Thomas, Maybe you can use normal Declining Balance in Scenario 1 instead of Declining Balance Interest Recalculation? Standard Declining Balance allows to enter early full payment of 2,200,000 or any amount less.
Regards, Lukasz On 05/11/2012 05:24 PM, Thomas (Uganda) wrote: > 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. 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