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Chit System:
Chit collection is a small savings scheme organized by the Jewelers for promoting their business and retaining their customers. Many jewelers have a chit system in which amounts are collected on monthly basis for a particular period. Jewel Box facilitates the entire process including bonus payable to the customer, maintaining their Chit Accounts and on closure converting this savings to Sales. Jewel Box also caters to the promotional activities such as issue of gifts and to keep a track of the inventory of gifts.
Divided into
1)Scheme master
2) Chit Transactions.
Scheme Master:
- Capture basic information pertaining to Chit schemes.
- No. Of Installments, Installments Amount, Interest amount etc.
- Schemes can be added with validity periods using the Effective Date and Valid Till fields.
Chit Transactions:
2. Customer Linking to Schemes:
- Takes care of enrolling customers under certain schemes.
- On enrollment customers are entitled for a gift depending on the scheme they join. This is done through this screen as well. The Gift value is decided in the Scheme Master itself. Additional amount if any will have to be paid by the customer.
- Pass Book Issue is also done from the Scheme Customer Linking.
3. Payment of Installments
- Payments are done through this screen.
- Default modes of payment allowed in SAP B1 are Cash, Credit Card, Bank Transfers and Cheques. In the Chit System, we cater for the above payment modes as well as Debit Cards and DD's. The incoming payments are mapped into the B1 Banking module.
- Multiple Payments are also allowed.
- Pass Book history for the customer can be viewed in this screen.
4. Rolling Back Payments
- In case of dishonor of Cheques or receipt of Soiled/Counterfeit Currency, the system allows canceling the incoming payments and rolls back the entire transaction as per SAP B1 Standards.
- If the payment being rolled back is a multiple payment the entire transaction is rolled back.
5. Closing\Termination of Chit Schemes.
- A chit can be either closed or terminated. This scheme provides the user with the option to Terminate and Close in the same screen. Termination is in case the user wants to terminate before his stipulated time. And a chit is closed on completion of the time period.
- An entire detailed history of the customer's transactions is shown in this screen, which allows manual verification against the pass book at the time of closing/termination. System also automates the amount to be refunded depending on whether the scheme is being closed or terminated.
- Also the customer may not want entire amount in cash. This amount may have to be adjusted against sales for that customer. This process is done keeping intact the SAP B1 financial norms.
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