Interest Calculated for a flat rate loan "looses" one days interest
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Key: MIFOSDEPLOY-161
URL: http://mifosforge.jira.com/browse/MIFOSDEPLOY-161
Project: mifos deployments
Issue Type: Bug
Components: Data Migration - Loan Accounts
Environment: Version 1.5
Reporter: douglas kurz
Priority: Critical
We just started entering our loans and we have a problem in calculating our
interest. The system is loosing interest for one day i.e a loan of 30000 rate
of 15% period 1 year (52weeks) the total amount is 34500 but mifos is
calculating it and gives us a total amount of 34498. From the above explanation
we are loosing 0.04% in all our loans (which is exactly one days worth of
interest). I know mifos calculates interest correctly, so I am thinking this is
a problem with our organizational or loan set-up settings. Here are the
"Account details" for the loan in question:
Interest rules
Interest Rate Type: Flat
Interest rate: 15.0% APR
Interest deducted at disbursement : No
Repayment rules
Frequency of Installments: 1 Week(s)
Principal due on last installment: No
Grace Period Type: Grace on all repayments
No. of installments: 52 (Allowed Number of Installments: 2 - 104)
Grace period for repayments: 3 Installments
Source of fund: Non Donor
Here are our "Organizational Settings" if something could be wrong that is
causing this?
Organizational Settings
Fiscal year
Working days: Monday, Tuesday, Wednesday, Thursday, Friday, Saturday
Allow calendar definition for next year: 30 days before end of current year
Start of Week: Monday
Off days: Sunday
Meeting in case of a holiday: same_day
Locale
Country: GB
Language: EN
Accounting rules
Maximum Interest: 999.0
Minimum Interest: 0.0
Number of digits before decimal: 14
Number of digits after decimal for interest: 1
Number of digits before decimal for interest: 10
Number of interest days: 365
Currency Rounding Mode: HALF_UP
Initial Rounding Mode: HALF_UP
Final Rounding Mode: CEILING
Currencies
Currency: KES
Number of digits after decimal: 1
Final Round Off Multiple: 0.5
Initial Round Off Multiple: 0.5
Client rules
Center hierarchy exists: No
Groups allowed to apply for loans: Yes
Client can exist outside group: Yes
Name sequence: last_name, first_name, middle_name, second_last_name
Age check enabled: No
Minimum allowed age for new clients: 0
Maximum allowed age for new clients: 0
Additional family details required: No
Maximum number of family members: 20
Process flow / optional state
Client pending approval state enabled: Yes
Group pending approval state enabled: Yes
Loan disbursed to loan officer state enabled: Yes
Loan pending approval state enabled: Yes
Savings pending approval state enabled: Yes
Miscellaneous
Session timeout: 30 minutes
Number of days in advance the collection sheet should be generated: 1
Back dated transactions allowed: Yes
Group loan with individual monitoring (GLIM): No
Loan schedule independent of meeting (LSIM): No
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