Coperative account

1

Hello,
I am new on this forum.
Thanks for this beautiful app. I am in charge of my company’s cooperative account for staff.
I downloaded manager.io to help with this account because it is becoming quite large with staff taking loans, withdrawing funds and the rest. We don’t have any means of income right now as the cooperative is majorly is run by the funds staff put in monthly. Staff take loans and pay back with a little interest, and we have put in fund in fixed deposit which generate a little more interest. The total interest gotten at the end of the year is shared among members of the cooperative according to how much they have in their savings account. Savings is deducted form their salary and transferred to cooperatives bank account every month. Can any one help with some tips on how to integrate this kind of “business” into manager.io, especially someone that has done something like this before.
I will appreciate this a lot. Thank you.

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2

First, you need some understanding of double-entry accounting. If you are new to that, try https://www.accountingcoach.com.

Next you need to read some of the Guides: Guides | Manager. Pay particular attention to the use of special accounts.

Beyond that, your question is far too open-ended for anyone to answer. Set up a test business and try some entries. When you have specific questions, please come back with them.

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3

Read the Guides but some pointers would be:

  1. Set the Staff up as Suppliers (of funds) - their “own” money received and paid + interest earned would be via here. You can rename the Accounts Payable account to be Staff Funds (or Members Funds)
  2. For the Loans, activate the Special Accounts tab and create a control account called Staff (Member) Loans
  3. All your other points are fairly basic accounting stuff
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4

Thanks for the links you provided. I will go through them especially the special accounts you suggested.

5

Thanks for your idea. I didn’t think of using account payable. I was trying to use capital account for the members instead. I will try what you suggested and get back to you. Thanks a lot.

6

You would only use capital accounts for funds belonging to the co-operative.
Staff deposited funds which are repayable to them (on demand) are liabilities of the co-operative.

7

Thanks a lot. Your guide worked. I have been able to sucessfully post all my transactions and print correct reports!