Hi Nayan,
I agree that the way Mifos calculates the repayment accounting
is correct but some MFIs may want to change the default order of payments.
So that, I created that improvement issue and we can decide in the
future (based on clients requests) if we implement this functionality or
not.
Best regards,
Lukasz
On 06/12/2012 11:30 AM, Nayan Ambali wrote:
Hi Thomas and Lukasz,
I believe the way Mifos calculates the repayment accounting is correct.
Refer
http://en.wikipedia.org/wiki/Amortization_schedule
"A portion of each payment is for interest while the remaining amount
is applied towards the principal balance" even though it does not
explicitly say the order!
The reason is Fees, Penalties and Interest will not used to
*recalculate *the next interest amount, it makes very much sense to
deduct these thing before reduce the Principle installment.
And as per my understanding order of the deduction plays role only
when interest is recalculate based on outstanding Principle amount
otherwise order does not have any role.
Thanks
Nayan Ambali
http://www.confluxtechnologies.com/
On Tue, Jun 12, 2012 at 12:44 PM, Lukasz Chudy <[email protected]
<mailto:[email protected]>> wrote:
Hi Thomas,
Currently it is not possible to change the order of payment but I
created improvement Jira issue for this functionality:
http://mifosforge.jira.com/browse/MIFOS-5636.
Regards,
Lukasz
On 06/06/2012 01:24 PM, Thomas (Uganda) wrote:
> Hi Team
>
> I understand when a person makes a loan payment in mifos, Penalty is
> deducted first, then Fees, Then Interest and Lastly Principle..
>
> However 2 MFIs I have talked to say it is actually supposed to
be the
> other way round Principle paid off first, then Interest, then Fees,
> and Lastly Penalties
>
> My Question is could we possibly have this as a configuration
setting
> as per the MFIs order of deductions.
>
>
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