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Posted to issues@fineract.apache.org by "Adam Saghy (Jira)" <ji...@apache.org> on 2023/03/21 13:20:00 UTC
[jira] [Updated] (FINERACT-1905) Time respective repayment strategy
[ https://issues.apache.org/jira/browse/FINERACT-1905?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]
Adam Saghy updated FINERACT-1905:
---------------------------------
Description:
Accounting of _INCOME_ is critical for financial reporting which is highly regulated and regularly inspected. Fees added to loans are source of this income. Backdated transactions OR reverse/replay can change the money distribution and pay off fees retrospectively. It changes the amount of _income_ too. This is due to Fineract’s payment strategy which orders transactions of the instalment and pays those off (within the instalment’s timeframe)
*Solution:*
Introducing a new repayment strategy and having due charges and In advance principal which let us pay the charge on or after the charge due date, but the strategy needs to be aware if there is any unpaid but due charge / penalty.
*New payment order:*
* Due charges
Due Penalty
*
** Due Fee
* Due interest
* Due principal
* In advanced principal
* In advanced Penalty
* In advanced Fee
* In advanced Interest
was:
Accounting of _INCOME_ is critical for financial reporting which is highly regulated and regularly inspected. Fees added to loans are source of this income. Backdated transactions OR reverse/replay can change the money distribution and pay off fees retrospectively. It changes the amount of _income_ too. This is due to Fineract’s payment strategy which orders transactions of the instalment and pays those off (within the instalment’s timeframe)
*Solution:*
Introducing a new repayment strategy and having due charges and In advance principal which let us pay the charge on or after the charge due date, but the strategy needs to be aware if there is any unpaid but due charge / penalty.
*New order:*
# Due charges
# In advanced principal
# Penalty
# Fee
# Interest
# Principal
> Time respective repayment strategy
> ----------------------------------
>
> Key: FINERACT-1905
> URL: https://issues.apache.org/jira/browse/FINERACT-1905
> Project: Apache Fineract
> Issue Type: Improvement
> Reporter: Mihaly Dallos
> Priority: Major
> Labels: PepperSoup
>
> Accounting of _INCOME_ is critical for financial reporting which is highly regulated and regularly inspected. Fees added to loans are source of this income. Backdated transactions OR reverse/replay can change the money distribution and pay off fees retrospectively. It changes the amount of _income_ too. This is due to Fineract’s payment strategy which orders transactions of the instalment and pays those off (within the instalment’s timeframe)
> *Solution:*
> Introducing a new repayment strategy and having due charges and In advance principal which let us pay the charge on or after the charge due date, but the strategy needs to be aware if there is any unpaid but due charge / penalty.
> *New payment order:*
> * Due charges
> Due Penalty
> *
> ** Due Fee
> * Due interest
> * Due principal
> * In advanced principal
> * In advanced Penalty
> * In advanced Fee
> * In advanced Interest
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