Doug, Samuel, The first installation was calculating the interest OK but with the consequent upgrades we noticed that we were loosing money but we are using it the way it is. I will forward this to the mifos users list for assistance.
Polly. On 17 August 2010 14:18, Douglas Kurz <[email protected]> wrote: > Polly, > > This is Doug. This is the first loan we have ever tried and we seem to have > something set to where Mifos “looses” one days interest. Here are the > account details for this loan. Does any of this look different from your > system? > > *Account details* > > > > Interest rules > Interest Rate Type: Flat > Interest rate: 15.0% APR > Interest deducted at disbursement : No > > Repayment rules > Frequency of Installments: 1 Week(s) > Principal due on last installment: No > Grace Period Type: Grace on all repayments > No. of installments: 52 (Allowed Number of Installments: 2 - 104) > Grace period for repayments: 3 Installments > Source of fund: Non Donor > > > > Also, here are our “Organizational Settings” is there anything in here that > looks different from you and may cause this problem: > > > > *Organizational Settings * > > *Fiscal year * > Working days: Monday, Tuesday, Wednesday, Thursday, Friday, Saturday > Allow calendar definition for next year: 30 days before end of current year > > Start of Week: Monday > Off days: Sunday > Meeting in case of a holiday: same_day > > *Locale * > Country: GB > Language: EN > > *Accounting rules * > Maximum Interest: 999.0 > Minimum Interest: 0.0 > Number of digits before decimal: 14 > Number of digits after decimal for interest: 1 > Number of digits before decimal for interest: 10 > Number of interest days: 365 > Currency Rounding Mode: HALF_UP > Initial Rounding Mode: HALF_UP > Final Rounding Mode: CEILING > > *Currencies * > Currency: KES > Number of digits after decimal: 1 > Final Round Off Multiple: 0.5 > Initial Round Off Multiple: 0.5 > > *Client rules * > Center hierarchy exists: No > Groups allowed to apply for loans: Yes > Client can exist outside group: Yes > Name sequence: last_name, first_name, middle_name, second_last_name > Age check enabled: No > Minimum allowed age for new clients: 0 > Maximum allowed age for new clients: 0 > Additional family details required: No > Maximum number of family members: 20 > > *Process flow / optional state * > Client pending approval state enabled: Yes > Group pending approval state enabled: Yes > Loan disbursed to loan officer state enabled: Yes > Loan pending approval state enabled: Yes > Savings pending approval state enabled: Yes > > *Miscellaneous * > Session timeout: 30 minutes > Number of days in advance the collection sheet should be generated: 1 > Back dated transactions allowed: Yes > Group loan with individual monitoring (GLIM): No > Loan schedule independent of meeting (LSIM): No > > > > > > *From:* SAMUEL MBITHI [mailto:[email protected]] > *Sent:* Tuesday, August 17, 2010 1:44 PM > *To:* [email protected] > *Cc:* paul mburu; Douglas Kurz; Esther lemeta > *Subject:* Loan Interest > > > > *High Polly, Samuel from Mission of Hope International MEP is requesting > you to offer an assistance with our system MIFOS > > > We are on progress of moving from old system to a new system MIFOS and we > have a problem in calculating our interest on loan. The system is loosing > interest for one day i.e a loan of sh 30000 rate of 15% period 1 year > (52weeks) the total amount is 34500 but mifos is calculating it and gives us > a total amount of 34498. > From the above explanation we are loosing 0.04% in all our loans for all > rates of (10% 6months 11.25% for 9months 7.5% 6months and 5% 3months) > > secondly calculate a loan of 100,000/= using 15% one year period, our > system MIFOS is giving us a less of sh 41 > > kindly help us on: > how to get the correct formula on flat interest in mifos please. > * > > > -- Best Regards Polly Najori
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