For Scenario 1 – Early Payments In principle if a client pays early, only the interest for the days that the loan has been taken should be applied. However what if the Client Brings Money for the Full Installment, the MFI could loose this money since Mifos will not record the whole amount that the Client brought. I think there should be flexibility to enter this full payment of 2,200,000 or any amount less, giving the MFI flexibility to apply or waiver interest
>>Current Result Apply Payment – Applying an early payment by 2 days of 2,200,000 will default to 2,019,726 and leave a balance of 180,274 … But this Client has paid in full i.e 2,200,000 Repay Loan – Only bring payment of 2,019,726 with only the interest that accrued for the 3 days >>Expected Result Apply Payment – Applying an early payment U can apply any payment between 1 – 2,200,000 including 2,019,726 if u wish. If its 2,200,000 the loan is closed – obligation met, if its 2,019,726 the loan is left open and U choose to Close – Written off Repay Loan – For early repayments, If Waiver Interest in Checked only the accrued interest should be displayed i.e 2,019,726 If the Waiver Interest is Unchecked the whole amount i.e 2,200,000 should be displayed I think this will give flexibility to ably make early payments On May 11, 4:24 pm, Lukasz Chudy <[email protected]> wrote: > Hi Thomas, > > > **** Scenario 1 - Early Payment **** > > If I input a loan of 2,000,000 at 10 % for 1 installment today 11 May > > 2012. The expected payment on 11 June 2012 is 2,200,000 which is okay > > However if a person pays 3 days after, say on 14 May 2012, and he/she > > has brought 2,200,000. When u apply this payment it defaults to > > 2,019,726 Calculating interest for only the 3 days for which the loan > > was taken. > > Desired Functionality - I would like to be able to apply 2,200,000 or > > less at any time before loan maturity date (11 June 2012) i.e form 1 > > to 2,200,000 > > If I understand you properly, in this scenario you want to apply > 2,200,000 earlier - 28 days before the expected payment date. So, > Declining Balance Interest Recalculation is designed in the way that if > you apply payment earlier then you don't pay the full amount of > interest. In your case interests are calculated only for 3 days. > > Moreover, it is possible to enter any amount which is less than total > which is in this case 2,019,726. If you want to apply 2,200,000, then > there will be an overpayment. Does it make sense for you? > > > When I input a loan of 2,000,000 at 10 % for 1 installment today 11 > > May 2012. The expected payment on 11 June 2012 is 2,200,000 which is > > okay > > If the client makes payment 5 Days after Loan Maturity date say 16 > > June 2012. By Default when U Click apply payment the figure displayed > > includes the days in arrears i.e 2,232,877 which is fine too, but U > > cannot apply this payment. It defaults to 2,200,000. > > Desired Functionality – I would like to apply any payment amount upto > > the payment in arrears. i.e from 1 to 2,232,877 > > This is a bug. I created a new Jira ticket for that > issue:http://mifosforge.jira.com/browse/MIFOS-5589 > > Best regards, > Lukasz > > On 05/11/2012 11:00 AM, Thomas (Uganda) wrote: > > > > > Hello Team, thanks for the great effort with adjustments in Declining > > Balance Interest Recalculation. I have an issue when am making either > > an early payment or late payment in Declining Balance Interest > > Recalculation for a live deployment am working on. > > > **** Scenario 1 - Early Payment **** > > If I input a loan of 2,000,000 at 10 % for 1 installment today 11 May > > 2012. The expected payment on 11 June 2012 is 2,200,000 which is okay > > However if a person pays 3 days after, say on 14 May 2012, and he/she > > has brought 2,200,000. When u apply this payment it defaults to > > 2,019,726 Calculating interest for only the 3 days for which the loan > > was taken. > > Desired Functionality - I would like to be able to apply 2,200,000 or > > less at any time before loan maturity date (11 June 2012) i.e form 1 > > to 2,200,000 > > > **** Scenario 2 - Late Payment **** > > When I input a loan of 2,000,000 at 10 % for 1 installment today 11 > > May 2012. The expected payment on 11 June 2012 is 2,200,000 which is > > okay > > If the client makes payment 5 Days after Loan Maturity date say 16 > > June 2012. By Default when U Click apply payment the figure displayed > > includes the days in arrears i.e 2,232,877 which is fine too, but U > > cannot apply this payment. It defaults to 2,200,000. > > Desired Functionality – I would like to apply any payment amount upto > > the payment in arrears. i.e from 1 to 2,232,877 > > > Thanks Look forward to any feedback on the above > > Best Regards > > > ------------------------------------------------------------------------------ > > Live Security Virtual Conference > > Exclusive live event will cover all the ways today's security and > > threat landscape has changed and how IT managers can respond. Discussions > > will include endpoint security, mobile security and the latest in malware > > threats.http://www.accelacomm.com/jaw/sfrnl04242012/114/50122263/ > > _______________________________________________ > > Mifos-users mailing list > > [email protected] > >https://lists.sourceforge.net/lists/listinfo/mifos-users > > ------------------------------------------------------------------------------ > Live Security Virtual Conference > Exclusive live event will cover all the ways today's security and > threat landscape has changed and how IT managers can respond. Discussions > will include endpoint security, mobile security and the latest in malware > threats.http://www.accelacomm.com/jaw/sfrnl04242012/114/50122263/ > _______________________________________________ > Mifos-users mailing list > [email protected]https://lists.sourceforge.net/lists/listinfo/mifos-users ------------------------------------------------------------------------------ Live Security Virtual Conference Exclusive live event will cover all the ways today's security and threat landscape has changed and how IT managers can respond. Discussions will include endpoint security, mobile security and the latest in malware threats. http://www.accelacomm.com/jaw/sfrnl04242012/114/50122263/ _______________________________________________ Mifos-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/mifos-users
