Dear Team,

We need a small clarification on Mifos X interest posting calculation. My
requirement is as follows:

1) Daily interest accruals have to be accounted at the back end.

2) The Interest calculation method is *Monthly Diminishing method.*

3) Monthly interest has to be added to loan outstanding balance on last day
of the month and it has to be credited to interest earned GL account.

4) EMI has to be apportioned to interest outstanding and balance to
principal.

For example,

EMI having 2 instalments as follows:

*Instalment 1:*

Due date:  05 February 2018

Principal: $900

Interest:  $300

Total:      $1200

*Instalment 2:*

Due date: 05 March 2018

Principal: $1000

Interest:  $200

Total:      $1200

Interest income posted on 31 January 2018 - $250 (Interest)

If the customer pays $1200 as repayment after 31st January 2018, EMI to be
apportioned $250 to interest and $950 to the principal. (It should not be
apportioned $300 to interest, It has to consider only the interest income
posted before the repayment date)

If the customer pays $1200 as repayment on or before 31st January 2018, EMI
to be apportioned $1200 to the principal. (It should not be apportioned
$300 to interest, It has to consider only the interest income posted before
the repayment date)

I'm aware that you will be interested in Finreact platform rather than
Mifos X. It is an urgent requirement from our client, I will be happy if
you can help me to resolve this requirement.

Looking forward to hearing from you.


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Regards,
Hariharan.G
Technical Consultant | Habile Technologies
www.habiletechnologies.com | (O): +91 44 4202 0550 | (M): + 91 90030 25156
Skype: hari.mitteam | https://www.facebook.com/HabileTechnologies
<https://www.facebook.com/HabileTechnologies>

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