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https://issues.apache.org/jira/browse/FINERACT-2208?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]
Mihaly Dallos updated FINERACT-2208:
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Description:
Penalties applied to a loan are calculated based on the principal outstanding
at the booking date of the penalty, NOT based on the principal outstanding at
the “job run” date
h4. Product settings that this should work for:
* Cumulative repayment schedule (penalties, fees, interest, principal order)
* Flat interest, equal installments; declining interest, equal installments;
declining interest, equal principal
* Grace on penalty posting - any number of days
h4. Process that this should work for:
# Backdate penalties job is ENABLED
# Loan is disbursed
# Repayments are posted on the loan account
# Run the penalty job first time
# Run the penalty job every night going forward
h3. Example:
Desired change is the calculated penalty before the repayment on Feb 4. This is
what the transaction schedule should look like (added some columns here for
description)
NOTE: whether or not the 4 Feb accrual is based on the balance on 4 Feb 00.01
or 23.59 doesn’t really matter, whatever is easiest. For illustration purposes,
I’ve assumed it’s the balance at 23.59 on 4 Feb
|Date|Transaction type|Amount|Principal|Interest|Penalties|Loan
balance|Remaining principal balance of that installment|
|1 Jan|Disbursement|10,000|10,000|||10,000||
|1 Jan|Accrual|3,000||3,000||||
|27 Jan|Repayment|1,000||900|100|10,000|3,333 (only cleared interest + some
penalty)|
|1 Feb|Accrual|100|||100 (3,333 * 3%)||3,333|
|2 Feb|Accrual|100|||100 (3,333 * 3%)||3,333|
|3 Feb|Accrual|100|||100 (3,333 * 3%)||3,333|
|4 Feb|Repayment|2,000|1,900|100||8,100|1,433|
|4 Feb|Accrual|43|||43 (1,433*3%)||1,433|
|5 Feb (onwards)|Accrual|43|||43 (1,433*3%)||1,433|
> Penalty is not recalculated after backdated transactions
> --------------------------------------------------------
>
> Key: FINERACT-2208
> URL: https://issues.apache.org/jira/browse/FINERACT-2208
> Project: Apache Fineract
> Issue Type: Bug
> Reporter: Arnold Galovics
> Assignee: Arnold Galovics
> Priority: Major
>
> Penalties applied to a loan are calculated based on the principal outstanding
> at the booking date of the penalty, NOT based on the principal outstanding at
> the “job run” date
> h4. Product settings that this should work for:
> * Cumulative repayment schedule (penalties, fees, interest, principal order)
> * Flat interest, equal installments; declining interest, equal installments;
> declining interest, equal principal
> * Grace on penalty posting - any number of days
> h4. Process that this should work for:
> # Backdate penalties job is ENABLED
> # Loan is disbursed
> # Repayments are posted on the loan account
> # Run the penalty job first time
> # Run the penalty job every night going forward
> h3. Example:
> Desired change is the calculated penalty before the repayment on Feb 4. This
> is what the transaction schedule should look like (added some columns here
> for description)
> NOTE: whether or not the 4 Feb accrual is based on the balance on 4 Feb 00.01
> or 23.59 doesn’t really matter, whatever is easiest. For illustration
> purposes, I’ve assumed it’s the balance at 23.59 on 4 Feb
> |Date|Transaction type|Amount|Principal|Interest|Penalties|Loan
> balance|Remaining principal balance of that installment|
> |1 Jan|Disbursement|10,000|10,000|||10,000||
> |1 Jan|Accrual|3,000||3,000||||
> |27 Jan|Repayment|1,000||900|100|10,000|3,333 (only cleared interest + some
> penalty)|
> |1 Feb|Accrual|100|||100 (3,333 * 3%)||3,333|
> |2 Feb|Accrual|100|||100 (3,333 * 3%)||3,333|
> |3 Feb|Accrual|100|||100 (3,333 * 3%)||3,333|
> |4 Feb|Repayment|2,000|1,900|100||8,100|1,433|
> |4 Feb|Accrual|43|||43 (1,433*3%)||1,433|
> |5 Feb (onwards)|Accrual|43|||43 (1,433*3%)||1,433|
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