Thank you all for your responses! It has been very helpful. Regards, Oyinlola
Get Outlook for iOS<https://aka.ms/o0ukef> ________________________________ From: Bharath Gowda <bgo...@mifos.org> Sent: Saturday, May 1, 2021 12:24:11 PM To: A good place to start for users or folks new to Mifos. <mifos-users@lists.sourceforge.net> Subject: Re: [External] [Mifos-users] Question about Mifos API documentation and Interest Calculation CAUTION: This email originated from outside FSDH Group. Do not click on links or open attachments unless you are sure of the sender and know the content is safe. Hi Oyinlola, 1. Account balance in savings constitutes both principal and interest transactions. Account Balance = Deposit + Interest Postings - Withdrawals- Charges(if any) 2. Mifos does support most of the standard Interest calculation methods, it can be configured at savings products level using parameters like 1. Interest calculated using - which can be configured to calculate between "daily balance" or "daily AVG balance" 2. Interest compounding period - which can be set from daily to annually Below documents would help you in understanding savings products and interest configurations <https://urldefense.proofpoint.com/v2/url?u=https-3A__docs.mifos.org_user-2Dmanual_for-2Dadministrators-2Dmifos-2Dx-2Dplatform_administration_products_loan-2Dproducts_untitled-23create-2Dsavings-2Dproduct&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=6FcgTUK2ikscXJ27TLWkNjtsC_dZzRYivaLEVWSi_1I&e=>https://docs.mifos.org/user-manual/for-administrators-mifos-x-platform/administration/products/loan-products/untitled#create-savings-product<https://urldefense.proofpoint.com/v2/url?u=https-3A__docs.mifos.org_user-2Dmanual_for-2Dadministrators-2Dmifos-2Dx-2Dplatform_administration_products_loan-2Dproducts_untitled-23create-2Dsavings-2Dproduct&d=DwQFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=6FcgTUK2ikscXJ27TLWkNjtsC_dZzRYivaLEVWSi_1I&e=> <https://urldefense.proofpoint.com/v2/url?u=https-3A__mifosforge.jira.com_wiki_spaces_MIFOS_pages_5276125_Savings-2BInterest-2BCalculation-2Band-2BPosting&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=8VWicrOMVFIGXUUADy0UQ6BD7sE-x9668POXb0Jp4lY&e=>https://mifosforge.jira.com/wiki/spaces/MIFOS/pages/5276125/Savings+Interest+Calculation+and+Posting<https://urldefense.proofpoint.com/v2/url?u=https-3A__mifosforge.jira.com_wiki_spaces_MIFOS_pages_5276125_Savings-2BInterest-2BCalculation-2Band-2BPosting&d=DwQFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=8VWicrOMVFIGXUUADy0UQ6BD7sE-x9668POXb0Jp4lY&e=> Please feel free to reach out if you need more information. Regards, Bharath Lead Implementation Analyst | Mifos Initiative Skype: live:cbharath4| Mobile: +91.7019635592 <https://urldefense.proofpoint.com/v2/url?u=http-3A__mifos.org_&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=TbPFULl6hRXfZTRDetQVsn1UTw0QRITUBYZmtr3otP8&e=>http://mifos.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__mifos.org&d=DwQFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=_qHl-UeGcc2rqK_tbb_srDu1_gtyyjD_7tqCDNvA4u0&e=> [https://secure.plimus.com/developers/817570/Template/icon-tiny-facebook.png] <https://urldefense.proofpoint.com/v2/url?u=http-3A__facebook.com_mifos&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=THKwJmuGrv0ZC9V_W5xpl_KO21BA5M_aVa9dQb6XmWw&e=> [http://organizationsandmarkets.files.wordpress.com/2010/04/icon-tiny-twitter.png] <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.twitter.com_mifos&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=yJkFE-X2C87MuywhiuaPh1xM5zOPvMNL3KCKxqNeMMs&e=> On Fri, Apr 30, 2021 at 7:44 PM Jose Alberto Hernandez Maldonado <jose.hernan...@fintecheando.mx<mailto:jose.hernan...@fintecheando.mx>> wrote: Hello! The account balance in savings is constituted by all transactions except holdings. The way to calculate the interest in savings is simple, but after the end of the period you can add the interest (posting interest) to the account and rerun a new period with the new balance Thanks and best regards Alberto El 30/04/2021 7:15 AM Oyinlola Jimoh via Mifos-users <mifos-users@lists.sourceforge.net<mailto:mifos-users@lists.sourceforge.net>> escribió: Hi All, Can someone please explain what “accountBalance” in savings accounts constitutes; Does it account for the client’s principal balance and interest payment or just the client’s principal balance? This can be seen in the api-docs under the List savings applications/accounts section here -> <https://urldefense.proofpoint.com/v2/url?u=https-3A__demo.mifos.io_api-2Ddocs_apiLive.htm-23savingsaccounts-5Flist&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=HQcvKtqAXL24AS9gmDMMCMaZJ4NbuI9vRAny6wZLPNk&e=> https://demo.mifos.io/api-docs/apiLive.htm#savingsaccounts_list<https://urldefense.proofpoint.com/v2/url?u=https-3A__demo.mifos.io_api-2Ddocs_apiLive.htm-23savingsaccounts-5Flist&d=DwQFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=11jroz1iWDLIfEg3XD14xoVJjnEh8jTGmnkvTHREZ1s&m=RobzAxyLdTAZ7WJF6URhKgJXlfZsI4I7vKOmak0Ai-M&s=HQcvKtqAXL24AS9gmDMMCMaZJ4NbuI9vRAny6wZLPNk&e=> Also, kindly clarify how Mifos calculates interest on savings. Is it simple or compounded? Thank you. 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