Accrual Accounting (Periodic) - A quarterly payment should still post bank income monthly in the journal entries

[Jun King Miñon <ju...@pearlpay.io>]

Hi Everyone,

We would like to seek your assistance regarding accrual accounting
(periodic) for a Loan. I was able to read the user manual (*e.g., Create
chart of accounts, Define accrual accounting on the Loan Product level
creation, Schedule jobs*). regarding the functionality. However, I am not
able to make it work on our specific scenario.

*Scenario: A loan of 1M with 16% nominal interest rate per year (FLAT
interest method). The repayment frequency will be every 90 days (quarterly)
for a term of 5 years (or 360 days x 5) thus a total of 20 repayments.
Although, the payment is quarterly, the bank would like to have a posting
of their income every month (30 days) in their ledger.*

Is this possible on the current Mifos system? And what is the correct
procedure in doing this?

Thank you in advance. Cheers!

Regards,

Jun King P. Miñon
Consultant Software Engineer
Core Banking Solutions

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