[ https://issues.apache.org/jira/browse/FINERACT-491?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]
Shaik Nazeer Hussain updated FINERACT-491: ------------------------------------------ Fix Version/s: 1.1.0 > Savings annual compound doesn't respect Fiscal month (in April) > --------------------------------------------------------------- > > Key: FINERACT-491 > URL: https://issues.apache.org/jira/browse/FINERACT-491 > Project: Apache Fineract > Issue Type: Bug > Components: Savings > Affects Versions: 1.0.0 > Environment: Windows > Reporter: thynn win > Assignee: Santosh Math > Priority: Critical > Labels: p1 > Fix For: 1.1.0 > > Attachments: sample.jpg > > > We are observing that Mifos doesn’t respect the fiscal month in calculating > interest for savings. > > For instance: we configured the fiscal year to start in April. The saving > product is annual interest with 15% and 365 days. Compounding is set to > annual with daily balance. > If we make a saving deposit of $1000 on June 23, 2016 and trying to post on > April 1 2017, our expectation is that the interest will be $115.89 > (1000*282*0.0004109589). > There are a total of 282 days with daily interest rate of 0.0004109589 > (1/365*0.15). > > In Mifos, we are getting $118.81 instead. What we learned is that there is a > compounding happening on Dec 31, 2016 even though it’s not a fiscal year end. > From June 23 to Dec 31, there are 192 days and it’s getting a new available > balance on Jan 1. It’s compounding from Jan 1, 2017. > https://demo.openmf.org/#/viewsavingaccount/887 (see screenshot) > > > When digging through the code, even though Fiscal month is passed around in > the interest calculation, it wasn’t used when determining compounding > periods. > > File: PostingPeriod.java > Method: determineInterestPeriodEndDateFrom > case ANNUAL: > periodEndDate = > periodStartDate.monthOfYear().withMaximumValue(); //This is causing to > default the compound period to Dec as period start year is 2016. > periodEndDate = periodEndDate.dayOfMonth().withMaximumValue(); > We are still trying to go through the logic and we’d greatly appreciate your > help. > This will become an issue in Jan 2018 as it's compounding when it's not > supposed to be. > > Thank you. -- This message was sent by Atlassian JIRA (v6.4.14#64029)