Need a facility to apply arbitrary interest/dividend to a savings account
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Key: MIFOS-5366
URL: http://mifosforge.jira.com/browse/MIFOS-5366
Project: mifos
Issue Type: Improvement
Reporter: Binny Gopinath Sreevas
Priority: Major
Currently, for a savings account, there is a possibility to apply interest only
automatically. In some cases, clients follow a custom computation to credit
interest to a savings account. This computation may not be directly associated
to the average balance or minimum balance for a period. And may not always be
credited periodically.
Hence there is a need to have a facility to manually credit interest or
dividend to a savings account.
We cannot use the deposit/withdrawal functionality as this implies a cash
transaction (and the corresponding accounting entries are passed by Mifos).
Example:
An MFI does not pay interest on savings account. Instead, each group or center,
takes stock of their operational surplus (profit) for a period. A portion of
this profit is distributed amount members based on a certain formula (for
example, based average balance across the last 12 months). If a feature is
available to manually apply an interest amount, then the dividend can be
computed for all members using a custom report and these amounts can be applied
to each member's savings accounts using this feature.
This is similar to how shares are handled by credit unions/co-operative
societies.
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