Dear Bharath, Just to add on, the savings account balance should consider the charges deducted but in my opinion this is not the case as i mention here https://issues.apache.org/jira/browse/FINERACT-1320
My Kind Regards Francis Guchie Kirago *Skype:* francisguchie *Telegram: *232 79 19 44 07 *Whatsapp: *232 79 19 44 07 *LINKEDIN:* https://www.linkedin.com/in/francis-guchie-kirago-a4379617/ twitter: @FrancisGuchie On Sat, May 1, 2021 at 11:33 AM Bharath Gowda <bgo...@mifos.org> wrote: > 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 >> > _______________________________________________ > Mifos-users mailing list > Mifos-users@lists.sourceforge.net > https://lists.sourceforge.net/lists/listinfo/mifos-users >
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