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Re: Mifos Interest Calculation Requirement


​HI Dhruv,
>

​   Please find  my inline responses: ​

> ​
>
> 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.
>
​
 Set 'Interest Calculation  Period' as Daily in loan product level and 'Add
Periodic Accrual Transactions' job has to be  run daily(Generally, it's
automatically run or  you can run it manually too )​


>
>
> 2) The Interest calculation method is Monthly Diminishing method.
>

​         Set  Interest Method as 'Declining Balance'​ in loan product
level.

>
>
> 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 G
> ​​
> L account.
>
​          ​


> ​
> ​
>
> ​​'
> loan outstanding balance' , do you mean  principal due?  All interest
> accrued  are credited  to asset account 'Interest Receivables'
>

​      https://staging.openmf.org/#/viewloanaccount/98 (under
Tr​ansactions tab, click on 6310 transaction)

>
>
> 4) EMI has to be apportioned to interest outstanding and balance to
> principal.
>
​

- As I understood from your example, any advance payments before due date
are highlighted under 'Advance'  in repayment schedule, but it won't be
apportioned whole to principal. It will be apportioned to both Principal
and Interest.

     https://staging.openmf.org/#/viewloanaccount/98 (under  Tr​ansactions
tab, check trasaction 6312, which is early repayment )


​Thanks
>
​    Santosh​


> ​
>
>
> 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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>
> --
> *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>
>
>


-- 
Thanks & Regards

Santosh Math

*QA Engineer*

*Conflux Technologies Pvt Ltd <http://www.confluxtechnologies.com/>*
| *Office*: +91-080-41208662 |

*Address*: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block,
Bengaluru, Karnataka, 560043 INDIA


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