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http://mifosforge.jira.com/browse/MIFOS-3569?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Anonymous updated MIFOS-3569:
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Status: Reopened (was: Ready for Showcase)
Resolution: (was: Invalid)
> Interest Calculated for a flat rate loan "looses" one days interest
> -------------------------------------------------------------------
>
> Key: MIFOS-3569
> URL: http://mifosforge.jira.com/browse/MIFOS-3569
> Project: mifos
> Issue Type: Bug
> Components: Loan Account
> 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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