Step 1: Create a Chit Group

Enter the following details:

1. Chit Group Name: Enter a unique and recognizable name for the chit group (e.g., Group A).
2. Chit Amount: Total value collected each round (e.g., ₹5,00,000).
3. Total Members: Fixed number of participants for the cycle.
4. Installment Amount: Amount each member contributes before dividend deduction.
5. Manager’s Commission: Percentage commission per round (e.g., 5%).
6. Start Date & Frequency: Define schedule for auction rounds (e.g., Monthly).

Each round is based on start date and frequency. E.g., if it starts 5th May 2025, Round 1 is 5 May – 4 June.

Note: Only one chit group is supported in the current version. Contact us to enable multiple groups.

Step 2: Add Members

Method 1 - Invite Member (Recommended):

Click "Invite Member" to generate a unique signup link. You can share this link with your members through various means such as WhatsApp, SMS, email, or simply copy the link and send it through any other communication platform of your choice.

Once the members click the link, they will be able to sign up by entering their details. After the signup form is submitted, the manager will see a new widget in their dashboard labeled "Onboard Members". This widget will display all the new members who have signed up but are not yet approved.

To approve a new member, the manager must click "Review" next to the member's name and then click "Approve". Only members who have been approved by the manager will appear in the dropdown list when selecting the chit winner during the auction.

Method 2 - Manually Add (Not Recommended):

Use this to test the system. Click "Manually Add", enter the member name. Ensure names are unique. Members added this way won’t have dashboard access.

Step 3: Enter Auction Details

Select the correct period using the navigation arrows. Choose the bid winner and enter the winning bid amount. After submitting, the system auto-calculates:

1. Bid Winner: The participant who wins the auction round by bidding the highest discount.
2. Winning Bid: The discount amount offered by the winner (e.g., ₹7,000).
3. Winner Receivable: The amount the winner will actually receive after deducting commission and the winning bid from the chit amount.
   Formula: Chit Amount - Commission - Winning Bid
4. Dividend: The benefit each member receives from the winning bid.
   Formula: Winning Bid ÷ Total Members
5. Installment Payable: The actual amount each member pays after deducting the dividend from the fixed installment.
   Formula: Installment - Dividend

Step 4: Track Payments Received

After auction, all approved members are shown. Mark installments as "Paid" once received. Click a member’s name to see their history and payment status.

Members can log in to see their payment history, due amounts, and auction outcomes — boosting transparency and trust.