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https://issues.apache.org/jira/browse/FINERACT-649?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Robert Jakech updated FINERACT-649:
-----------------------------------
Labels: Roadmap2022 (was: )
> For repayment strategy, "Interest-Principal-Penalties-Fees" , All Interest
> dues should be collected first
> ---------------------------------------------------------------------------------------------------------
>
> Key: FINERACT-649
> URL: https://issues.apache.org/jira/browse/FINERACT-649
> Project: Apache Fineract
> Issue Type: Improvement
> Components: Loan
> Affects Versions: 1.1.0
> Reporter: Santosh Math
> Priority: Major
> Labels: Roadmap2022
>
> This is requested by [[email protected]] for Agros
> Current behaviour of the repayment strategy : The application won't collect
> the amount due(interest, principal) for next instalment until dues of
> current instalment(including interest, principal, fees, etc) are fully paid.
>
> Needed changes in repayment strategy: For any given date, the application
> should collect all the interest dues acrued till that date and later it
> should collect any previous instalment principal, fees dues.
>
> Example (as given by Robert in the mail):
>
> If repayments scheduled as follows:
>
> DueDate PrincipalDue InterestDue
> 30/1/2017 200 50
> 30/2/2017 150 30
>
> Repayment Strategy: Interest, Principal, Fees.
> If someone pays $100 on 20/2/2017:
> What Mifos does at the moment is:
> It applies the payment to interest ($50), then the balance ($50) goes
> towards the principal($50).
> HOWEVER, What agros wants is:
> The system should take first the interest ($50) of first installment, then,
> calculates interest accrued from first installment (30/1/2017) to 20/2/2017
> and apply the balance of payment e.g. if interest accrued is say $10, then,
> from the balance of ($50), it will apply the $10 and balance of $40 goes to
> the principal of the first repayment.
>
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