[
https://issues.apache.org/jira/browse/FINERACT-491?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]
Santosh Math updated FINERACT-491:
----------------------------------
Labels: p1 (was: )
> Savings annual compound doesn't respect Fiscal month (in April)
> ---------------------------------------------------------------
>
> Key: FINERACT-491
> URL: https://issues.apache.org/jira/browse/FINERACT-491
> Project: Apache Fineract
> Issue Type: Bug
> Components: Savings
> Affects Versions: 1.0.0
> Environment: Windows
> Reporter: thynn win
> Assignee: Markus Geiss
> Priority: Critical
> Labels: p1
> Attachments: sample.jpg
>
>
> We are observing that Mifos doesn’t respect the fiscal month in calculating
> interest for savings.
>
> For instance: we configured the fiscal year to start in April. The saving
> product is annual interest with 15% and 365 days. Compounding is set to
> annual with daily balance.
> If we make a saving deposit of $1000 on June 23, 2016 and trying to post on
> April 1 2017, our expectation is that the interest will be $115.89
> (1000*282*0.0004109589).
> There are a total of 282 days with daily interest rate of 0.0004109589
> (1/365*0.15).
>
> In Mifos, we are getting $118.81 instead. What we learned is that there is a
> compounding happening on Dec 31, 2016 even though it’s not a fiscal year end.
> From June 23 to Dec 31, there are 192 days and it’s getting a new available
> balance on Jan 1. It’s compounding from Jan 1, 2017.
> https://demo.openmf.org/#/viewsavingaccount/887 (see screenshot)
>
>
> When digging through the code, even though Fiscal month is passed around in
> the interest calculation, it wasn’t used when determining compounding
> periods.
>
> File: PostingPeriod.java
> Method: determineInterestPeriodEndDateFrom
> case ANNUAL:
> periodEndDate =
> periodStartDate.monthOfYear().withMaximumValue(); //This is causing to
> default the compound period to Dec as period start year is 2016.
> periodEndDate = periodEndDate.dayOfMonth().withMaximumValue();
> We are still trying to go through the logic and we’d greatly appreciate your
> help.
> This will become an issue in Jan 2018 as it's compounding when it's not
> supposed to be.
>
> Thank you.
--
This message was sent by Atlassian JIRA
(v6.4.14#64029)
