Adam Saghy created FINERACT-2197:
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Summary: Introduce a new type of ACTUAL during calculation of days
in year
Key: FINERACT-2197
URL: https://issues.apache.org/jira/browse/FINERACT-2197
Project: Apache Fineract
Issue Type: Sub-task
Affects Versions: 1.11
Reporter: Adam Saghy
Fix For: 1.12
# System should consider leap year calculation when the year is configured to
'Actual'
# 366 days is considered *only* for the period that contains day of *29th of
Feb.*
## Example:
### Loan got disbursed on 10 Jan 2024, matures on 10 June
### 1st repayment period starts 10 Jan 2024 - 10 Feb 2024 → 365
### 2nd repayment period starts 10 Feb 2024 and ends on 10 March 2024, if day
of 29th of Feb is there, the calculation should consider 366 days in the year
### 3rd and so on → 365
# 365 days is considered otherwise, even if the year is leap year
## Example:
### Period starts 10 March and ends on 10 April 2024, the calculation should
use 365 days in year
*Goal*
* We need to introduce a new dropdown option if the customer selected Actual
for days in year, which is available for progressive loans only on the loan
product, where we can instruct Fineract to only consider leap year (366 days in
year) for the period that contains the day of 29th of Feb or for the full year!
If the flag is TRUE, we need to implement the above logic during the time we
calculate the days in year!
{panel}
*Acceptance criteria*
* New dropdown to be introduced on Loan product (inherited on loan level), if
ACTUAL is selected for days in year and it is progressive loan product:
** {{FULL_LEAP_YEAR}} : 366 days for full leap year. → *This is the by default
value!*
** {{{}FEB_29_PERIOD_ONLY{}}}: 366 days for period of February 29
* Validation:
** Only applicable if “ACTUAL” is set for days in year
** Only supported for Progressive loans
** By default value: {{FULL_LEAP_YEAR}}
* Days in year calculation:
** If {{FEB_29_PERIOD_ONLY}} is selected
*** use 366 as days in year for period that contains the day of 29th of
February
*** otherwise 365
** if {{FULL_LEAP_YEAR}} is selected
*** if leap year → 366
*** otherwise → 365
* Overdue loans does not change anything
** After maturity date we dont recalculate interest
* Additional installments are not changing the maturity date, no interest
recalculation
* After reschedule if the maturity date now on or after 29th of Feb, we are
recalculating the interest of the period which now contains the day of 29th of
February (if {{FEB_29_PERIOD_ONLY}} is selected
{panel}
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