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http://mifosforge.jira.com/browse/MIFOS-2878?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=57601#action_57601
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Geraldine O'Keefe commented on MIFOS-2878:
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Actually how i've seen this work in other MIS is as follows:
1. mark the account as written off which will have the effect of passing
entries to clear the balance on the account, with corresponding entries to the
specified accounts (typically loan loss reserve)
2. once a loan is marked as written off it shows the balance that was a written
off as a type of 'memo' balance, so at all times you can see the amount which
was written off
3. As recoveries are made from the client they are posted against the account.
These entries are typically debits to cash, credits to extraordinary income (or
something to that effect).
4. Each recovery posted decreases the memo balance on the account so that the
MFI can monitor how much they are still chasing the client for.
Now i'm not really sure about 'reversing' the write off, as per Ryan's
suggestion since my problem with that is that throughout the recovery period,
the loan status has to remain as 'written off'. At any point in time i should
be able to see the list of written off loans with balances still due for
recovery.
hope that helps!
> Add ability to reverse writing off of a loan in case of later recollection of
> the outstanding amount
> ----------------------------------------------------------------------------------------------------
>
> Key: MIFOS-2878
> URL: http://mifosforge.jira.com/browse/MIFOS-2878
> Project: mifos
> Issue Type: New Feature
> Components: Loan Account
> Reporter: Ryan Whitney
>
> SCENARIO:
> MFI marks loans as being written off for accounting purposes. Even though
> they are written off, the MFI may still take action to collection on the loan
> or if at some point the client in question wants to rejoin, they may pay
> their outstanding balance. For proper accounting, it would be good to
> reverse the loan that's been written off, so they can close the account
> properly.
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