Accounts Reconciliation System for the Micro-Finance

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A Micro-finance customer repays loans by making deposits into the Micro-finance bank account. The customers also receive loans via cheques which they cash at these bank accounts. Efforts to verify the legitimacy of the bank account records have been ongoing in these institutions for some time. Most institutions have adopted various methods and tools to reconcile these records; at the forefront has been the hard copy report ticking technique, also known as the manual bank reconciliation.

     The high volume of transactions, a growinglevel of business complexity, constant errors with the current methods, high costs of off-the shelve solutions and lack of uniformity in requirements within the Micro-finance institutions are some of the factors under consideration as these institutions search for appropriate reconciliation solution. Where some basic office automation applications like MS Excel are in use, they lack controls, proper reporting and appropriate presentations layout.

     It is due to these challenges that a computerized system has been developed to attempt and solve this problem. In keeping with the Micro-finance motto of ‘Managing Cost’, this system has been developed using Ms Visual Basic 6.0, for faster development time and inexpensive support and Ms SQL Server 2000, for affordability and enhanced security environment. This project has considered all the forgoing aspects to deliver a reconciliation system that is flexible yet consistent in operations, easy to use yet coherent, and customizable to suite the needs of most Micro-finance institutions in Kenya.

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