Miguel, I believe what this means is that its not applied for generation of meeting schedules. I can see how its confusing to read, but its meant to be clear about the interest.
Best way to determine this would be to test these scenarios out. Ryan On 12/1/10 1:36 AM, "Miguel Jóia Santos" <[email protected]> wrote: > Hi Chetan, > > We have already configured it to 365 days but does not work. I can see the > answer now > Why cant we apply 365 days to repayment schedule generation?? > > Number of interest-bearing days > The number of days per year that should be used by Mifos in its interest > calculations. > > This setting does not apply to meeting scheduling. The meeting calendar always > has 365 days. This setting also doesn't apply to fees and penalties > calculation and repayment schedule generation. Because of its dependencies, > once you configure this setting, you should not change it. For example, in the > case of a moratorium, the loan schedule is recalculated, and changing the > number of interest-bearing days in a year could change the calculation > results. > > Property name: AccountingRules.NumberOfInterestDays > Mutability: Always > Options: 360 or 365 > Default: 365 > Example: AccountingRules.NumberOfInterestDays=365 causes Mifos to use 365 days > in its interest calculations. > > > > > Miguel Jóia Santos > Consultor/Gerente > > SBS - Soluções em Banca e Seguros > Insurance and Banking Solutions > cell: +258 823000231 > cell: +258 847141055 > telefax: + 258 21302599 > > > > From: [email protected] [mailto:[email protected]] > Sent: quarta-feira, 1 de Dezembro de 2010 08:36 > To: [email protected] > Subject: Re: [Mifos-users] Interest Calculations for Loan Accounts -Declining > Balance Interest (EMI of Principal and Interest) > > Miguel, > > I am pulling this from the MIFOS website here. > > http://mifos.org/documentation/configuration > > Have you try changing the property AccountingRules.NumberOfInterestDays to 365 > in the applicationConfiguration.custom.properties. > Let me know if this works for you. > > Thanks > Chetan > > > > > > From: Miguel Jóia Santos [mailto:[email protected]] > Sent: Wednesday, December 01, 2010 11:52 AM > To: Mifos User Discussions > Subject: Re: [Mifos-users] Interest Calculations for Loan Accounts -Declining > Balance Interest (EMI of Principal and Interest) > > > Hi, > > At MIFOS webpage we see, for interest calculation for loan accounts, equal > monthly installment, the base days are 30/360 or 1/12. Can we possibly change > it to 30/365? > > http://mifos.org/functional-specifications/system-processing/interest-calculat > ions-loan-accounts > > Declining Balance Interest (EMI of Principal and Interest) > Declining Balance Definition: Interest is computed at periodic intervals on > the amount of the original principal that has not yet been repaid. Since the > borrower only pays interest on that amount of original principal that has not > yet been repaid, interest paid is smaller every period. However, to make sure > that the borrower sets EMI, the formula is: > EMI formula: > EMI = i*P / [1- (1+i)^-n] > Where, > P = Loan amount > r = Rate of interest per year > n = Term of the loan in periods > l = Length of a period (fraction of a year, i.e., 1/12 = 1 month (or 30/360), > 14/360 = bi-weekly.) > i = Interest rate per period (r*l) > Regards, > > > Miguel Jóia Santos > Consultor/Gerente > > SBS - Soluções em Banca e Seguros > Insurance and Banking Solutions > cell: +258 823000231 > cell: +258 847141055 > telefax: + 258 21302599 > > > > > ------------------------------------------------------------------------------ > Increase Visibility of Your 3D Game App & Earn a Chance To Win $500! > Tap into the largest installed PC base & get more eyes on your game by > optimizing for Intel(R) Graphics Technology. Get started today with the > Intel(R) Software Partner Program. Five $500 cash prizes are up for grabs. > http://p.sf.net/sfu/intelisp-dev2dev > > _______________________________________________ > Mifos-users mailing list > [email protected] > https://lists.sourceforge.net/lists/listinfo/mifos-users -- 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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