Oops.
You are right Keith. As you can see I had trouble following the very simple
directions. The first two times I created loans I selected the RBI as the
repayment strategy but then I had forgotten to create the loan in the past.
When I finally created the loan in the past, I had forgotten to select RBI
for repayment strategy. This time worked as expected with all the payment
going to overdue interest.
Ed
On Fri, Aug 3, 2012 at 3:27 PM, Keith Woodlock <[email protected]>wrote:
> Ed,
>
> Thanks for following up on this.
>
> I am guessing you missed out on the second step from the instructions
> in the email:
>
> - submit new loan application (with disbursement date in the past,
> say a year) making sure to select RBI (India) as the repayment
> strategy type,
>
> The important bit here is the 'RBI (India)' choice as repayment
> strategy - you probably just continued on with the default 'mifos
> style' strategy.
>
> I created loans like yours under Declan Browne - General: #17 &
> General: #18
>
> Both loans clearly show that the 'late payment' amount is fully paid
> off against overdue interest first before any principal.
>
> Try it again selecting the RBI strategy
>
> Keith.
>
> On Fri, Aug 3, 2012 at 11:03 PM, Ed Cable <[email protected]> wrote:
> > Keith,
> >
> > Thanks for spinning this up so quickly so we can test it out.
> >
> > I tried creating your scenario on client Declan Browne but the repayment
> was
> > still allocated to overdue principal prior to overdue interest.
> >
> > Take a look at General Loan #15 and see the repayment schedule. I
> disbursed
> > the loan which has weekly installments on Aug 3, 2011 and then made a
> > repayment on August 2, 2012 of 1500.
> >
> > I would have expected all the payment to go to overdue interest since
> there
> > are 52 installments overdue but payment was applied only to the 3 first
> > three installments, clearing out the principal and interest overdue on
> the
> > first 2 installments and then clearing out the interest and part of the
> > principal on the 3rd installment.
> >
> > Ed
> >
> >
> > On Tuesday, July 31, 2012 6:46:27 AM UTC-7, keithw wrote:
> >>
> >> Ed, All,
> >>
> >> Ed in a previous thread:
> >>
> https://groups.google.com/forum/?fromgroups#!topic/mifosusers/hCswn7FS9DQ
> >> you mentioned how '...Adhikar had this same issue so it's clearly
> >> major priority for users in India due to the revised National Banking
> >> regulations...'
> >>
> >> This is directly applicable to the work we are doing in Mifos X around
> >> supporting greater flexibiliity in 'Loan Management', specificially
> >> around the auto generation of loan schedules and how repayments should
> >> be processed.
> >>
> >> I would be interested in hearing more of what Adhihar and others
> >> require in this area. On the 'repayment processing' side I have
> >> recently put up simple implementations around this specific to a given
> >> MFI. I have also added a based 'repayment strategy' named 'RBI
> >> (India)'.
> >>
> >> To see it in action: (demo app url:
> >>
> >>
> https://ec2-46-137-62-163.eu-west-1.compute.amazonaws.com:8443/IndividualLendingGeneralJavaScript/IndivLendHome.html?tenantIdentifier=default
> )
> >>
> >> - go into any client on the demo,
> >> - submit new loan application (with disbursement date in the past,
> >> say a year) making sure to select RBI (India) as the repayment
> >> strategy type,
> >> - approve it, disburse it and
> >> - make a late payment against the loan (e.g. a payment on todays
> >> date, so a year late!) using an amount that is well below the full
> >> loan amount expected,
> >>
> >> you will see that all interest overdue and due is paid off first
> >> before any principal is paid off which is the bit i gleamed from
> >> https://mifosforge.jira.com/browse/MIFOS-5636
> >>
> >> I am of course happy to walk through and talk about any of this with
> >> anyone that wants to.
> >>
> >> This also leads me onto the next area of work I will be focusing on
> >> around loans. To date, some of the smaller organisations trialling
> >> 'mifos x' have had no need of fees, charges or penalties functionality
> >> as they didnt use them. But its clearly something used by most MFIs
> >> inside and outside of the mifos community. So whilst we are aware of
> >> some of the needs of bigger MFIs we have spoken to such as GK, Enda &
> >> Al Majmoua (and will probably revisit soon again) if anyone else out
> >> there such as Adhikar wish to take a look at mifos x and indicate what
> >> they need, now is a good time to have that conversation as fees,
> >> charges or penalties are directly applicable to loan scheduling and
> >> repayment processing functionality.
> >>
> >> regards,
> >> Keith.
> >>
> >>
> >>
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