Ramesh,
In case you didn't see it (because it's kind of hidden at the bottom),
here's a direct link to the spec on declining balance with interest
recalculation -
http://mifosforge.jira.com/wiki/display/MIFOS/Declining+Balance+-+Interest+Recalculation+FS
>From that page there's also a spreadsheet with test cases which will also
help to illustrate how interest is calculated:
http://mifosforge.jira.com/wiki/download/attachments/7340080/Reducing+Balance+Test+Cases+v0.4+%281%29.xlsx
Ed
On Fri, Jul 15, 2011 at 7:41 AM, Udai Gupta <[email protected]> wrote:
> Hi Ramesh,
>
> Check the specs
>
> http://mifos.org/functional-specifications/system-processing/interest-calculations-loan-accounts
>
> If you think it's a bug then log it as an issue on mifosforge.jira.com
>
> Regards,
> Udai
>
> On Fri, Jul 15, 2011 at 2:38 PM, Ramesh Nayak
> <[email protected]> wrote:
> > Hi All,
> >
> > In Mifos 2.1.3 while defining the loan product there is an option in
> > "Interest rate type: Declining Balance-Interest Recalculation", i had
> used
> > that option .
> > The principle amount is 10220, Interest is 26%, No:of installments is 13,
> > frequency of installments is 4 weeks i.e., 28 days. with this data i got
> the
> > installment amount exactly as Rs.900.
> > I had disbursed the loan on 28-June-2011.
> > The first installment is on 26-July-2011 where customer has to pay Rs.900
> > but did not pay. If the customer is paying on 31st july, then As on 31st
> > July 2011 Mifos has to calculate the interest for the remaining 5 days.
> > Instead Mifos had calculated the interest and the interest amount is
> > reflected in the second installment and the amount for second installment
> is
> > 902.5 in Mifos.
> > I just wanted to know how does it calculate exactly and on what
> > formula? According to accounts department it should be Rs.5, but in Mifos
> it
> > is Rs 2.50, please guide regarding this.
> > According to our accounts department, interest should be calculated as:
> > Principle outstanding*Interest rate*No:of days/(365*1000).
> > Please give assistance regarding this query.
> > --
> > Thanks and Regards,
> > Ramesh.A.Nayak| Software Trainee @ ConfluxTechnologies | Address :#412,
> 20th
> > Main,Chord Road 1st Block Rajajinagar Bengaluru,Karnataka-560010 | Email
> > :[email protected] | website:
> > WWW.Confluxtechnologies.com |
> > Contact Number - Mob : +919739317276.
> >
> >
> >
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