Sumi for financial services
Accounting for lenders, cooperatives and brokers.
Loans, deposits, interest and fees in proper double-entry, with the controls your auditors and regulators expect.
Microfinance, cooperatives, lenders, BDCs, insurance and investment brokers.
Built for how financial services businesses work.
Loans and deposits on the balance sheet
Loans to customers, interest receivable and customer savings each have their own accounts.
Impairment ready
A loan-loss allowance and impairment charge account are set up from day one.
Lock dates and an audit trail
Close a period so nothing changes behind you, and see who posted what.
VAT handled correctly
Financial services are set up without VAT; advisory work can still carry it.
Ready the moment you sign up.
Choose “Financial services” when you set up and Sumi creates all of this for you. Change any of it later.
- Loans to customers, interest receivable and a loan-loss allowance
- Customer deposits and savings held as liabilities
- Interest, fees and commissions as income; financial services set up without VAT
- Dashboard: income earned and money owed to you
- Payroll with PAYE, pension and NHF, and invoices your customers can pay by transfer
Accounts added for financial services
- 1130 Loans to customers
- 1140 Interest receivable
- 1190 Loan loss allowance
- 2230 Customer deposits and savings
- 2240 Interest payable
- 4500 Interest income
- 4510 Fees and commissions
- 4520 Trading gains
- 5600 Interest expense
- 5610 Loan impairment charge
- 6840 Regulatory and licence fees
Starter items you can edit
- Loan processing fee ₦5,000 per loan, no VAT
- Account maintenance fee ₦1,000 per month, no VAT
- Investment advisory, per session ₦50,000 per session
Plus a full chart of accounts: bank and cash, receivables and payables, VAT and WHT, payroll, equity and overheads.