Hello Sam,
Sorry I dint get a chance to reply you earlier.
With respect to the prepay loan, I tried to reproduce on demo instance and
was able to prepay the loan. Here are the details: *https://demo.openmf.org
<https://demo.openmf.org>,* Loan id: 000000245 & client name:sangamesh
nadagoudar.
Regarding the accounting entries, would you be able to reproduce the same
in Mifos X - demo and provide indetail explanation of your expectation.
Thanks,
Sangamesh
On Fri, May 22, 2015 at 5:44 PM, Dayna Harp <[email protected]> wrote:
> 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] <[email protected]> S
> kype: samart.nut Website: www.pro-cg.com
>
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