Details
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Type:
Improvement
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Status: Ready for Showcase
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Priority:
Critical
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Resolution: Fixed
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Affects Version/s: 2.3.3
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Component/s: Loan Account
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Team:Core
Description
Currently, the order of loan payments is always the same:
1. 1st installment's: Misc Penalty, Penalty, Misc Fees, Fees, Interest, Principal
2. 2nd installment's: Misc Penalty, Penalty, Misc Fees, Fees, Interest, Principal
3. 3rd installment's...
There is a need to add configuration setting which will allow to change the default order of payments to the following one:
1. All overdue/current Interest
2. 1st installment's: Misc Penalty, Penalty, Misc Fees, Fees, Principal
3. 2nd installment's: Misc Penalty, Penalty, Misc Fees, Fees, Principal
4. 3rd installment's...
This means we need to add a single option to choose from the following repayment strategies:
- the old payment order
- always repay overdue interest first
Related discussions:
1. https://groups.google.com/forum/?fromgroups#!msg/mifosusers/pLdY-7HtJkc/zEe3lWwrN8gJ
2. https://groups.google.com/forum/#!topic/mifosusers/hCswn7FS9DQ
Attachments
Issue links
- is blocking
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MIFOS2X-5731 Advance & underpayment scenarios for DecBalance Int type
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- Reopened
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- is duplicated by
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MIFOS2X-5424 Need Ability to configure the Loan repayment order for MFIs
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- Closed
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