Raj , Amit and Zayyad,
As Zayyad says, we currently have the facility to make recovery payments
from a loan which is marked as written off (mapped to an income account).
Also, since maker checker functionality is supported in MifosX, it would be
a good idea to enforce maker-checker on critical workflows like writing off
a loan etc so that user errors can be minimized. However, I understand the
concern that we might need the facility to undo an accidental write-off
which MifosX currently does not support.
Updating the same from the backend can be done using an SQL script like "
update m_loan set loan_status_id=601 where loan_status_id=602 and id=1"
would change the loan status from the portfolio perspective. However,
accounting would still be showing wrong transactions, these would then need
to be adjusted manually by passing in the appropriate reversal entries.....
Regards,
Vishwas
On 12 October 2014 12:26, Zayyad A. Said <[email protected]>
wrote:
> Hi Amit,
>
> What have seen being practised in all financial institutions I have
> interacted with and also what is stipulated in the industry best practises
> (Refer CGAP) is when one pays the dues after write off the same are
> credited to an income account mostly named Value of written off loans
> recovered and they do not reopen the written off account.
>
> Regards,
>
>
> Zayyad A. Said
>
> Sent from Samsung tablet
>
>
>
> AMIT JAIN <[email protected]> wrote:
>
>
> Hi Zayyad,
>
> But when some one client is willing to pay your dues after write-off and
> he also requires his name out off defaulters list in that case??
> Regards
> AMIT
>
> On Sat, Oct 11, 2014 at 1:13 PM, Zayyad A. Said <
> [email protected]> wrote:
>
>> Amit,
>>
>> I dont think this is right as per international accounting standards.
>>
>> A written off loan should be classified as closed i.e. should not be
>> reopened and relevant expense entries must be passed. When the same loan is
>> recovered it should be realized as income under Written off loans recovered.
>>
>> Lets hear the views of other users before changing the system.
>>
>> Regards,
>>
>>
>> Zayyad A. Said
>>
>> Sent from Samsung tablet
>>
>>
>>
>> AMIT JAIN <[email protected]> wrote:
>>
>>
>> Hello,
>> So many times it happens that we classified a loan as write-off as per
>> norms but many clients come and settle or repay their loans to change their
>> status from default to regular in Credit Bureau
>> Please help on that.
>> Regards
>>
>> On Sat, Oct 11, 2014 at 9:51 AM, Santosh Math <
>> [email protected]> wrote:
>>
>>> Hi Raj,
>>> Writing-off loan means, in other words, closing the loan. I need to know
>>> why you do want to change a write-off loan to close(as rescheduled). This
>>> feature is not yet available in MifosX.
>>>
>>>
>>> On Fri, Oct 10, 2014 at 8:03 PM, Raj Jain <[email protected]>
>>> wrote:
>>>
>>>> PLEASE ADVISE THE STEPS TO BE TAKEN TO CHANGE A WRITE-OFF LOAN TO CLOSE
>>>> AS (RE-SCHEDULED)
>>>>
>>>> REGARDS,
>>>> Raj Jain
>>>> Executive Director
>>>> RARA Group
>>>> Direct: +256.772.739.999
>>>> Direct: +256.777.166.392
>>>> Tel: +256.414.251.251
>>>> skype Id: rarainc
>>>> email: [email protected]
>>>> website: www.rarainfotech.com
>>>> Address: Raja Chambers, Suite 11-14, Parliament Ave, Plot no
>>>> 3, Kampala, Uganda
>>>>
>>>>
>>>>
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>>>
>>>
>>> --
>>> Thanks & Regards
>>> Santosh Math
>>> Mifos Trainer
>>> Conflux Technologies Pvt Ltd
>>> Skype Id: mifos.support
>>>
>>>
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>>
>>
>> --
>> AMIT JAIN | E.D | Digamber Finance (Chota Loan Bade Sapne) |
>> +919414041821 |
>>
>>
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>
>
> --
> AMIT JAIN | E.D | Digamber Finance (Chota Loan Bade Sapne) | +919414041821
> |
>
>
> ------------------------------------------------------------------------------
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