In this guide 6 sections
Close each group on its own: confirm the auction figures and check that next month’s dues carry the right dividend. Then settle agent collections, list arrears by ticket and review payouts waiting on security. Add the groups together last. GullySystem’s chit software holds these group ledgers, but the routine works on paper too.
Start with the auction minutes
Every group’s month begins with its auction. Check the winning ticket, the bid, the commission and the dividend against the minutes book. If two figures disagree, settle that before anything else moves.
One wrong dividend changes what every ticket owes next month. That is why this check comes first. The person checking should not be the one who worked the figures.
Check next month’s dues before agents go out
Each ticket’s net due is the subscription less its share of the dividend. Agents need the new figure, not last month’s. A dues list printed before the auction was checked will carry stale amounts.
Your chit agreement may treat prized and non-prized tickets differently. Follow the agreement for each group. Where it is unclear, ask your auditor or lawyer.
- Subscription, dividend and net due per ticket
- Prized and non-prized tickets marked
- Dues list dated after the auction check
- Members holding tickets in several groups
Settle every agent’s collections
Match each agent’s receipt book against what reached the office. Cash still with an agent is listed by name and amount. A subscriber holding a receipt the office has never seen is a dispute in waiting.
Each collection should sit against the right ticket and instalment, with mode and reference. UPI and bank references are checked against the bank statement. Part payments leave a balance that stays in view.
List arrears ticket by ticket
Arrears are easy to miss when nobody totals them. Sort tickets by instalments missed and amount owed. Non-prized subscribers who have quietly stopped paying show up here first.
Decide who calls whom before the next round. The defaulter list should carry the mobile number and the agent who introduced the member. Any removal from the subscriber list needs a date and a name.
- Instalments missed per ticket
- Amount owed and the last payment date
- Introducing agent and mobile number
- Action agreed and who owns it
Review payouts, then close the group ledger
Payouts waiting on security get a review of their own. List each prized ticket, the security promised and what has actually been verified. Nothing goes out on a promise.
Then close each group’s ledger: expected, collected and outstanding. Add the groups together for the company view and the commission earned. The books themselves stay with your accountant.
Two small groups can be closed in a careful spreadsheet. The routine matters more than the tool.
- Prized tickets with payout pending
- Security promised against security verified
- Expected, collected and outstanding by group
- Commission earned by group
Group month-close sheet
One row per group, with columns for auction checked, dues list issued, agent cash settled, arrears listed, payouts reviewed and ledger closed. Tick each column with a date and initials. A group with an empty column is not closed.
Open a blank worksheet to printQuestions owners ask
Does software make a chit company compliant with the Chit Funds Act?
No. Returns to the Registrar and compliance in general are for your company, your auditor and your lawyer. Software keeps the records of auctions, minutes, security and payments, with who entered each.
Can the dividend and commission be worked out without a calculator?
Yes, in GullySystem’s chit software. The winning bid is entered, commission comes out at the group’s rate, and the rest is split as dividend and deducted from each ticket’s next due.
Does the chit software post the month into Tally?
Not on its own. No Tally link is built in today, and an export can be scoped in the proposal. Your books stay in Tally with your accountant.
Can it send due reminders on WhatsApp?
Not today. Due reminders by WhatsApp or SMS are not built in and can be scoped as extra work. Members can already see their net dues on the portal.