We’re excited to announce the launch of Musoni 1.31, bringing a ton of exciting new features and functionality to the system. This article gives a high level overview of the release highlights (and also includes some functionality launched in Musoni 1.30). For the full downloadable release notes please click on the button at the bottom of this article.
1. Fixed Term Deposits (Investments)
Musoni now supports Fixed Term Deposit products. These are similar to regular savings products, but with two key differences:
- You can set up flexible interest rates in the same product so that an individual depositing funds for three months earns less interest than someone depositing funds for nine months. Another example of this would be linked to the amount being deposited – an individual depositing 1,000 could earn less interest than someone depositing 5,000
- You can charge penalty interest – this is applied if someone chooses to close their Fixed Term Deposit Account prematurely (before the original deposit term has been concluded)
To configure a Fixed Term Deposit product, navigate to Configuration>Products and then click on the ‘Savings Products’ tab. From there you are shown the option to ‘Create Fixed Term Deposit Savings Product’, as shown below:
When creating a Fixed Term Deposit product you can set up interest rate charts, configuring the amount of interest that a saver should earn for various deposit amounts or deposit terms. In the example below the product will use a different interest rate depending on whether the funds are deposited for 1 month, 2 months or three months.
In the configuration, you also need to specify whether you would like to apply ‘Penalty Interest on Premature Closure’. If you select yes, then you need to specify the rate of Penalty Interest that will be applied. The penalty interest will deducted from any interest already accrued and posted onto the client’s account at the time of premature closure. To learn more about Fixed Term Deposit products in Musoni, please download the full release notes at the bottom of this article.
2. Bulk Loan Approvals & Disbursements
It is now possible for you to approve and disburse loans in bulk. When viewing the ‘Pending Approval’ or Awaiting Disbursement’ pages, you now have an additional button ‘Bulk Approval’, as shown below.
Once you click on the Bulk Approval Button, you can then filter the loans you wish to approve by Branch, Loan Officer and Group. Then select the loans you wish to approve by clicking on the checkbox to the left of the loan itself, and then clicking the ‘Approve’ button at the bottom of the page.
All the loans will now be approved and will be shown on the ‘Awaiting Disbursement’ tab. To Disburse the loans in bulk you follow the same process as outlined above, clicking on the ‘Bulk Disburse’ button on the ‘Awaiting Disbursement’ page. The same payment channel and reference number must be used for all loans being disbursed at the same time. Once you click submit, than all loans will be disbursed simultaneously and can be viewed in the same way as viewing a regular loan.
3. Ability to customise Guarantor & Collateral Forms
You can now customise the loan guarantor and collateral forms in the system, adding new fields including text, date, string, number, signature fields and photos. To add or remove fields on the Collateral or Guarantor forms, navigate to Configuration>Customisation and click on the tab ‘User Forms’. From here you can see the two new forms, shown below:
Click on the form you wish to edit, and add new fields to the form by using the Add Fields box on the editing screen, also shown below. In the image below we have already added a new field for the ‘Unique Reference Number’ and are about to add an image field called ‘Photo’, so that the user can upload photos of the collateral items.
Once you’ve customised the form to your requirements, click ‘Submit’ and the new form will be saved. When giving a client a loan, you will now be able to see the new fields on the form itself, as shown below.
4. Teller Module
We have now added Teller Management to the Musoni System, enabling you to easily set up Tellers, add Cashiers to Tellers, manage the incoming and outgoing funds on any till and settle up at the end of the day. To create a new Teller in the system, go to Accounting > Teller Management, as shown in the screenshot below:
Once created, you can link your Cashier to the Teller by clicking on the green “Add Cashier” button, and then selecting your cashier from the Users linked to the branch. Please note that only Users who have been linked to a Staff member in the User configuration will be available to be selected as Cashiers. Once a Cashier is assigned to the Teller, you can then allocate funds from the main vault to your Teller account (Allocate Funds) or from the Teller Account back to the main vault (Withdraw funds). Typically you would allocate funds to the Teller at the beginning of the day, and withdraw them at the close of the day when the tills are reconciled and placed back in the branch vault.
Any transactions made during the day by the Cashier will be shown in the list of transactions on the Teller page, and will affect the balance of the Teller Account. At the end of the day you can remove the Cashier from the Teller by clicking on the “Remove Cashier” button.
5. Interbranch transactions
Musoni now supports inter branch journal entries making it easy for you to transfer funds from Head Office to multiple branches in a single booking. Before carrying out a inter branch journal entry, you first need to specify the control account that the system will use. You can do this by going to Configuration>Products, and then clicking on the ‘Financial Activity’ tab. You can select your preferred GL from the “Inter Branch” dropdown as shown below.
Once this is done, to carry out an Inter branch journal entry simply navigate to Accounting>Journals, and click on the blue ‘Create Journal Entry’ button. You will now see that rather than select the branch that will be used for the entire journals entry, you can select the branch for each side of the transaction. If you’re carrying out a multi-branch journal entry then you can select different branches for each credit or debit (Note: you cannot do multi branch on both the credit and debit side).
Once you are happy with your Inter Branch journal entry, then click ‘Add’ and depending on whether you have activated maker-checker for journal entries, the bookings will either be processed or moved to a Pending Approval stage.
If you would like to learn more about any of the features described above, or see the full list of functionality added in either Musoni 1.30 or 1.31, 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.