Santosh Math created FINERACT-649:
-------------------------------------
Summary: For repayment strategy,
"Interest-Principal-Penalties-Fees" , All Interest dues should be collected
first
Key: FINERACT-649
URL: https://issues.apache.org/jira/browse/FINERACT-649
Project: Apache Fineract
Issue Type: Improvement
Components: Loan
Affects Versions: 1.1.0
Reporter: Santosh Math
Current behaviour of the repayment strategy : The application won't collect the
amount due(interest, principal) for next instalment until dues of current
instalment(including interest, principal, fees, etc) are fully paid.
Needed changes in repayment strategy: For any given date, the application
should collect all the interest dues acrued till that date and later it should
collect any previous instalment principal, fees dues.
Example (as given by Robert in the mail):
If repayments scheduled as follows:
DueDate PrincipalDue InterestDue
30/1/2017 200 50
30/2/2017 150 30
Repayment Strategy: Interest, Principal, Fees.
If someone pays $100 on 20/2/2017:
What Mifos does at the moment is:
It applies the payment to interest ($50), then the balance ($50) goes towards
the principal($50).
HOWEVER, What agros wants is:
The system should take first the interest ($50) of first installment, then,
calculates interest accrued from first installment (30/1/2017) to 20/2/2017 and
apply the balance of payment e.g. if interest accrued is say $10, then, from
the balance of ($50), it will apply the $10 and balance of $40 goes to the
principal of the first repayment.
--
This message was sent by Atlassian JIRA
(v7.6.3#76005)
