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Fwd: Mifos Interest Calculation Requirement


Forwarding this queries from Mani of Habile Technologies about interest
rate calculations in Mifos to the mailing lists.

Ed

---------- Forwarded message ---------
From: Dhruv Shrivastava <dhruvsri5@xxxxxxxxx>
Date: Thu, Jun 28, 2018 at 10:12 AM
Subject: Fwd: Mifos Interest Calculation Requirement
To: Edward Cable <edcable@xxxxxxxxx>


Hi Ed,
Mani is from Habile technologies and is a client of Mifos, he needs some
clarification regarding Mifos X Interest posting calculation, could you
please help him regarding that?
Thank you so much



​


---------- Forwarded message ----------
From: Mani Parthasarathy <mani@xxxxxxxxx>
Date: Thu, Jun 28, 2018 at 10:04 PM
Subject: Mifos Interest Calculation Requirement
To: Dhruv Shrivastava <dhruvsri5@xxxxxxxxx>
Cc: Hari Haran <hariharan.g@xxxxxxxxx>


Hi Dhruv,

Hope you are doing good!

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 hope you can help us to resolve this requirement. If you haven’t worked
in this area, I will be happy if you can connect with the right person. We
are ready to offer any complimentary offers if required!

Looking forward to hearing from you.

-- 
Regards,
Mani Parthasarathy
Business & IT Consultant | Habile Technologies
www.habiletechnologies.com | (O): +91 44 4202 0550 | (M): + 91 90030 39994
Skype: mani.mitteam | https://www.facebook.com/HabileTechnologies
-----------------------------------------------------------------------------------------------------------------------------------------
​
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28/06/18,
22:03:42



-- 
*Ed Cable*
President/CEO, Mifos Initiative
edcable@xxxxxxxxx | Skype: edcable | Mobile: +1.484.477.8649

*Collectively Creating a World of 3 Billion Maries | *http://mifos.org
<http://facebook.com/mifos>  <http://www.twitter.com/mifos>


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