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Hi Binny Gopinath Sreevas. Sorry for the delay in response, I wanted to first follow up properly with the operations guys to see if this workaround would work for them. We have done some samples and looked at different options and I think right now it would make it quite hard to work with. Primarily as it would entail comparing (non-updated) old schedules to new schedules and reconciling what a loan status would be, as well as that the current calculations between schedule and transactions would not tally in terms of total outstanding amount etc. For us it would also affect most of our reports which allow users to backdate their data, PAR etc, and therefore does not use the old schedule but new one.
Ideally we would like to stick with the original feature as envisaged which, at the end of a loan term, updates the term to reflect that it is paid off. I am not fully sure where the (technical) problem is with that at this time other than the complexity of the code? The accounting bookings are already made correctly, so it seems to me the correct data and calculations are already made at that time. Therefore it seems to be purely about correctly updating the schedule? If that is the case would the extra performance hit of doing another recalculation at the end of the process not solve this? The temporary performance hit would be fine for us, as long as it allows us to push this out to customers.
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