EMI Schedules and Receipt Collection
The schedule is built once from principal, rate, tenure and frequency. Every receipt after that is recorded against an instalment, by the person who took it, on the day it was taken.
The demand for the day
Each due date produces a list showing borrower, instalment, amount and whether the account is already behind. Weekly schedules work the same way. That suits lenders to groups that meet on a fixed weekday.
What a receipt carries
What the borrower gets, and what the office gets
- Reminders by SMS or email, before the due date and after it
- A receipt raised from the same entry, not written out again
- A statement showing instalments paid, short paid and still pending
- Group loans where member dues and the SHG total come from one set of entries
- Collections exported as entries your accountant brings into Tally
Frequently asked questions
Can we collect weekly instead of monthly?
Yes. Frequency belongs to the loan product, so weekly, fortnightly and monthly schedules can run side by side in one book. The schedule follows the centre meeting.
What if a borrower pays three EMIs together?
The receipt is applied across those instalments and the schedule updates. A borrower who clears arrears in one visit stops showing as overdue the same day.
Does it post entries into Tally by itself?
No. Tally remains your accountant’s book for final accounts and GST. Collections, disbursements and interest come out as entries he brings in, and that link is scoped when the module is set up.
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