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List: mifos-developer
Subject: Re: [Mifos-developer] Doubt with Interest income
From: Mexina Daniel <mexina () singo ! africa>
Date: 2019-04-25 5:49:14
Message-ID: 125797624.37464.1556170635074 () webmail ! singo ! africa
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Hello Rashon
Together with understanding of the concepts from the ink provided by Santosh.
Since you were using a "make repayment" button, my explanation below will hold if \
"Recalculate Interest" will be not enabled.
As we know for accrual accounting, the interest income will be recognized until the \
due date arrived, it is expected from the system even after the loan is closed, once \
the actual dates of installments that were prepayed arrives, the system to run \
accrual to those installments and hence it will update to the interest income. Until \
it reach the maturity date, the interest income will be 9,389 for your case.
Unfortunately, i have tested and see the system doesn't run accruals for closed loans \
and hence the result that you are getting. At the maturity date, the accrued income \
from interest should be the same as the money collected from interest income.
Hello Santosh
Can you confirm this so that we can push a PR in Fineract for this?
Regards
> On April 24, 2019 at 1:04 PM Santosh Math <santosh@confluxtechnologies.com> wrote:
>
>
> Hi Roshan,
> Before we discuss, please understand the functionality of prepay loan and Interest \
> Recalculation by referring the folloiwng user manual links:
> https://mifosforge.jira.com/wiki/spaces/docs/pages/81723420/Making+Prepay+of+the+loan
>
> https://mifosforge.jira.com/wiki/spaces/docs/pages/81723469/How+to+Prepay+a+Loan+Account
>
> https://mifosforge.jira.com/wiki/spaces/docs/pages/82149390/Recalculate+Interest
>
>
> On Wed, Apr 24, 2019 at 12:21 PM Roshan Ratnaweera <roshancl85@gmail.com \
> mailto:roshancl85@gmail.com > wrote:
> > > Dear Santosh,
> >
> > I'm waiting for your reply.
> >
> > Regards,
> > Roshan.
> >
> > On Tue, Apr 23, 2019 at 10:03 AM Roshan Ratnaweera <roshancl85@gmail.com \
> > mailto:roshancl85@gmail.com > wrote:
> > > > > Dear Santosh,
> > >
> > > There is no preclose button but "prepay loan" is available(we are using 17.07 \
> > > version). Anyway we are using "make repayment" button to do every repayments. I \
> > > have no idea about IR option also but Interest Calculation Period is same as \
> > > repayment period. Here with attached loan product information. Please advise me \
> > > if I am doing wrong things.
> > > Thank you,
> > > Roshan Ratnaweera.
> > >
> > > On Mon, Apr 22, 2019 at 3:32 PM Santosh Math <santosh@confluxtechnologies.com \
> > > mailto:santosh@confluxtechnologies.com > wrote:
> > > > > > > Hi Roshan,
> > > > How did you preclose the loan? Using Precose loan button or directly paying \
> > > > through 'Make Repayment' button?
> > > > Is your loan product enabled with IR? What is the interest calculation \
> > > > period?
> > > > On Fri, Apr 19, 2019 at 12:42 PM Roshan Ratnaweera <roshancl85@gmail.com \
> > > > mailto:roshancl85@gmail.com > wrote:
> > > > > > > > > Dear Community,
> > > > >
> > > > > Could someone explain me this ?
> > > > >
> > > > > On Tue, Apr 16, 2019, 8:44 PM Roshan Ratnaweera <roshancl85@gmail.com \
> > > > > mailto:roshancl85@gmail.com > wrote:
> > > > > > > > > > > Dear All,
> > > > > >
> > > > > > I have doubt about interest income recognition when a loan is settled \
> > > > > > before expected mature done date.
> > > > > > I retrieved account entries of early settled loan from database. Its sum \
> > > > > > of income interest is less than actual interest portion.
> > > > > > So please kindly let me know, how effect above scenario for income \
> > > > > > statement report.
> > > > > > Here with attached loan information, Repayment schedule, Transactions, \
> > > > > > All account entries, Interest income account entries, Loan product \
> > > > > > account information of above mentioned loan.
> > > > > > Your earliest attention is highly appreciated.
> > > > > >
> > > > > > Thanks & Regards
> > > > > >
> > > > > > > > > > > Mifos-developer mailing list
> > > > > mifos-developer@lists.sourceforge.net \
> > > > > mailto:mifos-developer@lists.sourceforge.net Unsubscribe or change settings \
> > > > > at: https://lists.sourceforge.net/lists/listinfo/mifos-developer
> > > > >
> > > > > > > > >
> > > >
> > > > --
> > > > Thanks & Regards
> > > >
> > > > Santosh Math
> > > > QA Engineer
> > > > Conflux Technologies Pvt Ltd http://www.confluxtechnologies.com/
> > > > > Office: +91-080-41208662 |
> > > >
> > > > Address: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, \
> > > > Karnataka, 560043 INDIA Mifos-developer mailing list
> > > > mifos-developer@lists.sourceforge.net \
> > > > mailto:mifos-developer@lists.sourceforge.net Unsubscribe or change settings \
> > > > at: https://lists.sourceforge.net/lists/listinfo/mifos-developer
> > > >
> > > > > > >
> > > > >
> > >
>
> --
> Thanks & Regards
>
> Santosh Math
> QA Engineer
> Conflux Technologies Pvt Ltd http://www.confluxtechnologies.com/
> > Office: +91-080-41208662 |
>
> Address: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, \
> Karnataka, 560043 INDIA
Mexina Daniel
Singo Africa Limited
Mbezi Beach "B" | Mwai Kibaki Road | 6 Wasafi Str.
P.O BOX 78908 | 14121 Dar es salaam
+255 71 211 0791 | +255 22 261 8511
amala.co.tz https://amala.co.tz/ | singo.africa https://singo.africa
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</head><body><p>Hello Rashon</p><p>Together with understanding of the concepts from \
the ink provided by Santosh.</p><p>Since you were using a "make repayment" \
button, my explanation below will hold if "Recalculate Interest" will be not \
enabled.</p><p>As we know for accrual accounting, the interest income will be \
recognized until the due date arrived, it is expected from the system even after the \
loan is closed, once the actual dates of installments that were prepayed arrives, the \
system to run accrual to those installments and hence it will update to the interest \
income. Until it reach the maturity date, the interest income will be 9,389 for your \
case.</p><p>Unfortunately, i have tested and see the system doesn't run accruals \
for closed loans and hence the result that you are getting. At the maturity date, the \
accrued income from interest should be the same as the money collected from interest \
income.</p><p>Hello Santosh</p><p>Can you confirm this so that we can push a PR in \
Fineract for this?</p><p>Regards</p><blockquote type="cite">On April 24, 2019 at 1:04 \
PM Santosh Math <santosh@confluxtechnologies.com> wrote:<br><br><div \
dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div \
class="ox-b70a1f65cc-gmail_default" style="font-size: small; color: \
#000000;"> <br></div><div class="ox-b70a1f65cc-gmail_default"><div \
class="ox-b70a1f65cc-gmail_default" style="color: #000000; font-size: small;">Hi \
Roshan,</div><div class="ox-b70a1f65cc-gmail_default" style="color: #000000; \
font-size: small;">Before we discuss, please understand the functionality of prepay \
loan and Interest Recalculation by referring the folloiwng user manual \
links: <br></div><div class="ox-b70a1f65cc-gmail_default" style="color: #000000; \
font-size: small;"><br></div><div class="ox-b70a1f65cc-gmail_default"><span \
style="color: #000000;"><a \
href="https://mifosforge.jira.com/wiki/spaces/docs/pages/81723420/Making+Prepay+of+the \
+loan">https://mifosforge.jira.com/wiki/spaces/docs/pages/81723420/Making+Prepay+of+the+loan</a></span><br></div><div \
class="ox-b70a1f65cc-gmail_default"><span style="color: \
#000000;"><br></span></div><div class="ox-b70a1f65cc-gmail_default"><span \
style="color: #000000;"><a \
href="https://mifosforge.jira.com/wiki/spaces/docs/pages/81723469/How+to+Prepay+a+Loan \
+Account">https://mifosforge.jira.com/wiki/spaces/docs/pages/81723469/How+to+Prepay+a+Loan+Account</a><br></span></div><div \
class="ox-b70a1f65cc-gmail_default"><span style="color: \
#000000;"><br></span></div><div class="ox-b70a1f65cc-gmail_default"><span \
style="color: #000000;"><a \
href="https://mifosforge.jira.com/wiki/spaces/docs/pages/82149390/Recalculate+Interest \
">https://mifosforge.jira.com/wiki/spaces/docs/pages/82149390/Recalculate+Interest</a><br></span></div></div><div \
class="ox-b70a1f65cc-gmail_default" style="font-size: small; color: \
#000000;"><br></div></div></div></div></div><br><div \
class="ox-b70a1f65cc-gmail_quote"><div dir="ltr" class="ox-b70a1f65cc-gmail_attr">On \
Wed, Apr 24, 2019 at 12:21 PM Roshan Ratnaweera <<a \
href="mailto:roshancl85@gmail.com" target="_blank">roshancl85@gmail.com</a>> \
wrote:<br></div><blockquote><div dir="ltr">Dear Santosh,<div><br></div><div>I'm \
waiting for your \
reply.</div><div><br></div><div>Regards,</div><div>Roshan.</div></div><br><div \
class="ox-b70a1f65cc-gmail_quote"><div dir="ltr" class="ox-b70a1f65cc-gmail_attr">On \
Tue, Apr 23, 2019 at 10:03 AM Roshan Ratnaweera <<a \
href="mailto:roshancl85@gmail.com" target="_blank">roshancl85@gmail.com</a>> \
wrote:<br></div><blockquote><div dir="ltr"><div dir="ltr">Dear \
Santosh,<br><div><br></div><div>There is no <span style="color: \
#000000;">preclose</span><span style="color: #000000;"> button but "prepay \
loan"  is available(we are using 17.07 version). Anyway w</span>e are using \
"make repayment" button to do every repayments. I have no idea about IR \
option also but Interest Calculation Period is same as repayment period. Here \
with attached loan product information.</div><div>Please advise me if I am doing \
wrong things.</div><div><br></div><div>Thank you,</div><div>Roshan \
Ratnaweera.</div></div></div><br><div class="ox-b70a1f65cc-gmail_quote"><div \
dir="ltr" class="ox-b70a1f65cc-gmail_attr">On Mon, Apr 22, 2019 at 3:32 PM Santosh \
Math <<a href="mailto:santosh@confluxtechnologies.com" \
target="_blank">santosh@confluxtechnologies.com</a>> \
wrote:<br></div><blockquote><div dir="ltr"><div class="ox-b70a1f65cc-gmail_default" \
style="font-size: small; color: #000000;">Hi Roshan,</div><div \
class="ox-b70a1f65cc-gmail_default" style="font-size: small; color: #000000;">How did \
you preclose the loan? Using Precose loan button or directly paying through 'Make \
Repayment' button? </div><div class="ox-b70a1f65cc-gmail_default" \
style="font-size: small; color: #000000;"><br></div><div \
class="ox-b70a1f65cc-gmail_default" style="font-size: small; color: \
#000000;"> Is your loan product enabled with IR? What is the interest \
calculation period? </div></div><br><div class="ox-b70a1f65cc-gmail_quote"><div \
dir="ltr" class="ox-b70a1f65cc-gmail_attr">On Fri, Apr 19, 2019 at 12:42 PM Roshan \
Ratnaweera <<a href="mailto:roshancl85@gmail.com" \
target="_blank">roshancl85@gmail.com</a>> wrote:<br></div><blockquote><div \
dir="auto">Dear Community,<div dir="auto"><br></div><div dir="auto">Could someone \
explain me this ?</div></div><br><div class="ox-b70a1f65cc-gmail_quote"><div \
dir="ltr" class="ox-b70a1f65cc-gmail_attr">On Tue, Apr 16, 2019, 8:44 PM Roshan \
Ratnaweera <<a href="mailto:roshancl85@gmail.com" \
target="_blank">roshancl85@gmail.com</a>> wrote:<br></div><blockquote><div \
dir="ltr">Dear All,<br><div><br></div><div>I have doubt about interest income \
recognition when a loan is settled before expected mature done \
date.</div><div><br></div><div>I retrieved account entries of early settled loan from \
database. Its sum of income interest is less than actual interest \
portion. </div><div><br></div><div>So please kindly let me know, how effect \
above scenario for income statement report.</div><div><br></div><div>Here with \
attached loan information, Repayment schedule, Transactions, All account entries, \
Interest income account entries, Loan product account information of above mentioned \
loan.</div><div><br></div><div>Your earliest attention is highly \
appreciated.</div><div><br></div><div>Thanks & \
Regards</div></div></blockquote></div>Mifos-developer mailing list<br> <a \
href="mailto:mifos-developer@lists.sourceforge.net" \
target="_blank">mifos-developer@lists.sourceforge.net</a><br> Unsubscribe or change \
settings at:<br> <a href="https://lists.sourceforge.net/lists/listinfo/mifos-developer" \
target="_blank">https://lists.sourceforge.net/lists/listinfo/mifos-developer</a></blockquote></div><br \
clear="all"><div><br></div>-- <br><div dir="ltr" \
class="ox-b70a1f65cc-gmail-m_-5104944126213671862gmail-m_1154009455465508374gmail-m_-3844001568197702611gmail-m_-4354425852568385225gmail_signature"><div \
dir="ltr"><div style="font-family: garamond,serif; font-size: large;"><span \
style="color: #000000;"><span style="font-family: Calibri,sans-serif; font-size: \
11pt;">Thanks & Regards</span><br></span></div><div style="font-size: \
12.8px;"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div \
dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><p \
style="font-size: 12.8px; margin: 0cm 0cm 0.0001pt;"> <br></p><p \
style="font-size: 12.8px; margin: 0cm 0cm 0.0001pt;"><span style="font-size: 11pt; \
font-family: Calibri,sans-serif;"><span style="color: #000000;">Santosh \
Math</span></span></p><p style="font-size: 12.8px; margin: 0cm 0cm 0.0001pt;"><em>QA \
Engineer</em></p><p style="font-size: 12.8px; margin: 0cm 0cm 0.0001pt;"><em \
style="font-size: 12.8px;"><span style="font-size: 9.5pt; font-family: \
Arial,sans-serif; color: #7f7f7f;"><a href="http://www.confluxtechnologies.com/" \
style="color: #1155cc;" target="_blank">Conflux Technologies Pvt \
Ltd</a></span></em><br></p></div><div dir="ltr"><span style="font-size: \
12.8px;"><span style="font-size: 9pt; font-family: Arial,sans-serif; color: \
gray;">| </span></span><strong style="font-size: 12.8px;"><span \
style="font-size: 9pt; font-family: Arial,sans-serif; color: \
gray;">Office</span></strong><span style="font-size: 12.8px;"><span style="font-size: \
9pt; font-family: Arial,sans-serif; color: gray;">: +91-080-41208662 \
|</span></span><span style="color: gray; font-family: Arial,sans-serif; font-size: \
9pt;"> </span><br></div><div dir="ltr"><p style="font-size: 12.8px; margin: 3pt \
0cm 0.0001pt;"> <br></p><p style="font-size: 12.8px; margin: 0cm 0cm \
0.0001pt;"><strong><span style="font-size: 9pt; line-height: 12.84px; font-family: \
Arial,sans-serif; color: gray;">Address</span></strong><span style="font-size: 9pt; \
line-height: 12.84px; font-family: Arial,sans-serif; color: gray;">: #304, 2nd \
Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, Karnataka, \
560043 INDIA</span></p></div></div></div></div></div></div></div></div></div></div></div></div>Mifos-developer \
mailing list<br> <a href="mailto:mifos-developer@lists.sourceforge.net" \
target="_blank">mifos-developer@lists.sourceforge.net</a><br> Unsubscribe or change \
settings at:<br> <a href="https://lists.sourceforge.net/lists/listinfo/mifos-developer" \
target="_blank">https://lists.sourceforge.net/lists/listinfo/mifos-developer</a></blockquote></div></blockquote></div></blockquote></div><br \
clear="all"><div><br></div>-- <br><div dir="ltr" \
class="ox-b70a1f65cc-gmail-m_-5104944126213671862gmail_signature"><div dir="ltr"><div \
style="font-family: garamond,serif; font-size: large;"><span style="color: \
#000000;"><span style="font-family: Calibri,sans-serif; font-size: 11pt;">Thanks \
& Regards</span><br></span></div><div style="font-size: 12.8px;"><div \
dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div \
dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><p style="font-size: 12.8px; \
margin: 0cm 0cm 0.0001pt;"> <br></p><p style="font-size: 12.8px; margin: 0cm 0cm \
0.0001pt;"><span style="font-size: 11pt; font-family: Calibri,sans-serif;"><span \
style="color: #000000;">Santosh Math</span></span></p><p style="font-size: 12.8px; \
margin: 0cm 0cm 0.0001pt;"><em>QA Engineer</em></p><p style="font-size: 12.8px; \
margin: 0cm 0cm 0.0001pt;"><em style="font-size: 12.8px;"><span style="font-size: \
9.5pt; font-family: Arial,sans-serif; color: #7f7f7f;"><a \
href="http://www.confluxtechnologies.com/" style="color: #1155cc;" \
target="_blank">Conflux Technologies Pvt Ltd</a></span></em><br></p></div><div \
dir="ltr"><span style="font-size: 12.8px;"><span style="font-size: 9pt; font-family: \
Arial,sans-serif; color: gray;">| </span></span><strong style="font-size: \
12.8px;"><span style="font-size: 9pt; font-family: Arial,sans-serif; color: \
gray;">Office</span></strong><span style="font-size: 12.8px;"><span style="font-size: \
9pt; font-family: Arial,sans-serif; color: gray;">: +91-080-41208662 \
|</span></span><span style="color: gray; font-family: Arial,sans-serif; font-size: \
9pt;"> </span><br></div><div dir="ltr"><p style="font-size: 12.8px; margin: 3pt \
0cm 0.0001pt;"> <br></p><p style="font-size: 12.8px; margin: 0cm 0cm \
0.0001pt;"><strong><span style="font-size: 9pt; line-height: 12.84px; font-family: \
Arial,sans-serif; color: gray;">Address</span></strong><span style="font-size: 9pt; \
line-height: 12.84px; font-family: Arial,sans-serif; color: gray;">: #304, 2nd \
Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, Karnataka, \
560043 INDIA</span></p></div></div></div></div></div></div></div></div></div></div></div></div></blockquote><p><br></p><div \
class="io-ox-signature"><p>Mexina Daniel<br></p><p><span \
class="ox-0d00ad53bb-ZmSearchResult">Singo </span>Africa Limited</p><p>Mbezi \
Beach "B"  | Mwai Kibaki Road | 6 Wasafi Str.<br>P.O BOX 78908 | 14121 \
Dar es salaam</p><p>+255 71 211 0791 | +255 22 261 8511</p><p><a \
href="https://amala.co.tz/">amala.co.tz</a> | <a \
href="https://singo.africa">singo.africa</a></p><p>  <img \
class="upload-image-10088 aspect-ratio" style="width: 50px; height: 17px; border: \
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