Hi Maina, Have a look at our functional specification on fees http://www.mifos.org/knowledge/functional-specifications/mfi-information-set up/fees-definitions/
Also you may want to read through our payments spec http://www.mifos.org/knowledge/functional-specifications/transaction-process ing/loan-payments/ That might help clear up some of the confusion as all of that behavior is by design. There currently is no way to support what you¹d like to do, other than add the fees each week manually. Not an ideal situation, I'm sure :(. It is an interesting request though and might be one that other MFI¹s are interested in. I would recommend sending in a feature request (or possible two, sounds like there may be more than one there) - https://mifos.dev.java.net/issues/ You may need to join the Mifos project on java.net first, if you haven¹t already. Also, for defining a penalty that is percentage of the loan that remains would require manually calculating the amount and entering that. Ryan On 7/3/09 16:48, "Maina Wachira" <[email protected]> wrote: > Hi everyone, > > I was trying to define a loan Penalty for clients who don¹t have defaulted > (they didn¹t come to the meeting and make the scheduled loan repayments). > The penalty charged for this is 20% of the loan balance (including the > interest). > > In the system when I tried to define this, how ever the options that are there > are > ³Select the charge for the one time fees > 1. Upfront > 2. Time of Disbursement > 3. Time of first loan repayment² > > I selected upfront as my understanding of upfront is that it can be charged > whenever. > > When I charge a client the penalty, I get an error ³Applying this fee is > currently not supported since it would require recalculating the loan schedule > after payments have been made.² > > > If I use the Misc Penalty function the loan repayments scheduled are not > redistributed either. > 950 is the amount of the Misc Penalty which is ( 20% charged on the loan) > The amount is included in the account summary but however, it doesn¹t appear > in the repayment schedule. > > > If I use Misc Fee, it appears in the repayment schedule and the account > summary. > However the fee is added to the next installment that is due. Is it possible > for the fee to be redistributed amongst the scheduled payments that are due > such that if there are 13 months of scheduled loan repayments left, the amount > is distributed equally among those months 950/13~74. Such that 74 is added to > the installments that are due till the total amount of the loan is paid. > > If one is defining a fee, that is not calculated i.e. doesn¹t have a > percentage e.g. 20%, one has to define the amount of the fee. My question is > how would one define a penalty? > > > > > Kind Regards, > > Maina Wachira. > -- Ryan Whitney Mifos Technical Program Manager [email protected] Mifos - Technology that Empowers Microfinance (www.mifos.org) ------------------------------------------------------------------------------ _______________________________________________ Mifos-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/mifos-users
