[jira] [Updated] (FINERACT-649) For repayment strategy, "Interest-Principal-Penalties-Fees" , All Interest dues should be collected first

["Robert Jakech (Jira)" <ji...@apache.org>]

     [ https://issues.apache.org/jira/browse/FINERACT-649?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]

Robert Jakech updated FINERACT-649:
-----------------------------------
    Labels: Roadmap2022  (was: )

> For repayment strategy, "Interest-Principal-Penalties-Fees" , All Interest dues should be collected first
> ---------------------------------------------------------------------------------------------------------
>
>                 Key: FINERACT-649
>                 URL: https://issues.apache.org/jira/browse/FINERACT-649
>             Project: Apache Fineract
>          Issue Type: Improvement
>          Components: Loan
>    Affects Versions: 1.1.0
>            Reporter: Santosh Math
>            Priority: Major
>              Labels: Roadmap2022
>
> This is requested by [~robertjakech@gmail.com] for Agros
> Current behaviour of the repayment strategy : The application won't collect the amount due(interest, principal)  for next instalment until dues of current instalment(including interest, principal, fees, etc) are fully paid.
>   
>  Needed changes in repayment strategy: For any given date, the application should collect all the interest dues acrued till that date and later it should collect any previous instalment principal, fees dues. 
>   
>  Example (as given by Robert in the mail):
>   
>  If repayments scheduled as follows:
>   
>  DueDate          PrincipalDue        InterestDue
>  30/1/2017         200                      50
>  30/2/2017         150                      30
>   
>  Repayment Strategy: Interest, Principal, Fees.
>  If someone pays  $100 on 20/2/2017:
>  What Mifos does at the moment is:
>  It applies the payment to interest ($50), then the balance ($50) goes towards the principal($50).
>  HOWEVER, What agros wants is:
>  The system should take first the interest ($50) of first installment, then, calculates interest accrued from first installment (30/1/2017) to 20/2/2017 and apply the balance of payment e.g. if interest accrued is say $10, then, from the balance of ($50), it will apply the $10 and balance of $40 goes to the principal of the first repayment.
>   



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