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GullySystem
Financial Services · Chit Fund Management Software

Chit groups, auctions, dues and payouts worked out and recorded together for chit companies.

Run chit groups from enrolment to the final draw. Enter the winning bid and the system works out the foreman’s commission, each subscriber’s dividend and the net prize, then raises next month’s dues on every ticket. Payouts stay locked until the prized subscriber’s sureties are verified. Collections, ledgers and defaulters sit together, and members check dues on a portal.

Share your requirements
  • Commission rate, bid floor, bid ceiling and due dates set to your own chit rules
  • Groups already running moved across with their tickets, past draws and ledgers
  • Configured and supported by the same GullySystem engineers

Chit Fund Management Software is what GullySystem sets up for chit companies that run many groups through an office and field agents. It holds groups, subscribers and their tickets, KYC papers, monthly auctions, dues and collections. Payouts wait on verified sureties. You decide the commission rate, bid floor and auction calendar each group follows.

Where it breaks today

What goes wrong before the software.

Auction calculations are done manually

After the bidding, the foreman’s commission, dividend and net prize are worked out on a calculator and copied into the group register. One slipped digit spreads to every ticket’s next instalment.

Payouts can precede security verification

The prized subscriber wants the pot quickly. If the surety bond and guarantor’s signature are still pending when cash leaves, recovering against a defaulter turns into a lawsuit.

Each subscriber’s due is different

A ticket’s due falls by the dividend each month. An agent carrying last month’s figure over-collects or under-collects. Either way the passbook entry will not match the register.

Defaulter information is held informally

Who is in arrears, and in which group, lives in one clerk’s head. When that clerk is away, agents chase subscribers who have paid and skip the ones who have not.

Receipts are paper based

Agents tear receipts from a counterfoil book in the field and hand cash to the cashier at dusk, who enters them into the daybook the next morning. A subscriber’s receipt with no office copy takes days to resolve.

Subscribers call to ask what they owe

The same question reaches the counter in the first week of every month. Each call means opening the register, finding the ticket and working out the dividend again.

How it runs

How the work flows through it, step by step.

Illustration with sample figures. Your screens are built around your own records.
  1. 1

    Opening a group

    Enter chit value, duration, number of seats, monthly subscription, foreman’s commission and auction day, then assign members to ticket numbers and print the chit agreement for each signature. The group locks when the last seat fills. That raises the first instalment.

  2. 2

    Collecting instalments

    Record each payment against the ticket’s due at the counter or on the doorstep, by cash, bank transfer, cheque or mobile wallet. Every payment gets a receipt number, and a partial payment leaves the balance showing.

  3. 3

    The auction

    The auction screen lists only non-prized tickets. Enter the winning ticket and bid, which is checked against the group’s bid floor and ceiling, then record the minutes of the draw and the names of the subscribers who attended. Tie bids can be settled by lot.

  4. 4

    Dividend and next month’s dues

    The foreman’s commission comes out of the bid discount, and the remainder is split as dividend across the group’s tickets, with the rounding difference carried to the group’s kitty. Next month’s due for every ticket is raised with the dividend already deducted.

  5. 5

    Security and payout

    The prized ticket gets a pending payout for the net prize. The office records the sureties, guarantor details and any lien, and uploads scanned bonds. Release happens only after verification.

  6. 6

    Month close

    The group ledger shows each ticket’s net payable, receipts and arrears. After the final auction the group is marked completed. Closing balances are checked before the file is archived.

Modules

What is inside.

Every module can be switched on, left out or changed to match how your team already works.

Chit groups

Hold each group’s code, chit value, duration, seats, subscription, auction frequency, bid floor, bid ceiling and commission rate. Status runs from draft to active to completed, with draw dates for every month.

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Members and nominees

Keep one record per person with member code, mobile number, tax number, occupation and income, plus nominee, bank details, specimen signature and the introducing agent.

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KYC documents

Upload national ID, tax card, address proof and photograph against the member. Each paper is pending, verified or rejected with a reason, and shows the verifier’s name.

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Subscribers and tickets

Place a member on a ticket number in a group, with guarantor, surety bond, lien notes and security details, so a defaulter’s exposure is visible before any prize is paid. One person can hold tickets in several groups, each with its own balance.

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Chit auction desk

List scheduled auctions by date. Conducting one records the winning ticket, sealed or open bid, commission, dividend per ticket, net prize and minutes, with the approving director and the time the draw closed.

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Dues by instalment

Give every ticket a due for every instalment showing the full subscription, dividend deducted and net payable, marked unpaid, part paid or paid, with penal interest on late dues.

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Collections and receipts

Record a payment against a due with mode, reference and the staff member who collected it, whether at the counter or on the doorstep. A numbered receipt is generated, with a duplicate for the counterfoil, and prints with your company’s name.

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Payouts against security

Create a payout record for each prized ticket, attach sureties and scanned bonds, and keep release locked until the security is verified. Forfeiture and set-off entries are logged against the same ticket.

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Ledgers

Open a subscriber’s ledger to see every due and receipt on their ticket, or a group’s ledger for any month to see all tickets, arrears and the cashbook total.

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Member portal and online payment

Let members see dues with the dividend deducted, past receipts and KYC status. The pay button works once your own payment gateway account is connected.

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Chit company website

Publish a site with your logo, chit plans, how a draw works, FAQs and branch details. Enquiries from the form land in a list staff mark as contacted or converted.

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Audit log

Log auction results, collections, surety approvals, payout releases and ticket removals with the user, time and what changed, so a disputed draw can be replayed step by step months later.

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Solutions inside

The business modules it is built from.

Each one is also available on its own, or inside a system built for you.

  • Contact & Account Management

    Each subscriber has one record with member code, mobile number, tax number, occupation, nominee, bank details, specimen signature and the introducing agent.

  • Document Management

    National ID, tax card, address proof and photograph are uploaded against the member, each marked pending, verified or rejected with a reason and the verifier’s name.

  • Collections and Payment Follow-Up

    Every ticket carries a due per instalment showing full subscription, dividend deducted and net payable, marked unpaid, part paid or paid, plus penal interest.

  • Receipts Management

    A payment is recorded against a due with its mode, reference and collecting staff member, and a numbered receipt prints with a counterfoil copy.

  • Client Portal

    Members log in to see dues with the dividend deducted, past receipts and KYC status, and pay online once a gateway is connected.

  • Audit Trail

    Auction results, collections, surety approvals, payout releases and ticket removals are logged with the user, the time and what changed.

  • Mandates and Auto-Debit

    Instalment dues on each ticket can be collected through a standing bank mandate, with the net payable after dividend raised on the due date.

  • Roles and Permissions

    Chosen staff may record auctions, approve sureties or release payouts, and the audit log shows which user did each.

Services

How we would put it in.

Setup, data migration, integrations and anything built on top.

All solutions

Every part of the system, by area.

Take the modules you need. Each one works on its own or inside a larger system built for you.

AI by department

More on this product

Topics beyond the modules.

Each page covers one part of how the system is used, connected or controlled.

Chit Fund Software Views by Role

Four groups of people use the chit software: foremen and managing directors, office staff, collection agents and subscribers.

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Reports for Chit Fund Companies

These reports cover defaulters, commission, receipts, ledgers and payouts.

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Chit Fund Software Connections

The chit software connects to a payment gateway, records bank transfer and cheque references, and sends email alerts for website enquiries.

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Who uses it

One system, each person sees their part.

For foremen and managing directors

See every group, the draw calendar, payouts waiting on sureties and commission earned. Approve auction results and release payouts.

For office staff

Enrol members, upload and verify KYC, fill seats, record counter collections and print receipts and passbook entries.

For collection agents

Record doorstep payments against the right ticket and due. Members you introduced stay linked to you.

For subscribers

Log in to the member portal to see this month’s due after dividend, past receipts, the next draw date and whether KYC papers are verified.

Reports

The numbers the owner asks for.

  • Defaulters: every ticket in arrears, the amount, days late and the mobile number
  • Foreman’s commission ledger by group and draw month
  • Group-wise expected, collected and outstanding amounts
  • Monthly ledger and cashbook for any group and instalment
  • Payouts pending, sureties verified and released
  • Receipt register, searchable by counterfoil number or member
  • Unpaid and part-paid dues, filtered by group
Good fit

Who this is built for.

  • Chit companies running several groups at once, with a head office, branches and field agents
  • Foremen who want the draw 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
  • Directors who want a record of who approved each draw and each payout
Honest answer

When it is not the right choice.

  • A single informal kitty 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.
Made to fit

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 floor and ceiling, due dates, penal interest and receipt numbering follow your company’s rules. The auction screen is checked against a group you have closed by hand.

Running groups migrated

Groups already part way through arrive with their tickets, past draws, dividends and each subscriber’s receipts.

Payment gateway and reminders

The portal’s pay button is linked to your own gateway account at set-up. Due reminders on WhatsApp or SMS are not built in today and can be scoped in the proposal.

Training for office and agents

Office staff and collection agents learn on their own screens, using your own groups.

Hosting, backups and support

GullySystem hosts the software and your website, takes backups and resolves issues. You contact the same engineers who built it.

Works alongside

  • Payment gateway, connected during set-up
  • Bank transfer and cheque references
  • Email alerts for website enquiries
Common questions

Questions owners ask before a demo.

Is it suitable for a small chit company?

Yes, if you run a handful of groups or more with an office, a cashier and a few agents, even from a single branch. It follows how chit companies work: monthly draws, foreman’s commission, dividends and payouts against sureties.

Does it 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, splits the rest as dividend across the tickets and deducts it from each ticket’s next due.

Can a payout be held until security is given?

Yes, that is the default. The payout stays pending until the office records the surety bond and guarantor details and marks them verified.

Will using this satisfy the rules that govern our chit business?

No software can do that. It keeps the records: group details, auctions with minutes, dividends, receipts, sureties and payouts, with a log of who did what. Your auditor and lawyer decide what the statute requires.

Do we still need our accounting package?

Yes, for your books. This software keeps the chit side. No accounting link is built in, and an export can be scoped in the proposal.

Can running groups be moved across?

Yes. Members, tickets, past draws and receipts are brought in so each group continues from its current month, and balances are checked against your registers, passbooks and cashbook before go-live.

Is there an app for agents and subscribers?

It runs in the phone browser rather than as a separate app. Agents record collections at the subscriber’s door, and subscribers use the member portal for dues and online payment.

Who owns the subscriber data?

Your company does. There is no self-service export today, so the proposal sets out how your full record is handed over.

What does it cost?

The figure follows how many chit groups run and how many tickets each holds. Staff and agents who log in count too, as does moving running groups with past draws and receipts. A payment gateway adds scope. No price is published ahead of the quotation, which comes after screens are shown on your own group rules.

Should we build our own chit software instead?

Usually not. The auction, dividend and dues logic already works here. Custom work makes sense only where your process is genuinely different, and sharing your requirements is the way to find out.

How long before the first group runs its auction here?

The early set would be chit groups, members with KYC, tickets and the auction desk, with dues and receipts alongside. The member portal, agent collections and payouts held for sureties follow. The proposal lists each stage and its dates.

What papers does a chit company gather beforehand?

Gather the group register with commission, bid floor and ceiling, member files with KYC papers, surety and guarantor records, and receipts for running groups. A sample auction minute, a passbook page and a receipt are useful. The foreman, the cashier and a senior agent should be the people answering questions.

Wondering what it would cost? Share your requirements and an engineer will come back with a scope.

Inside this product

Every part, on its own page.

Each page covers one part of the system: what it records, who uses it and what it hands on.

Guides

Written for this trade.

Practical notes on running the business, not product marketing.

Chit Fund Software: What It Must Handle Before You Buy

What chit fund software must handle for a registered foreman: groups, auctions, dividends, dues, payouts, KYC and a member portal.

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Industries

Built for.

The trades this product is set up for. Pick yours to see how the work runs there.

Related

Related products.

Your requirements

See Chit Fund Management Software set up around your records.

Tell us how you run things today. An engineer reads it and writes back with what fits as it is, what would need changing, and what we would start with.

What happens after you share your requirements

  1. A senior engineer reads your answers. Nobody phones first.
  2. Within one business day you get a written note: what we understood, what we would start with, and the questions we still have.
  3. If it fits, a proposal follows with the order of work, what we need from you and what you receive at each step.
  4. No call is booked and nothing is paid until you have read the note. Your details stay with us.

Start with your requirements

Seven short steps that tell us what you need. A senior engineer reads them before anyone gets in touch.

Share your requirements