Savings
ASAL Platform handles savings in two separate ways. Which ones you see depends on the products your organisation has switched on.
| Client savings | Savings Club | |
|---|---|---|
| What it is | One savings balance per client, kept alongside their loans | Named savings goals (for example "School Fees") that a client pays into over time |
| Where you find it | The Savings tab on a client's profile, and the Savings tab on a loan | Savings Club in the left-hand menu (Overview, Goals, Contributions) |
| Who has it | Organisations that run Small Loans | Only organisations that have the Savings Club product switched on |
| Money in | Opening deposit at onboarding, the savings part of a loan collection, and Top up | Contributions against a goal |
| Money out | Withdraw | Payouts from a goal |
| Interest | None | Credited monthly, depending on your organisation's settings |
The two are kept apart. Money in a client's savings balance does not appear in their Savings Club goals, and the other way round.
Client savings
Every Small Loans client has one savings balance. It grows in three ways:
- Opening deposit - the amount entered in Opening savings deposit when the client is registered.
- Collections - when a repayment is more than the loan needs, the extra goes into savings. Savings is the last step of the payment order: penalties first, then interest, then principal, then savings.
- Top up - money the client hands over specifically to save.
It goes down when you record a Withdraw, and, depending on your organisation's settings, when fees are taken from savings.
See Client savings.
Savings Club
The Savings Club is a goal-based savings product. You open a goal for a client with a target amount and a planned contribution, record each contribution as the client pays, and pay the money out when the client asks for it. Depending on your organisation's settings, the organisation adds interest to goal balances once a month.
- Savings Club goals - create a goal and track progress.
- Contributions - record money paid into a goal.
- Payouts and interest - pay money out and understand how interest is added.
Where savings show up in the books
Every savings deposit, withdrawal, contribution, payout and interest credit is recorded in your organisation's accounts automatically. You can see the totals in the financial statements and on the day's cash book. See Reports and cash.