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SACCO accounting

SACCO accounting software with automatic double-entry

In SaccoMonitor the accounts are not a separate job at the end of the month. Every deposit, withdrawal, share purchase, disbursement and repayment posts its own balanced journal, so the books are always as current as the counter.

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A chart of accounts built for SACCOs

Each new SACCO starts with a standard chart of accounts that the system posts to, and you can add your own accounts under it:

GroupExamples
AssetsCash on hand, mobile money float, bank, loans receivable, fixed assets
LiabilitiesMembers’ savings deposits, fixed deposits, loan overpayments, payables
EquityShare capital, retained earnings, statutory reserves, opening balances
IncomeLoan interest, processing and insurance fees, penalties, savings fees, membership fees
ExpensesSalaries, interest on members’ savings, rent, administration, loan write-offs

Automatic journals from daily work

TransactionDebitCredit
Member deposit (cash)Cash on handMembers’ savings
Withdrawal with feeMembers’ savingsCash on hand; savings fee income
Share purchaseCash / mobile moneyShare capital
Savings interestInterest on members’ savings (expense)Members’ savings
Loan repaymentCashInterest income; loans receivable

Mistakes are corrected with a reversal that posts the mirror-image journal — the original entry is never edited or deleted.

Financial statements, always current

  • General ledger for any account with opening balance, running balance and closing balance.
  • Trial balance as at any date, by branch or consolidated — see understanding the trial balance.
  • Income statement for any period, showing the net surplus or deficit.
  • Balance sheet as at any date, checking that assets equal liabilities plus equity.
  • Journal register of every system and manual journal.

All of them download in Excel and PDF for the board and auditors.

Frequently asked questions

SACCO accounting software keeps the cooperative’s general ledger — assets, liabilities, equity, income and expenses — and produces the trial balance and financial statements. In SaccoMonitor those entries come automatically from member transactions.

For transactions that are not member activity — salaries, rent, bank charges, depreciation — yes. Accountants create manual journals, which must balance and are posted by someone with the posting permission.

Yes. Once a period is closed no posting can be dated inside it, which protects reports that have already been presented.

Member savings add up to the savings control account, share balances to share capital, and outstanding loan principal to loans receivable. SaccoMonitor includes a check that these sub-ledgers agree with the general ledger.

Related pages

Double-entry accounting for SACCOs

Debits, credits and the journals behind each transaction.

Understanding the trial balance

How to read it and what it proves.

SACCO financial reports

Income statement, balance sheet and portfolio reports.

Run your SACCO on clear, balanced books

Register your SACCO, import your members from Excel and post your first deposit the same day.

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