Hi Andrew,
We will also face the same problem here in Nepal because the late payments
are dealt in the same way. So the only workaround we can think of is to
make sure the data entry person has certian steps they need to follow if its
the last installment or if the loan is being paid in full.
If i recall there is a feature that allows you to redo transactions, but i
have not tested it with closed loans.
Regards
Soham
_____
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED] On Behalf Of Andrew
White
Sent: Tuesday, February 12, 2008 10:26 PM
To: Mifos functional discussions
Subject: SPAM-LOW: [Mifos-functional] Workaround for loan closed, but late
payment not entered?
Hello all,
Here in Honduras, we're trying to decide how we'll handle late payments in
Mifos 1.1 when it's released.
The policy of the MFI here is to only charge the additional interest that
accrued as a result of late and/or partial payments. There are no penalties
per se for late payment -- just the additional (simple) interest.
The issue we are running into is that if the last payment of the loan is
entered, and the data entry person forgets to manually calculate the
additional interest and tack it onto the loan the same day as the last
payment is entered, the loan gets closed due to the batch processes that
night.
Does anyone else have this problem, or have suggestions as to how to best
handle late fees / additional interest on group loans?
Atentamente,
Andrew
La Ceiba, Honduras
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