Thank you subramanya for the detailed explanation, that explains it
i think i found it weird because we work with bank disbursements (cheques)
and usually people doing data entry don't know when the disbursement exact
date would be
so when doing data entry what we do in Mifos 2.6 is that they enter a
future date (close to the first repayment date)
and the accounting department would do the disbursement when all criterias
are matched (data quality checking/client banking reputation checked...)
for the accrual what we do is that we do the calculations outside Mifos
(starting the disbursement date)
but for the client's interest amount would be just a solid simple
Total Capital Amount * monthly interest * Term
EX: 2000*1.3%*12months
we will take that into consideration during our tests
On Tuesday, March 1, 2016 at 9:15:30 AM UTC+2, Subramanya S N wrote:
>
> Hi Georges Lteif,
> In the above scenarios interest calculation will go in this way,
> You have selected Interest Calculation Period as Same as repayment, here
> the interest calculation with respect to periods need to be considered.
> Also Since first repayment date is defined by you because of that loan
> term will vary in all 3 scenarios.
>
> Calculation,
> Scenario 1:
> 1. 01 March 2016 to 01 May 2017 = 14
> 2. Period is considered from 01 March 2016 to 01 May 2017, but here it is
> 02 May 2017 = 1day/31(no. of days in May) = 0.03
> 3. Total periods = 14+0.03 = 14.03
> 4. Interest per year = 15.6% = 0.156
> 5. Total interest will be = 0.156* 14.03* 2000/12 = 364.838 = 365
> (rounding off)
>
> Similarly for the other 2 scenarios calculation will be similar to above.
> The main reason why interest will change in each scenario is because of
> first repayment date. because of that loan term get varied. Also Interest
> Calculation Period as Same as repayment.
>
>
>
> On Tuesday, March 1, 2016 at 11:10:01 AM UTC+5:30, Georges Lteif wrote:
>>
>> Hello Vishwas
>> all our loans are with flat interest
>> i replicated the scenarios
>> -found on mifos test server under client with my Name (George Mitri Lteif)
>> loans IDS are
>> IL13000000216
>> IL13000000215
>> IL13000000214
>>
>> *its like the interest changes whenever you change he first repayment
>> date*
>>
>>
>>
>> On Tuesday, March 1, 2016 at 2:55:42 AM UTC+2, vishwa...@gmail.com wrote:
>>>
>>> George ,
>>>
>>> Could you please replicate the same on the demo servers and share the
>>> loan ID's ?
>>>
>>> If you are using declining balance interest calculation, manually
>>> changing the first scheduled repayment date would result in a corresponding
>>> adjustment to the interest calculated over the duration of the loan
>>>
>>> Regards,
>>> Vishwas
>>>
>>> > On Feb 29, 2016, at 5:24 AM, Georges Lteif <george...@almajmoua.org>
>>> wrote:
>>> >
>>> > Hello All
>>> > i have been doing some tests on different calculations for the MifosX
>>> interest
>>> >
>>> > what i have done is:
>>> > create a product with a monthly interest of 1.3%
>>> > Rounding mode if half up
>>> > no decimals
>>> > flat interest
>>> >
>>> > and created a loan of an amount of 2900$ over a term of 21 months / 21
>>> Payments/ 1 payment per month
>>> >
>>> > I used the first repayment date to try different scenarios and the
>>> weird thing is that the total interest amount is changing each time i
>>> specify a different 1st repayment day
>>> > i added some screenshots for 3 scenarios to show how the last payment
>>> interest is changing, where i used 3 different 1st repayment dates (mid
>>> march) , 1st of april and 12th of april
>>> >
>>> > my question is why the total interest is changing according to the
>>> first repayment day, shouldn't the total interest be calculated according
>>> the capital and number of months regardless when the 1st repayment is set?
>>> > am i missing some configuration somewhere?
>>> >
>>> > thanks
>>> > <Screenshot_1.jpg>
>>> > <Screenshot_2.jpg>
>>> > <Screenshot_3.jpg>
>>> >
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