All,
Is there anyone who has implemented Mifos where the MFI does the following:
a) The same loan product is disbursed in multiple currencies
b) A Loan may be disbursed in currency X and may be repaid in either
currency X or currency Y
If anyone has done any of the above, I would like to know how the
implementation was done to support multiple currencies.
Here is my understanding on how these requirements can be supported:
a) The loan product need to be defined multiple times. Once for each
currency; the min/max/default loan amount values need to be converted
externally and then specified when creating the loan products.
b) The scenario cannot be fully supported in Mifos. If a loan is disbursed
in currency X, then all repayments also must be done in currency X. If the
member is re-paying in currency Y, then the currency conversion should be
manually applied externally and the converted value should be entered into
Mifos. Any loss arising due to the conversion must be written off. But any
amount collected in excess due to the conversion, cannot be accounted into
Mifos easily.
Is this understanding correct?
Also, in BI, the reports have to be viewed product wise. If the report does
not support a product-wise listing/totalling of amounts (for instance, the
Branch Expected Cashflow report), then this report will show totals across
currencies and this will be misleading. Such reports will need to be
customized to include a filtering or grouping by loan products.
Let me know if you have any better suggestions than the above.
--
Thanks and Regards
Binny Gopinath Sreevas
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