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Here is how I see this feature to be implemented:
- Product definition screen will have changes - to capture another additional account for capturing the asset account which will hold rescheduled amounts till they are re-created as another loan
- When closing a loan as "Close (as Rescheduled)" - then the following journal entry is needed:
"Rescheduled Loans Suspense" (asset) account debited and
"Loan Portfolio" credited with the principal outstanding
Product definition screen will have changes - to capture another additional account for capturing Also, This "Closed On" date cannot be before the asset account which will hold rescheduled amounts till they are re-created as another date of the last client transaction on this loan .
+ accounting changes - to pass the above journal entry
- If accrual accounting is enabled - and any income has been accrued - then it any income after the "Closed On" date needs to be reversed.
- For loans that are closed as rescheduled - a new button will be available called "Create Rescheduled Loan" - When clicking on this button, a new loan page is popped up with amount outstanding automatically populated as the amount to be disbursed - this cannot be changed by user. Other fields will remain the same for a new loan. Internally, Mifos will maintain a link between the old loan and the newly created a loan (I would suggest to create a table called "Linked Loans" - where 2 loans can be joined using a "relationship type" - in this case, the relationship type can be defined as "Loan 1 has been rescheduled as Loan 2")
- the new loan created will follow existing workflow for approval and disbursal .
- Also, maintain a flag for this loan to show that this is a rescheduled loan (will be useful to ensure that the old loan and the new loan don't get counted as 2 loans in reports)
- at time of disbursal of the new loan:
Loan Portfolio will be debited and
Rescheduled Loans Suspense (asset) account will be credited
- Old rescheduled (closed) loan will have a link to navigate to the the Newly created loan account
- The newly created loan account will have a link to the navigate to the Old rescheduled (closed) loan
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