Can anyone in the community help Sam out with this one?
Begin forwarded message:
From: Sam Art Nut <[email protected]>
Subject: Issue on Mifos X
Date: May 21, 2015 at 11:15:29 AM CST
To: Sangamesh N <[email protected]>, Ed Cable
<[email protected]>, Dayna Harp <[email protected]>
Dear All,
I just find out an issue relate to loan prepayment and repayment.
First when I made a loan prepayment, the prepaid loan still has balance. The
system captured amount for prepayment incorrectly. I noticed that system
incorrectly allocated amount between loan outstanding and accrued interest. It
tends to overstate accrued interest and understate loan outstanding in the
following entries:
Dr. Cash
Cr. Loan outstanding
Cr. Accrued Interest
Second, when we make loan repayment before due date, the transaction was
recorded incorrectly as below:
Dr. Cash
Cr. Loan outstanding
Cr. Accrued Interest
The correct entries should be
Dr. Cash
Cr. Customer deposit (liability)
and on the due date, the entries should be recorded as
Dr. Customer deposit
Cr. Loan outstanding
Cr. Accrued interest.
These errors seriously affect the quality financial report. I suggest you
consider it as urgent priority and I would like to request any person from your
team to discus in detail.
Best regards,
--
***************************************
NUT SAM ART, ACCA, CPA (KH)
Director, Business and Financial Management Consulting
PCG & Partners Co., Ltd
#113 (Parkway Square 1st floor) Room 1-21, Mao Tse Toung Blvd, Khan Chamkamorn,
Phnom Penh, Cambodia
Mobile: (855) 12 403 239 <>mail: [email protected]
<mailto:[email protected]> Skype: samart.nut Website: www.pro-cg.com
<http://www.pro-cg.com/>
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