Polly, Doug, and Samuel, 52 weeks != APR and Mifos calculates using APR. IE, you have your number of interest days set to 365 and 52 weeks is equal to 364 days so there is the one day of interest you are losing.
Please refer to this earlier thread on how to recalculate your interest rate to get the interest you are looking for = http://is.gd/ejsoS Ryan On 8/17/10 19:52, "Polly" <[email protected]> wrote: > 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 ³looses² 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 ³Organizational Settings² 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. >> >> >> >> -- Ryan Whitney Mifos Technical Program Manager [email protected] Mifos - Technology that Empowers Microfinance (www.mifos.org) Our mission is to enable the poor, especially the poorest, to create a world without poverty. <http://grameenfoundation.org/take-action/ingenuity-fund-challenge/> P please consider the environment before printing this e-mail.
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