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http://mifosforge.jira.com/browse/MIFOS-2996?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Kay Chau updated MIFOS-2996:
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Summary: Interest Calculation for Late Payments (was: L)
> Interest Calculation for Late Payments
> --------------------------------------
>
> Key: MIFOS-2996
> URL: http://mifosforge.jira.com/browse/MIFOS-2996
> Project: mifos
> Issue Type: Epic
> Components: Loan Account
> Reporter: Kay Chau
> Assignee: pmqueue
> Priority: Major
> Fix For: Unscheduled
>
>
> Assumptions from Mingle Card: (need to be UPDATED)
> * Weekly repayments (but should be able to work for weekly or monthly)
> * Repayment schedule - declining balance interest
> ** Early payment - recalculate repayment schedule (principal + interest) for
> all future installments - installment amounts stay the same, less interest
> will be paid for remaining ones
> ** Late payment - add on interest for installments late (like adding a
> penalty on top), then remaining installments remain the same
> *** automatic penalty calculation based on loan amount is alternative option
> ** No UI to show that this repayment schedule is different than original
> ** Account Summary - Original Loan amounts stay the same, but Amount Paid and
> Loan Balance should be updated
> * -No interest on interest-
> * Grace period is allowed and should work
> * Back-dated payments are allowed - no special handling for this, need to set
> up penalty grace period appropriately
> * Recalculation of interest needs to continue to accumulate during holidays
> (basically holidays have no effect on interest calculation), ** the repayment
> schedule (as in what days are payments expected) should be updated based on
> holidays in system and the repayment rule set for it.
> ** Does this make Holiday push out more complicated?
> * Should work with LSIM on or off
> * GLIM - not sure if this will be on or off - if it is more complicated to
> implement this feature with GLIM on then assume it's off.
> * Only on loan repayments
> * Reverse and Redo Loan still need to work
> * CSE still has to work
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