Schedules, Due Dates and Receipts That Agree
The schedule is built once, from principal, rate, tenure and frequency. After that every rupee that arrives is recorded against an instalment, by the person who took it, on the day it was taken.
The demand for the day
On the fifth of the month somebody has to know who owes what. That list is on screen: borrower, instalment due, amount, and whether the account is already behind. Weekly schedules work the same way, which matters when you lend to groups that meet every Thursday.
What a receipt carries
Applied to the instalment
A receipt pays an instalment, not just a borrower. Interest and principal split the way that loan product is set up, and the outstanding balance moves in the same moment.
Part payments stay visible
Someone pays ₹800 against an EMI of ₹1,200. The rest stays open on that instalment, and whoever goes next sees a short payment rather than a clean miss.
Cash, UPI or bank transfer
Mode and reference are recorded with the amount. Paid through a payment link? The entry arrives with that reference already on it.
Edits are somebody else’s job
Staff can be given the right to enter receipts without the right to change them. Any correction is made by a person who holds that permission, and both figures stay in the log.
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 is part of the loan product, so weekly, fortnightly and monthly schedules can run side by side in the same book. Centre meetings are usually weekly. The schedule follows the 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 that evening, not at month end.
Does it post entries into Tally by itself?
No, and it doesn’t try to. Tally stays 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 system is set up.
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