Hi Oyinlola, 1. Account balance in savings constitutes both principal and interest transactions.
Account Balance = Deposit + Interest Postings - Withdrawals- Charges(if any) 2. Mifos does support most of the standard Interest calculation methods, it can be configured at savings products level using parameters like 1. Interest calculated using - which can be configured to calculate between "daily balance" or "daily AVG balance" 2. Interest compounding period - which can be set from daily to annually Below documents would help you in understanding savings products and interest configurations https://docs.mifos.org/user-manual/for-administrators-mifos-x-platform/administration/products/loan-products/untitled#create-savings-product https://mifosforge.jira.com/wiki/spaces/MIFOS/pages/5276125/Savings+Interest+Calculation+and+Posting Please feel free to reach out if you need more information. Regards, Bharath Lead Implementation Analyst | Mifos Initiative Skype: live:cbharath4| Mobile: +91.7019635592 http://mifos.org <http://facebook.com/mifos> <http://www.twitter.com/mifos> On Fri, Apr 30, 2021 at 7:44 PM Jose Alberto Hernandez Maldonado < jose.hernan...@fintecheando.mx> wrote: > Hello! > > The account balance in savings is constituted by all transactions except > holdings. > > The way to calculate the interest in savings is simple, but after the end > of the period you can add the interest (posting interest) to the account > and rerun a new period with the new balance > > Thanks and best regards > Alberto > > El 30/04/2021 7:15 AM Oyinlola Jimoh via Mifos-users < > mifos-users@lists.sourceforge.net> escribió: > > > Hi All, > > > Can someone please explain what “accountBalance” in savings accounts > constitutes; Does it account for the client’s principal balance and > interest payment or just the client’s principal balance? This can be seen > in the api-docs under the List savings applications/accounts section here > -> https://demo.mifos.io/api-docs/apiLive.htm#savingsaccounts_list > > Also, kindly clarify how Mifos calculates interest on savings. Is it > simple or compounded? > > Thank you. > > Regards, > > Oyinlola > > > DISCLAIMER/CONFIDENTIALITY NOTE: This electronic mail and its contents > including any attachments (“Information”) transmitted with it from FSDH > Holding Company Limited or one of its subsidiaries ("the Company") and any > comments or statements made herein do not necessarily reflect the views and > opinions of the Company and, unless clearly stated as being that of the > Company, they are those of the sender. Generally, this communication is for > informational purposes only and unless otherwise expressly stated it should > not be construed as a solicitation or offer to buy or sell any securities > or related financial instruments. The contents of this e-mail including any > attachments in this correspondence is intended solely for the use of the > recipient(s) to whom it is addressed and might contain information that is > privileged, confidential, or otherwise exempt from disclosure under > applicable law. Any unauthorised review, retention, duplication, > disclosure, dissemination, distribution, or copying of the Information > (including any reliance thereon) in any form is STRICTLY PROHIBITED. If you > have received this Information in error, please delete it (including any > attachments) from your system without printing, copying, forwarding it, or > disclosing the contents to anyone and immediately notify the sender of the > error by reply e-mail _______________________________________________ > Mifos-users mailing list Mifos-users@lists.sourceforge.net > https://lists.sourceforge.net/lists/listinfo/mifos-users > > _______________________________________________ > Mifos-users mailing list > Mifos-users@lists.sourceforge.net > https://lists.sourceforge.net/lists/listinfo/mifos-users >
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