Chit auction night ends, and every ticket’s next due is already worked out.
Chit Fund Management Software runs your groups from enrolment to the last auction. Record the winning bid, and it works out the foreman’s commission, each subscriber’s dividend and the net prize, then raises next month’s dues. Payouts stay blocked until the prized subscriber’s security is verified. Collections, ledgers and defaulters sit in one place, and members can check their dues and past payments from a portal.
- Set up around your group rules and commission before go-live
- Your running groups and ledgers moved across from registers or Excel
- Supported by the same Bengaluru team that sets it up
What goes wrong before the software.
The auction maths is done on a calculator every month
After the bidding, someone works out the foreman’s commission, the dividend and the net prize by hand. One wrong digit changes what every ticket in the group pays next month, and nobody notices until a subscriber complains.
We pay the prize before the guarantor papers are in
The prized subscriber wants the money the same week. Under pressure, the cheque goes out while the security documents are still promised, and chasing them later is far harder.
Every subscriber’s due is a different number
Each month’s dividend changes what every ticket owes. The collection agent carries last month’s figure, the subscriber pays that, and the ledger is short by an amount nobody can explain.
The defaulters list lives in one person’s head
Your office manager knows who is behind in which group. When she is on leave, agents collect from people who have paid and skip the ones who have not.
Receipts are written in a book that goes missing
Agents write carbon receipts in the field and settle the cash in the evening. When a subscriber shows a receipt the office has no copy of, it becomes their word against yours.
Subscribers call to ask how much they owe
The phone rings through the first week of every month with the same question. Each call means opening the register, finding the ticket and working out the dividend again.
How the work flows through it, step by step.
- 01
Fill the group and lock it
Create the group with its chit value, duration, seats, monthly subscription and commission rate. Add members to ticket numbers. The group can only be locked once every seat is filled, and locking raises the first instalment and schedules the first auction.
- 02
Collect the first instalment
Staff and agents record payments against each ticket’s due, in cash, UPI, bank transfer or cheque with a reference number. Each payment gets its own receipt number, and part-payments leave the balance showing on the ticket.
- 03
Run the auction
On auction day the screen lists only the tickets that have not yet won. Enter the winning ticket and the bid. The software checks the bid against the group’s minimum and ceiling, and you can type the minutes of the auction.
- 04
Dividend and next month’s dues
The foreman’s commission comes out of the bid, and the rest is split as dividend across the group’s tickets. Next month’s due for every ticket is raised with that dividend already deducted, and the next auction is scheduled.
- 05
Security, then payout
The prized ticket gets a pending payout for the net prize. The office records the security details and uploads the documents. Only after security is marked verified can the payout be released and dated.
- 06
Close the month
The group’s monthly ledger shows each ticket’s net payable, what was paid and what is outstanding. After the final auction the group is marked completed on its own.
What is inside.
Every module can be switched on, left out or changed to match how your team already works.
Chit groups
Each group carries its code, chit value, duration, seats, subscription amount, auction frequency and foreman’s commission rate. Its status moves from draft to active to completed, and the page shows seats filled against seats planned.
Members and nominees
One record per person with a member code, mobile number, PAN, Aadhaar, occupation and income. It also holds the nominee, bank account and IFSC for payouts, and which agent introduced them.
KYC documents
Upload Aadhaar, PAN, address proof and photo against the member. Each document is pending, verified or rejected with a reason, and the record shows who verified it and when.
Subscribers and tickets
A member joins a group on a ticket number, with guarantor and security details on that ticket. One person can hold tickets in several groups, and each ticket has its own running balance.
Chit auction desk
Scheduled auctions are listed by date. Conducting one records the winning ticket, the bid, the commission, the dividend per ticket, the net prize and the minutes, along with who approved it.
Dues by instalment
Every ticket has a due for every instalment, showing the full subscription, the dividend deducted and the net payable. Each is marked unpaid, partly paid or paid.
Collections and receipts
Record a payment against a due, with mode, reference number and the staff member who collected it. A receipt number is generated for each one, and the receipt prints with your company’s name on it.
Payouts against security
Each prized ticket gets a payout record for the net prize. Security details and scanned documents are attached, and the release button stays locked until security is verified.
Ledgers
Open a subscriber’s ledger to see every due and payment on their ticket. Open a group’s ledger for any month to see all tickets side by side with what is still outstanding.
Member portal and online payment
Members log in to see their dues with the dividend already taken off, their past payments and their KYC status. The pay button works once your own payment gateway account is connected during set-up.
Your chit company website
A public site with your logo, colours, plans, how chits work, FAQs and contact details. Enquiries from its form land in an enquiries list your staff mark as contacted or converted.
Audit log
Auction results, collections, security approvals, payout releases and subscriber removals are logged with the user, the time and what changed. Nothing is quietly edited after the fact.
One system, each person sees their part.
Foreman or managing director
Sees every group, the auction calendar, payouts waiting on security and the commission earned. Approves auction results and releases payouts.
Office staff
Enrol members, upload and verify KYC, fill groups, record collections at the counter and print receipts. Staff logins are managed by the admin.
Collection agent
Records payments collected in the field against the right ticket and due. The members they introduced are linked to them.
Subscriber
Logs in to the member portal to see what is due this month, what has been paid and whether their KYC documents are verified. Paying online works once your gateway is connected.
The numbers the owner asks for.
- Defaulters: every ticket with overdue dues, the amount and the mobile number
- Foreman’s commission ledger by group and auction month
- Group-wise expected, collected and outstanding amounts
- Monthly ledger for any group and instalment
- Payouts pending, security verified and released
- Collections history, searchable by receipt number or member
- Unpaid and part-paid dues, filtered by group
Who this is built for.
- Chit companies running several groups at once, with an office and field agents
- Foremen who want the auction figures and next month’s dues worked out the same evening
- Firms whose subscribers keep calling to ask what they owe this month
- Chit businesses that want a website of their own with an enquiry form
- Owners who want a record of who approved each auction and each payout
When it is not the right choice.
- A single informal chit among friends or relatives. A notebook or a spreadsheet does that job.
- A lender offering loans, gold loans or deposits alongside chits. The loan side needs our loan management system instead.
Adapted to your business before it goes live.
You are not handed a login and left to it. The product is set up around your records, your people and the tools you already use.
Your group rules
Commission rate, bid limits, due dates and receipt numbering are set to how your company already runs its groups. The auction screen is checked against a group you have already closed by hand.
Running groups moved across
Groups already halfway through come across with their tickets, past auctions, dividends and what each subscriber has paid. You carry on from the next instalment, not from the start.
Payment gateway and reminders
The member portal’s pay button is linked to your own payment gateway account during set-up. WhatsApp or SMS due reminders are not built in today, so if you want them we scope them in the proposal.
Training for office and agents
Your office staff and collection agents are trained on their own screens, using your own groups.
Hosting and support
We host the software and your website, take backups and fix issues. You call the same team that set it up.
Works alongside
- Payment gateway, connected during set-up
- UPI and bank transfer references
- Email alerts for website enquiries
Questions owners ask before a demo.
Is this chit fund software suited to a small chit company in India?
Yes, if you run a handful of groups or more with an office and a few agents. It was built around how Indian chit companies work: monthly auctions, the foreman’s commission, dividends and payouts against security. For one informal chit among relatives, a notebook is still enough.
Does the chit fund software calculate the dividend and the foreman’s commission?
Yes. When you enter the winning bid, it takes out the commission at the group’s rate and splits the rest as dividend across the group’s tickets. The dividend is deducted from every ticket’s next due, so nobody works it out by hand.
Can we stop a payout until the prized subscriber gives security?
Yes, that is how it works by default. The payout stays pending until the office records the security details and marks them verified. Only then can it be released.
Does the software make us compliant with the Chit Funds Act?
No software can do that for you. What it does is keep the records: group details, every auction with its minutes, dividends, collections, security and payouts, with a log of who did what. Your auditor and lawyer decide what the law needs.
Is this chit fund accounting software, or do we still need Tally?
You keep Tally for your books. This software keeps the chit side: dues, dividends, collections, commission and payouts for every ticket. There is no Tally link built in, so if your accountant wants those entries in Tally, we scope an export in the proposal.
We have groups running in registers. Can you move them across?
Yes. We bring in members, tickets, past auctions and payments so each group carries on from its current month. We check the balances against your registers before go-live.
Is there a chit fund app for agents and subscribers?
It runs in the phone’s browser rather than as a separate Play Store app. Agents can record a collection at the subscriber’s door. Subscribers open the member portal on their phones to see their dues, and can pay online once your gateway is connected.
Who owns the subscriber data?
Your company does, not GullySystem. There is no self-service export button today, so how you receive a full copy, including if you stop using the software, is written into the proposal.
How much does it cost?
There is no published price. It depends on how many groups you run and what needs changing. After a demo on one of your own groups, we send a written proposal with the cost, and you decide from there.
Should we build our own chit software instead?
Usually not. The auction, dividend and dues logic already works here, and building it again costs more and takes longer. Custom work makes sense only when your process is truly different, and the free technology audit will tell you if it is.
Businesses that use this.
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