Compliance
A Ghana-ready chart of accounts for MFIs and hire purchase companies
How to structure interest, provisions, suspense, cash collateral, and HP assets so month-end and BoG packs come from the same ledger.
Lydia Sarpong, People Operations · 8 July 2026 · 15 min read
A chart of accounts is a language. If cashiers, credit, and finance speak different dialects, month-end is translation. Ghanaian MFIs and HP companies need accounts for interest accrued, interest in suspense, specific provisions, cash collateral, dealer payables, and residual assets — not a single 'loans' bucket. OrbitMFI ships a Ghana-oriented chart you can extend without breaking reports.
Map products on day one
Every product posts somewhere. If a new HP scheme is invented in a branch and posts to miscellaneous for three months, your PAR and your P&L have already diverged. Creating a product in the core should require a GL mapping.
Provisions are not a journal someone remembers
Nightly classification into current, OLEM, substandard, doubtful, and loss should propose a provision. Officers override with a reason. The journal is generated, not typed from a memory of last month's percentage.
HP assets vs loan receivables
Do not hide financed refrigerators inside personal loans. The residual, the dealer, and the insurance live on different lines. Examiners and tax both care.
Close fast by not reconstructing
If the trial balance is only true after a weekend of journals, the operating day is lying. Aim for a close that is a review of exceptions, not a rebuild. That is the point of a platform GL.
