Opening a Group and Filling Its Seats
Chit value, duration, seats, the monthly subscription and the foreman’s commission rate are entered once, at the start. Everything the group does later is worked out from those figures.
What the group record holds
One page per group, opened the day you decide to start it and closed the day the last auction ends.
Its code and its value
The group code your office already says out loud, the chit value and the duration in months. A twenty five lakh group over twenty five months is one line, not a page of arithmetic.
Seats and subscription
How many seats the group has, and what one seat pays each month. The page shows seats filled against seats planned, so you know how far you are from starting.
Auction frequency
Monthly, or whatever cycle this group runs on. The auction calendar is built from it.
The commission rate
Your foreman’s commission for this group, set here and taken out of every winning bid afterwards. Nobody re-enters it on auction night.
Draft, active, completed
A group in draft is a group still filling, so you can add subscribers to it, move them off it and change its figures. Locking it makes it active, raises the first instalment and puts the first auction on the calendar. After the final auction the group marks itself completed and stops asking for money.
The part that stays yours
- Deciding who is worth a seat in a twenty five lakh group
- Getting the last two seats filled before March ends
- Groups already half run are brought across with their tickets, auctions and ledgers, so you carry on from the next instalment
- Nothing warns you that a group is short of seats. Somebody has to open the page and look
Frequently asked questions
Can we run groups of different values at the same time?
Yes. Each group carries its own value, duration, seats, subscription and commission rate, and they run side by side. A one lakh group and a twenty five lakh group behave the same way on screen.
What happens if a seat stays empty?
The group stays in draft and no dues are raised. That is deliberate. A group that starts a seat short leaves the maths wrong for every month it runs.
Can the commission rate be changed after the group starts?
It is not meant to move. The rate is entered when the group is opened, and every auction after that works from it. A rate that changed quietly mid-way is what an auditor asks about first, so we check the auction screen against a group you have already closed by hand before go-live.
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