We’re excited to announce the launch of Musoni 1.26, bringing a ton of exciting new features and functionality to the system. This article gives a comprehensive overview of the release highlights. For the full release notes please click on the button at the bottom of this article.
1. Bank Reconciliation Module
The new bank reconciliation module enables you to easily reconcile your external bank accounts with the balances in the GL accounts in the Musoni System. To go to the reconciliation module, either navigate to Accounting>Reconciliation, or if already in the Accounting Module, click on the Reconciliation tab, as shown below:
From here, you can pull out all journals within a date period for any of the GL accounts marked as eligible for reconciliation. You can specify whether you wish to show only unreconciled journals, or only reconciled, or both. Once you have pulled out your journals, you can then mark any journal as reconciled. A new column has been added to the Chart of Accounts table, enabling you to see the reconciled and unreconciled balance for each account (as shown in red below).
2. End of Year Functionality
You are now able to run your End of Year automatically in the Musoni System, closing the previous financial period and booking the balances of all your nominal accounts into your Retained Earnings equity account (or any account of your choice). To run an EOY, navigate to Accounting>ClosePeriods and click on the button ‘Close Financial Period’. You can select which branch you wish to close a period for and whether you want to include all sub branches. You can also select the closing date, and whether you wish the system to book off the balances in your nominal accounts. If you wish to book off the balances in your nominal accounts, then you need to select the GL you wish the booking to be made to, and add a reference, as shown below.
You are able to preview the booking that the system will make by clicking on the ‘Preview’ button. If you are happy with the proposed booking, then you can click ‘Close Period’. At this point the system will book the balances in all your nominal accounts to the account you selected and the financial period will be closed.
3. Additional Functionality in the SMS Module
We’ve added a number of new features to the SMS module, including adding the ability to send SMS messages to group leaders, adding tags for both the names of Guarantors and the number of guarantors linked to a loan, and adding a counter to show you how many messages you have left.
3.1 SMS Counter
The SMS counter is displayed on the main page in the SMS module and shows how many messages you have left to send at any time, as shown below.
3.2 Send messages to Group Leaders
We have added a new Business Rule called ‘Active Group Leaders’. You can use this to send messages to any client registered as a Group Chairperson.
3.3 Tags for Guarantors
We have added two new tags to the SMS module, called ‘Guarantor Last Name’ and ‘Number of Guarantors’. You can use these to include the name and number of guarantors linked to any loan in the contents of your messages.
The Musoni System now generates the outgoing file formats required to disburse loans through Paynet in Zimbabwe. The system will generate separate files for CABS, CBZ and Steward Bank, depending on which bank the recipient client holds an account with. New banks can easily be configured as required.
You can configure and use the Paynet integration by navigating to Configuration>MMT Services and then clicking on the ‘Paynet’ tab, as shown in red below. For more information please download the full release notes.
5. Integration with Yo!Payments (Uganda)
The Musoni System is now integrated with Yo!Payments in Uganda, enabling any MFI who has a contract with Yo!Payments to send and receive payments over all of the MMT services in Uganda (including Airtel and MTN Mobile Money).
You can configure and use the Yo!Payments integration by navigating to Configuration>MMT Services and then clicking on the ‘Yo!Payments’ tab, as shown in red below. For more information please download the full release notes.
7. Group Posting Module extended to pull out all groups linked to any loan officer
We have extended the Group Posting module so that you’re also able to pull out all groups linked to any particular loan officer. When in the group posting module, you can either select ‘Fetch posting by Group’, after which you are required to enter the group name you wish to enter payments for, or you can select ‘Fetch posting by Loan Officer’ and then select the loan officer you wish to enter payments for. When you fetch by loan officer, you are shown all groups linked to that loan officer, and can select the groups and their clients whom you wish to enter payments for.
8. Credit Checks added for Group Loans
The credit checks have now been updated so that they can also be used with loans given to groups (rather than individuals within groups). The following credit checks have been updated:
- Client Arrears (when linked to a group loan this looks at whether the group is currently in arrears)
- Minimum savings balance
- Outstanding loan balance
- Rejected and withdrawn loans
- Same product outstanding
- Total collateral items value
- Written off loans
These credit checks can be added to your Group Loan products in exactly the same way as before.
If you would like to learn more about any of the features described above, or see the list of all the functionality added to Musoni 1.26, then either download the release notes below, or contact the Musoni support team on firstname.lastname@example.org who will be happy to answer any questions you have.