Hi Kay,
You would like to be able to do this through the backend.
Yes we are doing it from backend
and the question here is would Mifos somehow automatically recalculate the
schedule even after you have set it up this way since the schedule you input
does not match any current Mifos loan product logic.
Yes that is the question. along with that is there any other risk
Thanks
Nayan GA
On Fri, Sep 24, 2010 at 9:35 PM, Kay Chau <[email protected]>wrote:
> Hi Nayan,
>
>
>
> Just want to confirm my understanding.
>
>
>
> There is a need here to migrate a loan schedule that is not possible
> through the Mifos front end for loan products right now.
>
>
>
> You would like to be able to do this through the backend, and the question
> here is would Mifos somehow automatically recalculate the schedule even
> after you have set it up this way since the schedule you input does not
> match any current Mifos loan product logic.
>
>
>
> Is that correct?
>
>
>
> Kay
>
>
>
> *From:* Nayan Ambali [mailto:[email protected]]
> *Sent:* Friday, September 24, 2010 9:00 AM
>
> *To:* A good place to start for users or folks new to Mifos.
> *Subject:* Re: [Mifos-users] FW: [Mifos-developer] Managing installment
> amounts when migrating fromExcel to MIFOS
>
>
>
> Hey Binny,
>
>
>
> Let me put this question again and my suggestions also..
>
> For example MFI has product with 5 installments
>
> Principal is 100. repayment schedule is
>
> 20 + 5
>
> 20 + 5
>
> 20 + 5
>
> 20 + 5
>
> 20 + 0
>
>
>
> So MFI collects 20 as total interest at the rate of 20% for given duration
>
>
>
> Now MFI decide go with Mifos, but mifos generates schedule like below
>
> 20 + 4
>
> 20 + 4
>
> 20 + 4
>
> 20 + 4
>
> 20 + 4
>
>
>
>
>
> So transition with operational aspect will not happen smoothly. So MFI do
> not agree for this approach.
>
>
>
> MFI says I want my original schedule for active loan but for new loans we
> can go with Mifos generated schedule.
>
>
>
> So I have two suggestions
>
> *1.* Define product with 20% and 5 installments but forcefully
> .populate repayment schedule as
>
>
>
> 20 + 5
>
> 20 + 5
>
> 20 + 5
>
> 20 + 5
>
> 20 + 0
>
>
>
> *Risk is if Mifos triggers recalculation of repayment. Not sure Mifos can
> do this *
>
>
>
> *[ If recalculation triggers schedule looks like*
>
> *20 + 4***
>
> *20 + 4***
>
> *20 + 4***
>
> *20 + 4***
>
> *20 + 4 ]***
>
>
>
>
>
> *2. *Define product with *25%* and 5 installments and now also forcefully
> .populate repayment schedule as
>
>
>
> 20 + 5
>
> 20 + 5
>
> 20 + 5
>
> 20 + 5
>
> 20 + 0
>
>
>
> *Even if Mifos triggers recalculation only last schedule is effected. But
> product definition is wrong.*
>
> *[ If recalculation triggers schedule looks like*
>
> *20 + 5***
>
> *20 + 5***
>
> *20 + 5***
>
> *20 + 5***
>
> *20 + 5 ]***
>
>
>
>
>
> If any one has suggestion, please help
>
> Thanks
>
> Nayan GA
>
>
>
> On Fri, Sep 24, 2010 at 8:31 PM, Kay Chau <[email protected]>
> wrote:
>
> That’s right.
>
>
>
> *From:* Binny Gopinath [mailto:[email protected]]
> *Sent:* Thursday, September 23, 2010 11:54 PM
> *To:* A good place to start for users or folks new to Mifos.
> *Subject:* Re: [Mifos-users] FW: [Mifos-developer] Managing installment
> amounts when migrating fromExcel to MIFOS
>
>
>
> Hi Emily,
>
>
>
> Adding a holiday would change the schedule, but the amounts themselves
> would not get modified, right?
>
> i.e. the amount due on the holiday would just be added to the next
> installment (if it is set to be collected in the next meeting).
>
>
>
> I want to pre-populate the amounts (with fixed amounts and not
> auto-calculated amounts).
>
>
>
> Thanks
>
> Binny
>
>
>
> On Fri, Sep 24, 2010 at 3:29 AM, Emily Tucker <
> [email protected]> wrote:
>
> Hi Binny,
>
>
>
> Moving this to mifos-users, since I think this is the more appropriate list
> for your question.
>
>
>
> Others on the list can keep me honest, but no—I do not know of any scenario
> where Mifos would change past installment amounts or the previous
> installment schedule. Obviously if you add a holiday, that will change the
> future repayment schedule—but nothing should impact the previous payments
> made.
>
>
>
> Cheers,
>
> Emily
>
>
>
> *From:* Binny Gopinath Sreevas [mailto:[email protected]]
> *Sent:* Thursday, September 23, 2010 5:13 AM
> *To:* 'Mifos software development'
> *Subject:* [Mifos-developer] Managing installment amounts when migrating
> fromExcel to MIFOS
>
>
>
> All,
>
>
>
> For an implementation, we are migrating from an Excel-based MIS to MIFOS:
>
> For example: installment amount in Mifos would be 592.17 for:
>
> Loan amount: 15,300
>
> Interest: 14% Flat
>
> Number of Installments: 30 (once in 14 days)
>
>
>
> However, this is an active loan and MFI has been collecting 595 (rounded
> off) for each installment.
>
> This rounding off will be different for each loan amount and hence cannot
> be accommodated using our rounding rules.
>
>
>
> We are thinking of using migration scripts to create the active loans and
> their corresponding scheduled installment amounts in Mifos.
>
> In the above example, this will be 29 installments of 595 and 30thinstallment
> of 510.
>
> Can this approach fail at any future point?
>
> (as in, can any event in Mifos trigger re-computing of installment
> amounts?)
>
>
>
> If we were to allow Mifos to re-compute installment amounts, future
> installments will be different from 595.
>
> And, if we were to ask loan officers to continue collecting 595, then the
> branch cash confirmation report will always be off.
>
> If we ask the loan officers to collect the new amount as per Mifos, it
> would need a lot of training to be given to both loan officers and group
> members.
>
> This would be painful for the MFI.
>
>
>
> *Note*: Only the currently active loans will face this issue.
>
> All new loans will be collected as per schedule that Mifos generates.
>
>
> --
> Thanks and Regards
> Binny Gopinath Sreevas
> +91-98861 39498
> Skype: binny.gopinath
>
>
>
>
>
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> Nayan G. A.
> 9901154134
>
>
> ------------------------------------------------------------------------------
> Start uncovering the many advantages of virtual appliances
> and start using them to simplify application deployment and
> accelerate your shift to cloud computing.
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Regards
Nayan G. A.
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