Hello Rashon Together with understanding of the concepts from the ink provided by Santosh.
Since you were using a "make repayment" button, my explanation below will hold if "Recalculate Interest" will be not enabled. As we know for accrual accounting, the interest income will be recognized until the due date arrived, it is expected from the system even after the loan is closed, once the actual dates of installments that were prepayed arrives, the system to run accrual to those installments and hence it will update to the interest income. Until it reach the maturity date, the interest income will be 9,389 for your case. Unfortunately, i have tested and see the system doesn't run accruals for closed loans and hence the result that you are getting. At the maturity date, the accrued income from interest should be the same as the money collected from interest income. Hello Santosh Can you confirm this so that we can push a PR in Fineract for this? Regards > On April 24, 2019 at 1:04 PM Santosh Math <[email protected]> > wrote: > > > Hi Roshan, > Before we discuss, please understand the functionality of prepay loan and > Interest Recalculation by referring the folloiwng user manual links: > > > https://mifosforge.jira.com/wiki/spaces/docs/pages/81723420/Making+Prepay+of+the+loan > > > https://mifosforge.jira.com/wiki/spaces/docs/pages/81723469/How+to+Prepay+a+Loan+Account > > > https://mifosforge.jira.com/wiki/spaces/docs/pages/82149390/Recalculate+Interest > > > On Wed, Apr 24, 2019 at 12:21 PM Roshan Ratnaweera <[email protected] > mailto:[email protected] > wrote: > > > > Dear Santosh, > > > > I'm waiting for your reply. > > > > Regards, > > Roshan. > > > > On Tue, Apr 23, 2019 at 10:03 AM Roshan Ratnaweera > > <[email protected] mailto:[email protected] > wrote: > > > > > > > Dear Santosh, > > > > > > There is no preclose button but "prepay loan" is > > > available(we are using 17.07 version). Anyway we are using "make > > > repayment" button to do every repayments. I have no idea about IR option > > > also but Interest Calculation Period is same as repayment period. Here > > > with attached loan product information. > > > Please advise me if I am doing wrong things. > > > > > > Thank you, > > > Roshan Ratnaweera. > > > > > > On Mon, Apr 22, 2019 at 3:32 PM Santosh Math > > > <[email protected] mailto:[email protected] > > > > wrote: > > > > > > > > > > Hi Roshan, > > > > How did you preclose the loan? Using Precose loan > > > > button or directly paying through 'Make Repayment' button? > > > > > > > > Is your loan product enabled with IR? What is the > > > > interest calculation period? > > > > > > > > On Fri, Apr 19, 2019 at 12:42 PM Roshan Ratnaweera > > > > <[email protected] mailto:[email protected] > wrote: > > > > > > > > > > > > > Dear Community, > > > > > > > > > > Could someone explain me this ? > > > > > > > > > > On Tue, Apr 16, 2019, 8:44 PM Roshan Ratnaweera > > > > > <[email protected] mailto:[email protected] > wrote: > > > > > > > > > > > > > > > > Dear All, > > > > > > > > > > > > I have doubt about interest income > > > > > > recognition when a loan is settled before expected mature done date. > > > > > > > > > > > > I retrieved account entries of early > > > > > > settled loan from database. Its sum of income interest is less than > > > > > > actual interest portion. > > > > > > > > > > > > So please kindly let me know, how effect > > > > > > above scenario for income statement report. > > > > > > > > > > > > Here with attached loan information, > > > > > > Repayment schedule, Transactions, All account entries, Interest > > > > > > income account entries, Loan product account information of above > > > > > > mentioned loan. > > > > > > > > > > > > Your earliest attention is highly > > > > > > appreciated. > > > > > > > > > > > > Thanks & Regards > > > > > > > > > > > > > > > > > Mifos-developer > > > > > > mailing list > > > > > [email protected] > > > > > mailto:[email protected] > > > > > Unsubscribe or change settings at: > > > > > > > > > > https://lists.sourceforge.net/lists/listinfo/mifos-developer > > > > > > > > > > > > > > > > > > > > > > -- > > > > Thanks & Regards > > > > > > > > Santosh Math > > > > QA Engineer > > > > Conflux Technologies Pvt Ltd > > > > http://www.confluxtechnologies.com/ > > > > | Office: +91-080-41208662 | > > > > > > > > Address: #304, 2nd Floor, 7th Main Road, HRBR Layout > > > > 1st Block, Bengaluru, Karnataka, 560043 INDIA > > > > Mifos-developer mailing list > > > > [email protected] > > > > mailto:[email protected] > > > > Unsubscribe or change settings at: > > > > > > > > https://lists.sourceforge.net/lists/listinfo/mifos-developer > > > > > > > > > > > > > > > > > > > > > -- > Thanks & Regards > > Santosh Math > QA Engineer > Conflux Technologies Pvt Ltd http://www.confluxtechnologies.com/ > | Office: +91-080-41208662 | > > Address: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block, > Bengaluru, Karnataka, 560043 INDIA > Mexina Daniel Singo Africa Limited Mbezi Beach "B" | Mwai Kibaki Road | 6 Wasafi Str. P.O BOX 78908 | 14121 Dar es salaam +255 71 211 0791 | +255 22 261 8511 amala.co.tz https://amala.co.tz/ | singo.africa https://singo.africa
