Add ability to configure payment order: add possibility to always repay overdue interest first

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

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Activity

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Jakub Sławiński
August 9, 2012, 10:02 AM

Łukasz, can you check if the mentioned solution from hudsonBuild-MIFOS-5636 is working as expected? Moreover, it should be also added to the Declining Balance - Interest Recalculation type of loans. If everything is correct, please also add tests and merge everything into master.

Łukasz Wyszomirski
August 14, 2012, 9:52 AM

fixed in commit: dd596765374cb817bfca57beff422301cca57dc6

Build number: head-master-commit-1200

Łukasz Babski
August 17, 2012, 11:13 AM
Edited

Hi Lukasz,

there are two problems with 'repay overdue interest first' option.

First: if payment date is a due date of installment then current interest is not repaid as first. Applied payment is used to repay overdue fees, penalties and principals.

Second: There is a problem in Declining Balance - Interest Recalculation interest rate. Overdue interests (except first one) are not repaid to the end. See attached file.

Łukasz Wyszomirski
August 22, 2012, 7:51 AM

fixed in commit a107ec75fcb324298f37b6d41788658b3be5685b

Lukasz Chudy
August 23, 2012, 12:46 PM

Verified on 23.08.2012
Bug has been fixed properly.

Build Date: Wed Aug 22 02:57:29 PDT 2012
Build Number: hudson-head-master-archive-1048

Assignee

Łukasz Wyszomirski

Reporter

Lukasz Chudy

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Configure