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Dear Shiva,
I set all options as you said RecalculateInterest=1 in config_key_value table, and OverdueInterestPaidFirst=true in config file.
I am using DecliningBalance-EqualPrincipalInstallment loan. There are a few problems that I found for this issue:
Repro:
1. Create DecliningBalance-EqualPrincipalInstallment loan account - amount 2000, interest 20%, frequency of installment 1 week
2. Edit account status to approved and disburse loan.
3. Apply payment of 200. First installment should be paid, the rest goes to second installment.
In result first principal was paid, but interest for first and second installments were not. Amount of interest for first installment decreased, but for second increased.
Please see payment200.jpg file. There is repayment schedule and original schedule for account.
4. Then apply payment of 266,5, so first, second and third installments will be paid.
See payment266,5.jpg file - these installments were not paid off. Interests are recalculated, but still not repaid.
After applying this 2 payments, I cannot see on Repayment schedule what was already paid - no installments are fully repaid.
5. Apply payment of 1330. See payment1330.jpg file. After this payment, I have to repay the last installment and still all interest.
6. Repay loan. When I wanted to repay loan, I only should pay 3, which is equal to first interest.
See repayloan.jpg file. In result account is closed, but not everything was paid.
OverdueInterestPaidFirst is working with all types of loans so if I disable this option than I cannot use you changes.