Hi Hari,
It depends how you have setup your accruals. Between the 31st of January and
the 5th of February it does not post interest if you’re running daily interest
or if you’re calculating interest in exact partial period. We can connect on
skype for further assistance.
Kind regards,
Sifiso
From: Hari Haran <harihara...@habile.in>
Sent: Friday, June 29, 2018 2:21 PM
To: d...@fineract.apache.org; mifos-users@lists.sourceforge.net;
mifos-develo...@lists.sourceforge.net; u...@fineract.incubator.apache.org; Ed
Cable <edca...@mifos.org>
Subject: [Mifos-developer] Regarding Mifos Interest Calculation Query
Dear Team,
We need a small clarification on Mifos X interest posting calculation. My
requirement is as follows:
1) Daily interest accruals have to be accounted at the back end.
2) The Interest calculation method is Monthly Diminishing method.
3) Monthly interest has to be added to loan outstanding balance on last day of
the month and it has to be credited to interest earned GL account.
4) EMI has to be apportioned to interest outstanding and balance to principal.
For example,
EMI having 2 instalments as follows:
Instalment 1:
Due date: 05 February 2018
Principal: $900
Interest: $300
Total: $1200
Instalment 2:
Due date: 05 March 2018
Principal: $1000
Interest: $200
Total: $1200
Interest income posted on 31 January 2018 - $250 (Interest)
If the customer pays $1200 as repayment after 31st January 2018, EMI to be
apportioned $250 to interest and $950 to the principal. (It should not be
apportioned $300 to interest, It has to consider only the interest income
posted before the repayment date)
If the customer pays $1200 as repayment on or before 31st January 2018, EMI to
be apportioned $1200 to the principal. (It should not be apportioned $300 to
interest, It has to consider only the interest income posted before the
repayment date)
I'm aware that you will be interested in Finreact platform rather than Mifos X.
It is an urgent requirement from our client, I will be happy if you can help me
to resolve this requirement.
Looking forward to hearing from you.
--
_____
Regards,
Hariharan.G
Technical Consultant | Habile Technologies
<http://www.habiletechnologies.com> www.habiletechnologies.com | (O): +91 44
4202 0550 | (M): + 91 90030 25156
Skype: hari.mitteam | https://www.facebook.com/HabileTechnologies
_____
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