Hi Zayyad,
Usability Part: How the payment amount is adjusted towards installment components(principal/interest/fee/penalties) are decided by the Repayment strategy chosen while defining the loan product. Currently we have 7 different strategies which specify how paid amount should be adjusted in case of early/on-time/late payments. U1. You can try the different strategies available for different scenarios and use one of them if it satisfies your complete requirement. You can see the documentation for Repayment Strategy field at https://mifosforge.jira.com/wiki/display/docs/Loan+Product+Fields U2. If none of them satisfies, we will have to develop a new repayment strategy. Technical Part: I do not see correcting code of current repayment strategies as they are in use for a long time now and that may be what is expected by the MFI’s who are already using them. If U2 above is what is required, we have 2 options: T1. Short term solution: A new custom implementation of AbstractLoanRepaymentScheduleTransactionProcessor class can be written to address your specific requirement. T2. Long term solution: We come up with APIs to define custom repayment strategy. This way we can let FIs to define their own strategy and use them as appropriate for their scenario. I would recommend long term option(T2) though it would take bigger effort than shortcut. Regards, Adi From: Zayyad A. Said [mailto:[email protected]] Sent: 06 May 2016 00:46 To: [email protected] Cc: 'Sangamesh N' <[email protected]>; [email protected]; Ed Cable <[email protected]> Subject: RE: Loan Fees Bug Hi Devs, Anyone who was able to look into this? Kindly advise way forward. Regards; ******* Zayyad A. Said | Chairman & C.E.O Cell No.: +254 716 615274 | Skype: zsaid2011 Email: [email protected] <mailto:[email protected]> From: Zayyad A. Said [mailto:[email protected]] Sent: 04 May 2016 19:15 To: 'Sander van der Heyden'; '[email protected]' Cc: 'Sangamesh N' Subject: RE: Loan Fees Bug Sander, If this is how it’s been functioning for the last two years, then I must say we have all been in darkness for quite some time. The system should not function like this. If I charge a client in June for example, that income needs to be reported in June which is the month the fee was charged and not before. It beats the logic to report that income in the month when there was last payment (say April) in the account. << If the fee is applied after the payment and no backdates are made, this won't cause any weird bookings, but as soon as you start backdating or adjusting older payments the reprocessing of the schedule will re-allocate the payments like this.>> Please note in the sample I gave in my email, the charge was actually applied on 1st May 2016 and paid same day after the payment of 15th April 2016 had already been made. I strongly recommend someone to carefully analyze this situation and propose right solution otherwise the system would not be giving right financial reports which are key to the Financial Institutions. Regards; ******* Zayyad A. Said | Chairman & C.E.O Cell No.: +254 716 615274 | Skype: zsaid2011 Email: [email protected] <mailto:[email protected]> From: Sander van der Heyden [mailto:[email protected]] Sent: 03 May 2016 22:55 To: [email protected] <mailto:[email protected]> Cc: Zayyad A. Said; Sangamesh N Subject: Re: Loan Fees Bug Hi Zayyad, This is not a bug, but actually existing functionality that has worked like this at least for the last year or so. We've been educating our users on this for quite some time. The logic behind this is very much tied to the structure in the system. Because loan payments and charges are all linked to schedule instalments, any loan fee that is set up as "Specified due date" is actually tied to the loan instalment it falls into, and therefore (depending on the payment order picked), it will be paid off as soon as the first payment 'hits' that instalment, which in your case is that payment from earlier on. If the fee is applied after the payment and no backdates are made, this won't cause any weird bookings, but as soon as you start backdating or adjusting older payments the reprocessing of the schedule will re-allocate the payments like this. I completely understand that this is seen as 'undesirable' behaviour, but this is also quite a core bit of code around the charges, that would need to be redesigned to change this. If this is therefore core-team development effort, I propose to treat this as a known error / improvement and not rush into revamping part of the charges code without also considering other improvements (or creating bugs while solving others). But keen to hear other thoughts on this from the other devs? Thanks, Sander Sander van der Heyden CTO Musoni Services <http://musonisystem.com/logo.png> Mobile (NL): +31 (0)6 14239505 Skype: s.vdheyden Website: <http://musonisystem.com/> musonisystem.com <https://twitter.com/musonimfi> Follow us on Twitter! Postal address: Hillegomstraat 12-14, office 0.09, 1058 LS, Amsterdam, The Netherlands On Tue, May 3, 2016 at 6:50 PM, Ed Cable <[email protected] <mailto:[email protected]> > wrote: Zayyad, Since this is potentially a bug in the core Fineract platform, i'm directly the conversation to that mailing list - we'll continue the conversation there. <https://web.chilipiper.com/track/mifos.org/5728d69ae4b02bbec5bc525d.png> On Tue, May 3, 2016 at 9:43 AM, Zayyad A. Said <[email protected] <mailto:[email protected]> > wrote: Hi Devs, We seem to be having a bug on fees applied after a loan payment is done. The fee income seem to be reported in the previous schedule when the last payment was done. To reproduce this check out this account https://demo3.openmf.org/#/viewloanaccount/42 (mifos/password) for client Allen E. Two different charges were applied on 1st May 2016 i.e. Loan Extension of 600/= and Penalty of 1000/= and were also paid same day (You can verify from the charges tab). If you view them on Transactions tab, these fees shows to have been collected on 15th April 2016 which was the date partial payment was done to this loan account. This poses a very serious challenge in proper accounting of income as this income is now reported in a different month and not the actual month when it was charged and paid. Please look into this urgently and would appreciate if it can be a given a top priority to have it fixed. Your feedback will be appreciated. Regards; ******* Zayyad A. Said | Chairman & C.E.O Cell No.: +254 716 615274 <tel:%2B254%20716%20615274> | Skype: zsaid2011 Email: [email protected] <mailto:[email protected]> -- Ed Cable Director of Community Programs, Mifos Initiative [email protected] <mailto:[email protected]> | Skype: edcable | Mobile: +1.484.477.8649 <tel:%2B1.484.477.8649> Collectively Creating a World of 3 Billion Maries | http://mifos.org <http://facebook.com/mifos> <http://www.twitter.com/mifos>
