via email on a weekly or monthly basis. This ensures that your data is always protected and that you have complete backup security, minimizing the risk of data loss.

Online Auction

All online auction activities are designed to provide reliable performance while keeping your information and transactions secure. Your data is protected using a fully encrypted method, ensuring that your information cannot be misused.
The online auction process is designed to prevent unauthorized access and reduce the risk of errors during the auction. Overall, the system provides a secure and reliable online auction experience, helping protect your data and transactions from misuse.

Genericchit App updates

Our system is an online, cloud-based solution. We collect feedback from our customers and continuously improve and update the software based on their requirements and suggestions.
When a customer provides valuable feedback or requests a new feature, we use that feedback to develop and enhance the software. Once the new modules are developed, they can also be made available to our other clients, allowing them to benefit from these improvements as well.
This continuous feedback and update process helps us provide better features, improved performance, and ongoing support to all our customers.

Customer Feedback

We regularly collect even the smallest feedback and suggestions from our customers. Their feedback helps us continuously improve and enhance our software.
We always welcome and value customer feedback, as it plays an important role in helping us provide better system and services.

Personalization

Personalization: We have provided genericchit app personalization options. You can go to the app settings and customize the menu, font color, and font size according to your preferences. You can set the design to suit your needs, making the app simple and convenient to use.

Reports Search

Using the search option in the app, the admin can search for receipts and payments. If you look at the reports section, there will be a search option available. Using this search option, you can search and view a particular receipt number, payment number, or customer records.

SMS INTEGRATIONS

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This helps reduce manual communication, save valuable time, and improve customer communication. SMS integration makes it easier for chit companies to stay connected with their customers efficiently.
Due Alert SMS
Our Chit Fund system can automatically send a Due Alert SMS to the customers registered mobile number 2 or 3 days before the due date. By receiving this timely reminder, customers can easily remember their upcoming payment and visit the office to make the payment on time. This SMS facility acts as a simple and effective reminder, helping chit companies reduce payment delays and improve collection efficiency. With SMS Integration, you can easily share important chit group information and updates with your customers. Action details, including pre-auction and post-auction information, can be automatically shared with the respective chit group members through SMS. You can also use SMS Integration to send special occasion greetings to your registered customers, such as birthday wishes, wedding anniversary wishes, New Year, Diwali, Pongal, Christmas, and other festival greetings. This helps chit companies stay connected with customers, improve communication, and save valuable time.

Cash Collection Machine Integration

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Collection agents can carry the collection machine when visiting customers at their locations. They can collect payments and generate the bill or receipt instantly on the spot. The printed receipt can then be provided directly to the customer. All collection details are automatically updated in the software and immediately synchronized with the server. Management can view and monitor the collection details from anywhere at any time. Agents can also efficiently manage area-wise customer collections, allowing them to collect payments from multiple customers in the same area during a single visit. This integration helps save time, reduce manual work, improve collection efficiency, and provide a convenient payment experience for customers, collection agents, and chit companies.

Frequently Asked Questions

what is genericchit foreman commission?

A foreman commission is the commission charged by a chit company for conducting the monthly auction for a chit group. Out of the total chit amount, 5% is taken as commission by the company. The amount that goes to the company as this commission is called the Foreman Commission.

How many operating System support?

GenericChit currently operates through a cloud-based system and is hosted on a cloud server. Therefore, it supports various operating systems. For example, it supports different platforms such as Windows, Apple, Android, desktop applications, and mobile applications. For desktop users, it can be accessed through websites, while Android users can use the mobile application. The software supports desktop operating systems such as Windows, Mac, and Linux, and it also supports Android versions for mobile devices.

Can use genericchit registered chit fund company?

GenericChit can be used by registered chit companies. Registered companies conduct an auction every month. Based on the auction results, the dividend and due amount are allocated to the customers.
If the auction amount is higher, the dividend will be higher. As a result, the customers will have to pay a lower due amount.
For a registered group or registered company, the monthly auction details and minutes details must be registered with the Government Registrar.

should be How many members can be allocated to a group ?

A chit group can have a duration of 20 months, 30 months, or 40 months. For registered groups, companies generally have group sizes within these limits. Unregistered groups may have more members than this.
In a registered company, the number of members in a chit group will generally be equal to the number of months in the chit period.

Does genericchit keep an audit trail ?

The system maintains records of all customer collection receipts, payments, and other financial transactions every month. All income and expense details related to the chit are stored in the respective reports.
All the reports required for auditing can be downloaded from the software. Reports can be downloaded category-wise under the respective headings.
Using the downloaded reports, auditors can easily carry out the audit process.

how is genericchit differ from an excel sheet ?

Are you still using the old Excel sheet method?
Our GenericChit completely transforms this process. It automatically records payments, maintains complete member history, and provides audit logs. You can generate reports in PDF format and send reminders through WhatsApp.
The software can be accessed from multiple devices, and customers can access their accounts independently through the Customer Portal.
There is no need to maintain manual formulas, and your data is securely maintained so that it is not lost.

what is chit subscribers login in genericchit ?

subscribers can log in using their registered mobile number and OTP for authentication.
After logging in, the main screen will display the customer’s group list. By selecting any group, the customer can view all the relevant group information, including the amount paid, the amount due, and the outstanding balance.
This helps customers easily track their outstanding payments and avoid delays in making their payments.

is my chit fund data secure in genericchit ?

All companies’ chit fund data is securely stored on cloud servers. Our team takes daily backups. In addition, automatic backups are stored every two hours.
All information is transferred in an encrypted format with end-to-end encryption, ensuring that your chit fund-related data is securely stored.
The Customer Portal is provided only for customers to view their own records and information.

can i run multiple branch from genericchit ?

You can definitely use multiple branches from a single account. For each branch, you can create separate authentication users. Based on those user accounts, you can log in branch-wise and enter the respective details. On the login page, you will have options for Username, Password, and Branch. You can provide these details and log in accordingly.

does genericchit send bulk WhatsApp message ?

Each group will conduct a monthly auction. Once the auction is completed, the system will automatically allocate the relevant details for each subscriber in the group, including the due amount, dividend, auction amount, and prize money. After the auction is completed, the system will automatically calculate how much each subscriber needs to pay and send the payment details directly to them via WhatsApp.

can I generate reports from genericchit?

In GenericChit more than 300 reports are available. Based on these reports, you can generate the reports you need. You can download these reports in PDF, Word, or Excel formats. For example, you can download your daily daybook records and maintain them as hard copies for backup purposes. In case of any unexpected situation, such as a system failure or data-related issue, you can use these hard copies as a reference to re-enter or recover the required data.

does genericchit support multiple language ?

Yes, definitely. The system supports multiple languages. You can use genericchit in whichever language you prefer. It supports languages such as Tamil, Hindi, Kannada, Telugu, Malayalam and many other regional languages. So, Software provides comprehensive multi-language support to meet your requirements. Once logged in, you can maintain the group details separately for each branch. You can also generate branch-wise reports, daybook reports, and other required reports, along with overall consolidated reports covering all branches.