[
https://issues.apache.org/jira/browse/FINERACT-348?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]
Edward Cable updated FINERACT-348:
----------------------------------
Labels: p1 (was: )
> Issues when doing a "Close-As-Rescheduled" on a loan
> -----------------------------------------------------
>
> Key: FINERACT-348
> URL: https://issues.apache.org/jira/browse/FINERACT-348
> Project: Apache Fineract
> Issue Type: Bug
> Components: Loan
> Reporter: Santosh Math
> Assignee: Markus Geiss
> Priority: Critical
> Labels: p1
>
> Reported by Binny at https://mifosforge.jira.com/browse/MIFOSX-1205
> Original Description:
> When closing a loan using the "Close (as Rescheduled)" button, the loan
> account is closed, but there are no transactions or accounting entries made
> for this closure. This not correct.
> The following should be done:
> 1) A new transaction should be visible to user under transactions to show
> that the loan was closed as rescheduled rather than leaving the loan as is
> without any changes. This means that Mifos X should mkae a new entry
> m_loan_transaction table - with transaction_type_enum = 7 and amount as the
> total outstanding amount (principal + interest + fees).
> 2) Ensure that the right accounting entries are made when closing the loan as
> "closed (as rescheduled)". This involves:
> For loan products: capturing another General Ledger account head under
> “Rescheduled in Suspense” – for example: “Rescheduled Loans Suspense Account”
> When closing as loan as rescheduled, passing the following entries:
> a) For Cash Accounting:
> Debit: Rescheduled Loan Suspense Account (with only principal outstanding
> amount)
> Credit: Loan portfolio
> b) For Accrual (upfront):
> Debit: Rescheduled Loan Suspense Account (sum of outstanding principal +
> interest + fees + penalties)
> Credit: Loan portfolio (with principal outstanding amount)
> Credit: Interest Receivable (with interest outstanding amount)
> Credit: Fees Receivable (with fees outstanding amount)
> Credit: Penalties Receivable (with penalties outstanding amount)
> c) For Accrual (periodic):
> Debit: Rescheduled Loan Suspense Account (sum of outstanding principal +
> interest receivable accounted + fees receivable accounted + penalties
> receivable accounted)
> Credit: Loan portfolio (with principal outstanding amount)
> Credit: Interest Receivable (with interest receivable accounted)
> Credit: Fees Receivable (with fees receivable accounted)
> Credit: Penalties Receivable (with penalties receivable accounted)
--
This message was sent by Atlassian JIRA
(v6.3.4#6332)
