---------- Forwarded message ---------- From: Douglas Kurz <[email protected]> Date: 20 August 2010 12:39 Subject: RE: [Mifos-users] Loan Interest To: Polly Gikonyo <[email protected]> Cc: paul mburu <[email protected]>, SAMUEL MBITHI < [email protected]>, Esther lemeta <[email protected]>, [email protected]
Polly, Thanks so much for forwarding this. We figured out the correct conversion to input the interest and have now entered the loans for all our pilot group. However, they will not disburse. I remember you mentioning there are some batch processing jobs that need to be run each night. I looked all over the mifos web site documentation, but did not see information on this. So a couple questions: 1. Is there some processes we should be running each evening that posts the financial transactions? Can you tell us what those are or where there is documentation about this? 2. Once we get this running, will it disburse based upon the disbursement date or the date on the server when the process runs? In other words, we have entered all active loans for the group (which goes back 8 months), so we want it to disburse based upon the disbursement date. Do we need to run the process once for each disbursement date or will a single run disburse all loans on the right date? Blessings and thanks for your guidance. Doug *From:* Ryan Whitney [mailto:[email protected]] *Sent:* Wednesday, August 18, 2010 6:20 AM *To:* [email protected]; Douglas Kurz *Cc:* paul mburu; SAMUEL MBITHI; Esther lemeta; [email protected] *Subject:* Re: [Mifos-users] Loan Interest 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 “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]<[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. -- Best Regards Polly Najori
------------------------------------------------------------------------------ This SF.net email is sponsored by Make an app they can't live without Enter the BlackBerry Developer Challenge http://p.sf.net/sfu/RIM-dev2dev
_______________________________________________ Mifos-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/mifos-users
