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Posted to user@fineract.apache.org by Lionel Raymundi - Poincenot <li...@poincenot.com> on 2016/12/27 12:35:14 UTC
Penalties on loans
Hello list,
I configured a penalty for loans, which consist of a percentage of the
interest of the installment, applied *with daily recurrency*.
[image: Imágenes integradas 2]
I've noticed two things, which I found not clear and maybe you can help me
1) The penalties are applied to the corresponding installment up to one day
after the duedate of the installement. I mean, if i have an installment
with duedate january 1st, penalties will be applied to it until january
2nd. If the client does not repay the next day neither, Penalties
corresponding to the 3rd will be applied to the next installment. Is this
configurable? Can I set that all penalties are applied to the first
installment which is not paid?
2) With the penalties configured as I did (percentage of interest, daily),
the calculation is not working after the last installment duedate. It seems
that a new installment is created after the last one, on which the
penalties should be calculated, but I cant make it work. Below, I attach an
image where you can see what I mean. All penalties are correctly calculated
until December 21th. After that there is no more penalties applied... how
can I fix that?
[image: Imágenes integradas 1]
Thanks in advance,
Lionel
Re: Penalties on loans
Posted by Lionel Raymundi - Poincenot <li...@poincenot.com>.
Thanks for your answer Adi,
Let me try to clarify item 1. First of all, it is not a requirement, it's
just something I want to understand and know if it is posible to configure.
I have configured overdue penalties which is 1% of the interest of the
installment per day after the duedate.
So, in the example [1], if the first installment is not repaid on term, a
penalty of 193.85 will be charged to the loan each day until the
installment is completely repaid.
The first day after repayment (if tolerance -as you said on item two- is
set to zero) will charge a penalty of 193.85 linked to the first
installment.
The second day after repayment, a new penalty of 193.85 is charged, but not
to the first installment. It is applied to the second.
Is it possible to configure something to make all penalties apply to the
same installment?
[1] https://demo.openmf.org/#/viewloanaccount/399
I will create the Jira for the second issue, thank you
Regards
Lionel
2016-12-28 3:58 GMT-03:00 Adi Raju <ad...@confluxtechnologies.com>:
> Hi Lionel,
>
>
>
> I couldn’t understand your requirement on point 1. Please elaborate more.
>
>
>
> On point 2: There are global configuration that allow for wait and grace
> periods before penalties are applied. That is the reason you are seeing
> penalties being applied only until few days prior to the current date. The
> last instalment is to provide a details for the overdue of the last
> instalment. Though the penalties are being applied, the instalment summary
> is not properly shown, which is a bug. Can you please raise an JIRA issue
> on apache fineract?
>
>
>
> *Regards,*
>
> *Adi Raju*
>
>
>
> *Principal Architect, **Conflux Technologies Pvt Ltd
> <http://www.confluxtechnologies.com/>*
>
> *Address*: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block,
> Bengaluru, Karnataka, 560043 INDIA
>
>
>
>
>
> Disclaimer: The information contained in this e-mail message and any
> files/attachment transmitted with it is confidential and for the sole use
> of the intended recipient(s) or entity identified. If you are not the
> intended recipient, please email: support@confluxtechnologies.com and
> destroy/delete all copies and attachment thereto along with the original
> message. Any unauthorised review, use, disclosure, dissemination,
> forwarding, printing or copying of this email or any action taken in
> reliance on this e-mail is strictly prohibited and is unlawful. The
> recipient acknowledges that Conflux Technologies Private Limited or its
> subsidiaries and associated companies are unable to exercise control or
> ensure or guarantee the integrity of/over the contents of the information
> contained in e-mail transmissions. Before opening any attachments, please
> check.
>
>
>
> [image: Finflux]
>
>
>
> *From:* Lionel Raymundi - Poincenot [mailto:lionel@poincenot.com]
> *Sent:* Tuesday, December 27, 2016 11:12 PM
> *To:* user@fineract.incubator.apache.org
> *Subject:* Re: Penalties on loans
>
>
>
> Sure, here is the case:
>
>
>
> https://demo.openmf.org/#/viewloanaccount/399
>
>
>
> The original loan had 8 installments with final maturity on 02 December
> 2016.
>
> A new installment was created with duedate 23 December 2016 after I run
> the apply penalties job (not sure why that particular date)
>
>
>
> Thanks again!
>
>
>
> 2016-12-27 12:37 GMT-03:00 Sampath Kumar G <sampath@confluxtechnologies.
> com>:
>
> Hi Lionel,
>
>
>
> Can you please reproduce the same in https://demo.openmf.org/#/ and share
> the URL of loan or loan account number.
>
>
>
> On Dec 27, 2016 6:05 PM, "Lionel Raymundi - Poincenot" <
> lionel@poincenot.com> wrote:
>
> Hello list,
>
>
>
> I configured a penalty for loans, which consist of a percentage of the
> interest of the installment, applied *with daily recurrency*.
>
> [image: Imágenes integradas 2]
>
> I've noticed two things, which I found not clear and maybe you can help me
>
>
>
> 1) The penalties are applied to the corresponding installment up to one
> day after the duedate of the installement. I mean, if i have an installment
> with duedate january 1st, penalties will be applied to it until january
> 2nd. If the client does not repay the next day neither, Penalties
> corresponding to the 3rd will be applied to the next installment. Is this
> configurable? Can I set that all penalties are applied to the first
> installment which is not paid?
>
>
>
> 2) With the penalties configured as I did (percentage of interest, daily),
> the calculation is not working after the last installment duedate. It seems
> that a new installment is created after the last one, on which the
> penalties should be calculated, but I cant make it work. Below, I attach an
> image where you can see what I mean. All penalties are correctly calculated
> until December 21th. After that there is no more penalties applied... how
> can I fix that?
>
>
>
> [image: Imágenes integradas 1]
>
>
>
> Thanks in advance,
>
>
>
> Lionel
>
>
>
RE: Penalties on loans
Posted by Adi Raju <ad...@confluxtechnologies.com>.
Hi Lionel,
I couldn’t understand your requirement on point 1. Please elaborate more.
On point 2: There are global configuration that allow for wait and grace periods before penalties are applied. That is the reason you are seeing penalties being applied only until few days prior to the current date. The last instalment is to provide a details for the overdue of the last instalment. Though the penalties are being applied, the instalment summary is not properly shown, which is a bug. Can you please raise an JIRA issue on apache fineract?
Regards,
Adi Raju
Principal Architect, <http://www.confluxtechnologies.com/> Conflux Technologies Pvt Ltd
Address: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, Karnataka, 560043 INDIA
Disclaimer: The information contained in this e-mail message and any files/attachment transmitted with it is confidential and for the sole use of the intended recipient(s) or entity identified. If you are not the intended recipient, please email: <ma...@confluxtechnologies.com> support@confluxtechnologies.com and destroy/delete all copies and attachment thereto along with the original message. Any unauthorised review, use, disclosure, dissemination, forwarding, printing or copying of this email or any action taken in reliance on this e-mail is strictly prohibited and is unlawful. The recipient acknowledges that Conflux Technologies Private Limited or its subsidiaries and associated companies are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail transmissions. Before opening any attachments, please check.
Finflux
From: Lionel Raymundi - Poincenot [mailto:lionel@poincenot.com]
Sent: Tuesday, December 27, 2016 11:12 PM
To: user@fineract.incubator.apache.org
Subject: Re: Penalties on loans
Sure, here is the case:
https://demo.openmf.org/#/viewloanaccount/399
The original loan had 8 installments with final maturity on 02 December 2016.
A new installment was created with duedate 23 December 2016 after I run the apply penalties job (not sure why that particular date)
Thanks again!
2016-12-27 12:37 GMT-03:00 Sampath Kumar G <sa...@confluxtechnologies.com>:
Hi Lionel,
Can you please reproduce the same in https://demo.openmf.org/#/ and share the URL of loan or loan account number.
On Dec 27, 2016 6:05 PM, "Lionel Raymundi - Poincenot" <li...@poincenot.com> wrote:
Hello list,
I configured a penalty for loans, which consist of a percentage of the interest of the installment, applied with daily recurrency.
Imágenes integradas 2
I've noticed two things, which I found not clear and maybe you can help me
1) The penalties are applied to the corresponding installment up to one day after the duedate of the installement. I mean, if i have an installment with duedate january 1st, penalties will be applied to it until january 2nd. If the client does not repay the next day neither, Penalties corresponding to the 3rd will be applied to the next installment. Is this configurable? Can I set that all penalties are applied to the first installment which is not paid?
2) With the penalties configured as I did (percentage of interest, daily), the calculation is not working after the last installment duedate. It seems that a new installment is created after the last one, on which the penalties should be calculated, but I cant make it work. Below, I attach an image where you can see what I mean. All penalties are correctly calculated until December 21th. After that there is no more penalties applied... how can I fix that?
Imágenes integradas 1
Thanks in advance,
Lionel
Re: Penalties on loans
Posted by Lionel Raymundi - Poincenot <li...@poincenot.com>.
Sure, here is the case:
https://demo.openmf.org/#/viewloanaccount/399
The original loan had 8 installments with final maturity on 02 December 2016
.
A new installment was created with duedate 23 December 2016 after I run the
apply penalties job (not sure why that particular date)
Thanks again!
2016-12-27 12:37 GMT-03:00 Sampath Kumar G <sa...@confluxtechnologies.com>
:
> Hi Lionel,
>
> Can you please reproduce the same in https://demo.openmf.org/#/ and share
> the URL of loan or loan account number.
>
> On Dec 27, 2016 6:05 PM, "Lionel Raymundi - Poincenot" <
> lionel@poincenot.com> wrote:
>
>> Hello list,
>>
>> I configured a penalty for loans, which consist of a percentage of the
>> interest of the installment, applied *with daily recurrency*.
>> [image: Imágenes integradas 2]
>> I've noticed two things, which I found not clear and maybe you can help me
>>
>> 1) The penalties are applied to the corresponding installment up to one
>> day after the duedate of the installement. I mean, if i have an installment
>> with duedate january 1st, penalties will be applied to it until january
>> 2nd. If the client does not repay the next day neither, Penalties
>> corresponding to the 3rd will be applied to the next installment. Is this
>> configurable? Can I set that all penalties are applied to the first
>> installment which is not paid?
>>
>> 2) With the penalties configured as I did (percentage of interest,
>> daily), the calculation is not working after the last installment duedate.
>> It seems that a new installment is created after the last one, on which the
>> penalties should be calculated, but I cant make it work. Below, I attach an
>> image where you can see what I mean. All penalties are correctly calculated
>> until December 21th. After that there is no more penalties applied... how
>> can I fix that?
>>
>> [image: Imágenes integradas 1]
>>
>> Thanks in advance,
>>
>> Lionel
>>
>
Re: Penalties on loans
Posted by Sampath Kumar G <sa...@confluxtechnologies.com>.
Hi Lionel,
Can you please reproduce the same in https://demo.openmf.org/#/ and share
the URL of loan or loan account number.
On Dec 27, 2016 6:05 PM, "Lionel Raymundi - Poincenot" <li...@poincenot.com>
wrote:
> Hello list,
>
> I configured a penalty for loans, which consist of a percentage of the
> interest of the installment, applied *with daily recurrency*.
> [image: Imágenes integradas 2]
> I've noticed two things, which I found not clear and maybe you can help me
>
> 1) The penalties are applied to the corresponding installment up to one
> day after the duedate of the installement. I mean, if i have an installment
> with duedate january 1st, penalties will be applied to it until january
> 2nd. If the client does not repay the next day neither, Penalties
> corresponding to the 3rd will be applied to the next installment. Is this
> configurable? Can I set that all penalties are applied to the first
> installment which is not paid?
>
> 2) With the penalties configured as I did (percentage of interest, daily),
> the calculation is not working after the last installment duedate. It seems
> that a new installment is created after the last one, on which the
> penalties should be calculated, but I cant make it work. Below, I attach an
> image where you can see what I mean. All penalties are correctly calculated
> until December 21th. After that there is no more penalties applied... how
> can I fix that?
>
> [image: Imágenes integradas 1]
>
> Thanks in advance,
>
> Lionel
>