Thanks all.
I agree that while write-off principle amount only will be considered. In
accounting it is coming fine, but in account_payment table,account_trxn table
both principle and interest is coming. Can u clarify me on this?
----- Original Message -----
From: AMIT JAIN<mailto:[email protected]>
To: A good place to start for users or folks new to
Mifos.<mailto:[email protected]>
Sent: Wednesday, April 17, 2013 10:12 AM
Subject: Re: [Mifos-users] Reg: Write-off and reschedule in mifos
Hello,
If accounting is on accrual basis if any account goes in write-off all booked
interest income must be reversed.
Logic: because when you did not receive your principle amount, booking of
interest is not a good idea.
In this case Mifos is correct.
Thanks and Regards
AMIT
On Tue, Apr 16, 2013 at 10:20 PM, Vishwas Babu
<[email protected]<mailto:[email protected]>> wrote:
Ramya,
Mifos uses "cash" based accounting. Since the expected interest is never
accounted for, interest waivers/writeoffs would not affect accounting
(reference
http://en.wikipedia.org/wiki/Comparison_of_cash_and_accrual_methods_of_accounting).
Regards,
Vishwas
On 16 April 2013 17:39, Ramya Baskar
<[email protected]<mailto:[email protected]>> wrote:
Hi all,
Am in need of clarification of write-off in Loan operations of mifos.
Write-off:
While doing Write-off, in accounting principal only coming but in the
loan operations both principal,interest and arrears are coming.
For example,
For a group, loan disbursal amount is 50000. The group needs to pay
with interest is 60000. The group didn't pay anything and write-off has
been done for the group. After write-off while checking the accounting,
it shown the write-off amount as 50000 only but in the loan operations it shown
as 60000 with interest.
Can anyone clarify the above.
Thanks in advance!!!!!
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AMIT JAIN | E.D | Digamber Finance (Chota Loan Bade Sapne) | +919414041821 |
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