Our MFI is evaluating migration to MIFOS from existing manual ledgers.
We have found the following issue with regard to loans.
TEST CASE :
Loan Disbursed : 1-1-2006
Amount : Rs. 10,000
Interest Rate : 18 % p.a. declining balance with
recalculation
Instalments : 12 grace period none.
Current loan balance : Rs. 6,000
Interest paid upto : 31-12-2012
In the existing system , members were allowed to pay only
interest which was accounted for separately.
When we migrate to MIFOS, the system recalculates the principal
and interest based on the amount repaid so far (Rs. 4,000).
The loan amount and interest shown in MIFOS are different from
the present loan amount outstanding and interest paid so far.
Any ideas how to proceed ?
Any ideas how to proceed
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