Fwd: [Mifos-users] First Interest Repayment Not Working in case of delayed/early payment

[Santosh Math <sa...@confluxtechnologies.com>]

Hi Edmore,

It is showing interest correctly based on loan product  configuration you
provided for the loan account 1108. Check the attached excel file and read
comments to understand it better.

For the loan account 1109, there is a configuration in loan product
level "Principal
Threshold (%) for Last Instalment". You can set it for the desired value to
adjust last installment.


---------- Forwarded message ----------
From: Edmore Tshuma <ed...@gmail.com>
Date: Tue, May 30, 2017 at 5:53 PM
Subject: Re: [Mifos-users] First Interest Repayment Not Working in case of
delayed/early payment
To: Santosh Math <sa...@confluxtechnologies.com>


Hi Santosh

 I have some scenarios here https://demo.openmf.org/#/viewloanaccount/1109
and here https://demo.openmf.org/#/viewloanaccount/1108. For the loan 1109
the interest  calculation on the first installment is correct ..The
installments however are uniform up to the last one which has a higher
figure. Most of the outstanding installment value has been pushed down to
this installment and accordingly the interest is being overcharged as well.
For loan 1108 the interest calculation for the first installment is wrong @
2209.32 instead of 2301.37.
Thanks for your assistance looking forward to your views perhaps there is
something else i'm missing.

On Tue, May 30, 2017 at 7:36 AM, Edmore Tshuma <ed...@gmail.com> wrote:

> Hi Santosh
> I am in the process of doing the same on the demo.Will update with the
> link once I'm through.
>
> Regards
> On 30 May 2017 07:06, "Santosh Math" <sa...@confluxtechnologies.com>
> wrote:
>
>> Hi Edmore,
>>
>> I am unable to reproduce your scenario. In my case interest is getting
>> charged correctly  irrespective of early or late repayments.
>>
>> Will you create same scenario in https://demo.openmf.org/#/ and share
>> the link of the loan account?
>>
>> Thanks
>> Santosh
>>
>> On Mon, May 29, 2017 at 7:54 PM, Edmore Tshuma <ed...@gmail.com>
>> wrote:
>>
>>> Hello guys'
>>>
>>> We have a somewhat similar scenario to the issue raised by Thomas
>>> Varghese. Whenever the first installment is received  late/early than the
>>> scheduled date the interest calculation either overcharges , undercharges
>>> OR at times its calculated correctly. Please refer to the schedules below
>>> (The account configuration is the same for all three loan transactions i.e
>>>  ) :
>>>
>>> Account configuration
>>>
>>> ​
>>>  Scenario 1: Interest overcharged
>>>
>>>
>>> The actual interest amount for first installment was supposed to be
>>> $1367.67 but calculation shows $1630.68 .The instalment was paid ealier by
>>> about 4 days.​
>>>
>>> Scenario 2: Interest calculated correctly
>>>
>>>
>>> Here the instalment was paid much later than the scheduled 30 days .The
>>> calculation however is correct at $2787.95
>>>
>>> Scenario 3: Interest undercharged​
>>>
>>>
>>> Here the first instalment is paid a little later than the 30 days. The
>>> interest is calculated as $1578.08​ (for 30 days) but the correct
>>> calculation using 46 days should give $2419.73
>>>
>>> I have noticed that the instalments are calculated correctly when the
>>> inititial instalment is paid at exactly 30 days as per account
>>> configuration.
>>>
>>> The product setup is as below:
>>>
>>>
>>> ​
>>>
>>> ​
>>>
>>>
>>



-- 
Thanks  and Regards
Santosh Math
Lead QA & Support
Conflux Technologies Pvt Ltd, Bengaluru
Skype:santoshmath99