Title: Message Title
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We should break this up into a few different areas but no point bringing it in unless its all there:
Step 1: Add new repayment strategy to the out of the box repayment strategies
Income payments should be allocated in the following order:
1. Overdue and Scheduled Interest
2. Overdue and Scheduled Principal
3. Overdue and New Penalties
4. Interest of next installment
5. Principal of next installment
Step 2: Support for penalties that allow either a flat amount or a % of the principal part of the installment.
Step 3: Inline or Overnight batch processing of penalties logic
Penalty is applied once a loan installment (P+I) falls past due its entirety or partially. For example if a loan installment consisting of 1050 (P+I) is due on the 10th October, and the 1050 is not paid by the end of the 10th, then the penalty will be automatically applied on the 11th.
Presumably running an overnight check to determine any/or loans that have installments past due. Those that do show have the penalty applied to their loan, increasing the total outstanding amount, and showing the increase on the penalties column of the repayment schedule. Note – no bookings made.
The penalty is actually paid and the bookings made when the client next repays. The booking itself will depend on the payment channel used by the client, but if cash, then:
Dr. Bank
Cr. Penalties
Step 4: Handle backdated scenarios
If a repayment is backdated, and as a result an installment that was previously ‘past due’ changes to actually fully paid on time, then the penalty should be removed from the account and the outstanding amount reduced.
If the penalty had already been paid, then the penalty bookings should be reversed, with the penalty amount being added back onto the original client payment from which it was deducted.
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