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 www.habiletechnologies.com | (O): +91 44 4202 0550 | (M): + 91 90030 25156 Skype: hari.mitteam | https://www.facebook.com/HabileTechnologies <https://www.facebook.com/HabileTechnologies> ------------------------------ DISCLAIMER: All emails and any files transmitted with them are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received an email in error please notify your system manager. The message in the email you have received contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy the email. Please notify the sender immediately by email if you have received an email by mistake and delete the email from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of the information is strictly prohibited.
