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Phase 4 - Chit Fund Company Authors

The document describes the functionalities of a chit fund company management system. It has two types of users: managers and other staff. Managers can add new staff members, grant access to the system, and perform CRUD operations on internal accounts. Other users have restricted access. There are tables to manage agents, collectors, auctions, subscriptions, and internal accounts. Managers can add agents and collectors from existing staff lists and change their status. Auctions check if subscribers have paid dues before payouts. Subscriptions allow CRUD on subscribers and groups, and tracking of payments and bounced cheques. Internal accounts are managed solely by managers.

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suresh
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25 views

Phase 4 - Chit Fund Company Authors

The document describes the functionalities of a chit fund company management system. It has two types of users: managers and other staff. Managers can add new staff members, grant access to the system, and perform CRUD operations on internal accounts. Other users have restricted access. There are tables to manage agents, collectors, auctions, subscriptions, and internal accounts. Managers can add agents and collectors from existing staff lists and change their status. Auctions check if subscribers have paid dues before payouts. Subscriptions allow CRUD on subscribers and groups, and tracking of payments and bounced cheques. Internal accounts are managed solely by managers.

Uploaded by

suresh
Copyright
© © All Rights Reserved
Available Formats
Download as ODT, PDF, TXT or read online on Scribd
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PHASE 4 - CHIT FUND COMPANY

AUTHORS
1. Abbhinav Venkat

FUNCTIONALITIES IMPLEMENTED

In our system, there are two types of users - Manager, at an Admin level and Other Users with
restricted access to the system. Each Manager heads a particular Department or oversees a
group/all departments.
They have the power to add new staff members. The staff can be a part of one of the many
departments - Auction, Collector, Agent, Staff (receptionists, cleaners, office-boy etc) and IT
(Department which takes care of the Technology side of things, one of which is operating this
software). Further, the manager can also grant access to use this software to whichever staff
member(not necessarily all) as per his/her judgement and requirements. This staff member will
be part of the ‘Other Users’ with restricted access. As deemed necessary, the Manager can also
revoke this access.
The Manager has special privileges which other Users don’t have such as CRUD on System
Users, Staff Members, Internal Accounts & their transactions. All those accounts maintained as
a part of savings/investment by the company in the form of bank accounts/FD’s/Bonds etc will
form a part of the Internal Accounts. Maintenance of these accounts including all the
transactions performed on these is done by the Managers only. If required, the Manager can
delegate any of these tasks to the other user by granting them access to those specific areas.

In addition to the above, the manager as well as the other Users can perform CRUD on all the
other tables in the database.
These 14 tables have been broadly classified under
1. Agents
New agents can be added from an existing list of staff who belong the same department.
These added agents can either be currently active/inactive. This status can be changed.
An agent goes out and brings in new subscribers, so his ‘agent_id’ is a part of the
subscriber details.

2. Collectors
New collectors can be added from an existing list of staff who belong to the same
department.
Similar to agents, they can be either currently active or inactive and that status can be
changed. A collector goes and collects the subscription amount and other dues i.e,
performing a subscriber transaction and then comes and reports this to the system users
who then record the same.

3. Auction
An auction conductor conducts an auction. As soon as he begins the entry process, we
check if all the subscribers for that group have paid their dues. If they haven’t, they are
immediately terminated from that particular group. But, they aren’t permanently deleted
from the system. A record of the subscriber details and the group to which he/she
belonged and if they defaulted/not is stored.
After removing the defaulted subscribers, assuming that the prized subscriber hasn’t
defaulted, we check if the amount that the subscriber wants if less than half this new
total pooled in money. If so, then all the existing subscribers are paid their dues. If the
prized subscriber himself has defaulted, then the auction has to be reconducted.
The auction conductor needs to manually make sure before conducting the auction that
a person who has been a prized subscriber earlier will get his turn to be on only after all
the others has gotten to be one atleast once in that round.

4. Subscription
Here, we can perform CRUD on subscribers, the group to which they belong, add the
subscriber’s transactions, retrieve cheques etc. A subscriber can pay his subscription
amount in parts or in full i.e, one go either through cash/cheque. Every time a deposit is
made by a particular subscriber, the amount he paid right now is added to the existing
amount that he has already paid, if any. If it is through a cheque, then the cheque is
lodged with a bank. If the cheque bounces and returns, the the system users are notified
of it. If it successfully deposit, then the amount is added to the Chit Fund Company’s
Bank Account with acc-id = 1. For all transactions with the subscribers, this is considered
as the default account with sufficient balance.

5. Internal Accounts
The accounts maintained by the company are recorded here. Only the manager can
perform CRUD on them. The account with its account id as 1 is considered as the
default account for performing any transactions. The company makes use of the 5%
income that it makes on conducting the auctions to make further profit by investing this is
mutual funds/stocks etc. If at any point, the company cannot pay back the subscribers
their profits, it is declared as bankrupt and must take a loan of some sort and clear of all
its dues before starting again/closing down.

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