[Mifos-issues] [JIRA] (MIFOSX-241) Interest "applied" Lifecycle event

[Vishwas Babu A J (JIRA)]

Vishwas Babu A J created MIFOSX-241 Interest "applied" Lifecycle event Issue Type: Improvement Assignee: Vishwas Babu A J Created: 11/Mar/13 9:49 PM Description: Add a new life-cycle event called "Interest Applied" The same can be done in two methods (upfront and periodic) and a user should be able to select which rule to apply at the level of a loan product. For now, make the "upfront" interest applied rule the default 1) Upfront : (Cannot be used for loans involving interest recalculation) The total interest amount should be known (predictable) upfront and the same can be applied as soon as the loan is disbursed Reversing the disbursal would also reverse the interest applied 2) Periodic: (Must for loans involving interest recalculation) The accrued interest shall be posted using an automated job at the beginning of the day when a repayment is due. We would also need a way of manually triggering this event at a point in time (bulk options can also be provided so that organizations can choose to post all accrued interest at end of a month, year etc if required). Making a repayment on non repayment days would also automatically post the accrued interest as on day Scenarios like backdated entries also need to be handled This method is out of scope for the current issue and possibly Q1 release (to be fleshed out in more detail and to be taken up as a separate issue) Project: Mifos X Priority: Minor Reporter: Vishwas Babu A J

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