Need a facility to apply arbitrary interest/dividend to a savings account

Description

Currently, for a savings account, there is a possibility to apply interest only automatically. In some cases, clients follow a custom computation to credit interest to a savings account. This computation may not be directly associated to the average balance or minimum balance for a period. And may not always be credited periodically.

Hence there is a need to have a facility to manually credit interest or dividend to a savings account.

We cannot use the deposit/withdrawal functionality as this implies a cash transaction (and the corresponding accounting entries are passed by Mifos).

Example:
An MFI does not pay interest on savings account. Instead, each group or center, takes stock of their operational surplus (profit) for a period. A portion of this profit is distributed amount members based on a certain formula (for example, based average balance across the last 12 months). If a feature is available to manually apply an interest amount, then the dividend can be computed for all members using a custom report and these amounts can be applied to each member's savings accounts using this feature.

This is similar to how shares are handled by credit unions/co-operative societies.

Environment

None

Activity

Show:
Chetan Bekkinkeri
March 13, 2012, 2:36 PM

for MifosX

Łukasz Babski
July 6, 2012, 9:00 AM

We will not work on this ticket because Implementation priority is Won't. I am closing this issue as 'Won't fix', it will be reopened if required.

Assignee

Unassigned

Reporter

Binny Gopinath Sreevas

Labels

Implementation Priority

Won't

URL

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Story Points

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Team

Core

Scheduled For

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Epic

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productboard URL

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Man Day Estimate

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Priority

Major
Configure