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Posted to dev@fineract.apache.org by za...@intrasofttechnologies.com on 2020/09/06 21:54:15 UTC
Overdraft Savings Interest Posting
Hello Devs,
We have a client interested to set up a credit line that has no fixed repayment period and borrowers can repay anytime even after a day or two.
Based on our analysis, the best solution for them is an overdraft savings facility.
We are however challenged by the fact that we do not have an option to set interest posting to Daily which is what they need.
They need the accrued interest daily to reflect as the balance in the account so that when a borrower decides to pay off full amount then the borrower can also clear the accrued interest.
Is there a way we can add the interest posting option of Daily in addition to what we already have i.e. Monthly, Quarterly, BiAnnual, and Annually?
If this can be provided then it will solve our headache.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid
Re: [Mifos-developer] Overdraft Savings Interest Posting
Posted by John Gathogo <jo...@fiter.io>.
Not without making significant code changes.
Another option is to display the overdraft interest to the customer in
addition to the balance and carry out some education so the customer knows
the interest due will be charged at the end of the month.
On Tue, Sep 8, 2020 at 10:33 AM <za...@intrasofttechnologies.com> wrote:
> Hi John,
>
>
>
> That manual posting is what we are trying to avoid. We don’t expect the
> MFI to be doing manual posting of interest to thousands of accounts every
> day.
>
>
>
> One thing that I probably never mentioned is that we developed a USSD
> platform for this MFI which means their clients can access their account
> balance anytime from their mobile phones and pay.
>
>
>
> You will never know when the client will pay for the OD and what the
> client will see as the balance is what they will know to be outstanding for
> them, some will never understand of interest posting at end month.
>
>
>
> Any idea on how we can achieve daily posting of interest without manual
> intervention?
>
>
>
> Regards;
>
> *********
>
> *Zayyad A. Said | Chairman & C.E.O*
>
> Cell No.: +254 716 615274 | Skype: *zsaid2011*
>
> Email: zayyad@intrasofttechnologies.com
>
> Schedule Meetings: https://calendly.com/zayyadsaid
>
> [image: Description: Email banner]
>
>
>
> *From:* John Gathogo <jo...@fiter.io>
> *Sent:* Tuesday, September 8, 2020 10:28 AM
> *To:* dev@fineract.apache.org
> *Cc:* Mifos software development <mi...@lists.sourceforge.net>;
> A good place to start for users or folks new to Mifos. <
> mifos-users@lists.sourceforge.net>
> *Subject:* Re: [Mifos-developer] Overdraft Savings Interest Posting
>
>
>
> Hello Zayyad,Francis.
>
>
>
> Even if the customer pays in full before the end of the month, the
> overdraft interest for the days the account was overdrawn will be debited
> when the interest posting job runs at the end of the month.
>
>
>
> *You could try to manually post interest using the 'post interest as on'
> option on the day they pay in full to collect the overdraft interest that
> day.*
>
>
>
> Thanks,
>
> John R
>
>
>
> On Mon, Sep 7, 2020 at 10:02 PM <za...@intrasofttechnologies.com> wrote:
>
> Hi Francis,
>
>
>
> We need to add option for Daily in the Interest Posting Period.
>
>
>
> There is no issue with calculation nor compounding.
>
>
>
> Regards;
>
> *********
>
> *Zayyad A. Said | Chairman & C.E.O*
>
> Cell No.: +254 716 615274 | Skype: *zsaid2011*
>
> Email: zayyad@intrasofttechnologies.com
>
> Schedule Meetings: https://calendly.com/zayyadsaid
>
> [image: Description: Email banner]
>
>
>
> *From:* Francis Guchie <fr...@gmail.com>
> *Sent:* Monday, September 7, 2020 6:38 PM
> *To:* Mifos software development <mi...@lists.sourceforge.net>
> *Cc:* Dev <de...@fineract.apache.org>; A good place to start for users or
> folks new to Mifos. <mi...@lists.sourceforge.net>
> *Subject:* Re: [Mifos-developer] Overdraft Savings Interest Posting
>
>
>
> Dear Zayyad,
>
>
>
> I am attaching an image as I am trying to understand your issue. Please
> make me understand it ( As i am interested in this too)
>
>
>
> My Kind Regards
>
>
>
> Francis Guchie Kirago
>
> *Skype:* francisguchie
>
> *Whatsapp: *232 79 19 44 07
>
> *LINKEDIN:* https://www.linkedin.com/in/francis-guchie-kirago-a4379617/
>
> twitter: @FrancisGuchie
>
>
>
>
>
>
>
>
>
>
>
>
>
> On Sun, Sep 6, 2020 at 10:27 PM <za...@intrasofttechnologies.com> wrote:
>
> Hello Devs,
>
>
>
> We have a client interested to set up a credit line that has no fixed
> repayment period and borrowers can repay anytime even after a day or two.
>
>
>
> Based on our analysis, the best solution for them is an overdraft savings
> facility.
>
>
>
> We are however challenged by the fact that we do not have an option to set
> interest posting to Daily which is what they need.
>
>
>
> They need the accrued interest daily to reflect as the balance in the
> account so that when a borrower decides to pay off full amount then the
> borrower can also clear the accrued interest.
>
>
>
> Is there a way we can add the interest posting option of Daily in addition
> to what we already have i.e. Monthly, Quarterly, BiAnnual, and Annually?
>
>
>
> If this can be provided then it will solve our headache.
>
>
>
> Regards;
>
> *********
>
> *Zayyad A. Said | Chairman & C.E.O*
>
> Cell No.: +254 716 615274 | Skype: *zsaid2011*
>
> Email: zayyad@intrasofttechnologies.com
>
> Schedule Meetings: https://calendly.com/zayyadsaid
>
> [image: Description: Email banner]
>
> Mifos-developer mailing list
> mifos-developer@lists.sourceforge.net
> Unsubscribe or change settings at:
> https://lists.sourceforge.net/lists/listinfo/mifos-developer
>
>
RE: [Mifos-developer] Overdraft Savings Interest Posting
Posted by za...@intrasofttechnologies.com.
Hi John,
That manual posting is what we are trying to avoid. We don’t expect the MFI to be doing manual posting of interest to thousands of accounts every day.
One thing that I probably never mentioned is that we developed a USSD platform for this MFI which means their clients can access their account balance anytime from their mobile phones and pay.
You will never know when the client will pay for the OD and what the client will see as the balance is what they will know to be outstanding for them, some will never understand of interest posting at end month.
Any idea on how we can achieve daily posting of interest without manual intervention?
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid
From: John Gathogo <jo...@fiter.io>
Sent: Tuesday, September 8, 2020 10:28 AM
To: dev@fineract.apache.org
Cc: Mifos software development <mi...@lists.sourceforge.net>; A good place to start for users or folks new to Mifos. <mi...@lists.sourceforge.net>
Subject: Re: [Mifos-developer] Overdraft Savings Interest Posting
Hello Zayyad,Francis.
Even if the customer pays in full before the end of the month, the overdraft interest for the days the account was overdrawn will be debited when the interest posting job runs at the end of the month.
You could try to manually post interest using the 'post interest as on' option on the day they pay in full to collect the overdraft interest that day.
Thanks,
John R
On Mon, Sep 7, 2020 at 10:02 PM <zayyad@intrasofttechnologies.com <ma...@intrasofttechnologies.com> > wrote:
Hi Francis,
We need to add option for Daily in the Interest Posting Period.
There is no issue with calculation nor compounding.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid
From: Francis Guchie <francisguchie@gmail.com <ma...@gmail.com> >
Sent: Monday, September 7, 2020 6:38 PM
To: Mifos software development <mifos-developer@lists.sourceforge.net <ma...@lists.sourceforge.net> >
Cc: Dev <dev@fineract.apache.org <ma...@fineract.apache.org> >; A good place to start for users or folks new to Mifos. <mifos-users@lists.sourceforge.net <ma...@lists.sourceforge.net> >
Subject: Re: [Mifos-developer] Overdraft Savings Interest Posting
Dear Zayyad,
I am attaching an image as I am trying to understand your issue. Please make me understand it ( As i am interested in this too)
My Kind Regards
Francis Guchie Kirago
Skype: francisguchie
Whatsapp: 232 79 19 44 07
LINKEDIN: https://www.linkedin.com/in/francis-guchie-kirago-a4379617/
twitter: @FrancisGuchie
On Sun, Sep 6, 2020 at 10:27 PM <zayyad@intrasofttechnologies.com <ma...@intrasofttechnologies.com> > wrote:
Hello Devs,
We have a client interested to set up a credit line that has no fixed repayment period and borrowers can repay anytime even after a day or two.
Based on our analysis, the best solution for them is an overdraft savings facility.
We are however challenged by the fact that we do not have an option to set interest posting to Daily which is what they need.
They need the accrued interest daily to reflect as the balance in the account so that when a borrower decides to pay off full amount then the borrower can also clear the accrued interest.
Is there a way we can add the interest posting option of Daily in addition to what we already have i.e. Monthly, Quarterly, BiAnnual, and Annually?
If this can be provided then it will solve our headache.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid
Mifos-developer mailing list
mifos-developer@lists.sourceforge.net <ma...@lists.sourceforge.net>
Unsubscribe or change settings at:
https://lists.sourceforge.net/lists/listinfo/mifos-developer
Re: [Mifos-developer] Overdraft Savings Interest Posting
Posted by John Gathogo <jo...@fiter.io>.
Hello Zayyad,Francis.
Even if the customer pays in full before the end of the month, the
overdraft interest for the days the account was overdrawn will be debited
when the interest posting job runs at the end of the month.
[image: Screen Shot 2020-09-08 at 10.25.57 AM.png]
*You could try to manually post interest using the 'post interest as on'
option on the day they pay in full to collect the overdraft interest that
day.*
Thanks,
John R
On Mon, Sep 7, 2020 at 10:02 PM <za...@intrasofttechnologies.com> wrote:
> Hi Francis,
>
>
>
> We need to add option for Daily in the Interest Posting Period.
>
>
>
> There is no issue with calculation nor compounding.
>
>
>
> Regards;
>
> *********
>
> *Zayyad A. Said | Chairman & C.E.O*
>
> Cell No.: +254 716 615274 | Skype: *zsaid2011*
>
> Email: zayyad@intrasofttechnologies.com
>
> Schedule Meetings: https://calendly.com/zayyadsaid
>
> [image: Description: Email banner]
>
>
>
> *From:* Francis Guchie <fr...@gmail.com>
> *Sent:* Monday, September 7, 2020 6:38 PM
> *To:* Mifos software development <mi...@lists.sourceforge.net>
> *Cc:* Dev <de...@fineract.apache.org>; A good place to start for users or
> folks new to Mifos. <mi...@lists.sourceforge.net>
> *Subject:* Re: [Mifos-developer] Overdraft Savings Interest Posting
>
>
>
> Dear Zayyad,
>
>
>
> I am attaching an image as I am trying to understand your issue. Please
> make me understand it ( As i am interested in this too)
>
>
>
> My Kind Regards
>
>
>
> Francis Guchie Kirago
>
> *Skype:* francisguchie
>
> *Whatsapp: *232 79 19 44 07
>
> *LINKEDIN:* https://www.linkedin.com/in/francis-guchie-kirago-a4379617/
>
> twitter: @FrancisGuchie
>
>
>
>
>
>
>
>
>
>
>
>
>
> On Sun, Sep 6, 2020 at 10:27 PM <za...@intrasofttechnologies.com> wrote:
>
> Hello Devs,
>
>
>
> We have a client interested to set up a credit line that has no fixed
> repayment period and borrowers can repay anytime even after a day or two.
>
>
>
> Based on our analysis, the best solution for them is an overdraft savings
> facility.
>
>
>
> We are however challenged by the fact that we do not have an option to set
> interest posting to Daily which is what they need.
>
>
>
> They need the accrued interest daily to reflect as the balance in the
> account so that when a borrower decides to pay off full amount then the
> borrower can also clear the accrued interest.
>
>
>
> Is there a way we can add the interest posting option of Daily in addition
> to what we already have i.e. Monthly, Quarterly, BiAnnual, and Annually?
>
>
>
> If this can be provided then it will solve our headache.
>
>
>
> Regards;
>
> *********
>
> *Zayyad A. Said | Chairman & C.E.O*
>
> Cell No.: +254 716 615274 | Skype: *zsaid2011*
>
> Email: zayyad@intrasofttechnologies.com
>
> Schedule Meetings: https://calendly.com/zayyadsaid
>
> [image: Description: Email banner]
>
> Mifos-developer mailing list
> mifos-developer@lists.sourceforge.net
> Unsubscribe or change settings at:
> https://lists.sourceforge.net/lists/listinfo/mifos-developer
>
>
RE: [Mifos-developer] Overdraft Savings Interest Posting
Posted by za...@intrasofttechnologies.com.
Hi Francis,
We need to add option for Daily in the Interest Posting Period.
There is no issue with calculation nor compounding.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid
From: Francis Guchie <fr...@gmail.com>
Sent: Monday, September 7, 2020 6:38 PM
To: Mifos software development <mi...@lists.sourceforge.net>
Cc: Dev <de...@fineract.apache.org>; A good place to start for users or folks new to Mifos. <mi...@lists.sourceforge.net>
Subject: Re: [Mifos-developer] Overdraft Savings Interest Posting
Dear Zayyad,
I am attaching an image as I am trying to understand your issue. Please make me understand it ( As i am interested in this too)
My Kind Regards
Francis Guchie Kirago
Skype: francisguchie
Whatsapp: 232 79 19 44 07
LINKEDIN: https://www.linkedin.com/in/francis-guchie-kirago-a4379617/
twitter: @FrancisGuchie
On Sun, Sep 6, 2020 at 10:27 PM <zayyad@intrasofttechnologies.com <ma...@intrasofttechnologies.com> > wrote:
Hello Devs,
We have a client interested to set up a credit line that has no fixed repayment period and borrowers can repay anytime even after a day or two.
Based on our analysis, the best solution for them is an overdraft savings facility.
We are however challenged by the fact that we do not have an option to set interest posting to Daily which is what they need.
They need the accrued interest daily to reflect as the balance in the account so that when a borrower decides to pay off full amount then the borrower can also clear the accrued interest.
Is there a way we can add the interest posting option of Daily in addition to what we already have i.e. Monthly, Quarterly, BiAnnual, and Annually?
If this can be provided then it will solve our headache.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid
Mifos-developer mailing list
mifos-developer@lists.sourceforge.net <ma...@lists.sourceforge.net>
Unsubscribe or change settings at:
https://lists.sourceforge.net/lists/listinfo/mifos-developer
Re: [Mifos-developer] Overdraft Savings Interest Posting
Posted by Francis Guchie <fr...@gmail.com>.
Dear Zayyad,
I am attaching an image as I am trying to understand your issue. Please
make me understand it ( As i am interested in this too)
[image: image.png]
My Kind Regards
Francis Guchie Kirago
*Skype:* francisguchie
*Whatsapp: *232 79 19 44 07
*LINKEDIN:* https://www.linkedin.com/in/francis-guchie-kirago-a4379617/
twitter: @FrancisGuchie
On Sun, Sep 6, 2020 at 10:27 PM <za...@intrasofttechnologies.com> wrote:
> Hello Devs,
>
>
>
> We have a client interested to set up a credit line that has no fixed
> repayment period and borrowers can repay anytime even after a day or two.
>
>
>
> Based on our analysis, the best solution for them is an overdraft savings
> facility.
>
>
>
> We are however challenged by the fact that we do not have an option to set
> interest posting to Daily which is what they need.
>
>
>
> They need the accrued interest daily to reflect as the balance in the
> account so that when a borrower decides to pay off full amount then the
> borrower can also clear the accrued interest.
>
>
>
> Is there a way we can add the interest posting option of Daily in addition
> to what we already have i.e. Monthly, Quarterly, BiAnnual, and Annually?
>
>
>
> If this can be provided then it will solve our headache.
>
>
>
> Regards;
>
> *********
>
> *Zayyad A. Said | Chairman & C.E.O*
>
> Cell No.: +254 716 615274 | Skype: *zsaid2011*
>
> Email: zayyad@intrasofttechnologies.com
>
> Schedule Meetings: https://calendly.com/zayyadsaid
>
> [image: Description: Email banner]
> Mifos-developer mailing list
> mifos-developer@lists.sourceforge.net
> Unsubscribe or change settings at:
> https://lists.sourceforge.net/lists/listinfo/mifos-developer