Extend accruals accounting functionality to support prepaid income

Description

As described in MIFOSX-2093, the current accruals functionality is accruing interest in line with the schedule, regardless of whether the loan is prepaid or not. Therefore there is a situation whereby the actual payments will be booked into the Income Receivable (asset) account, for income that has not yet been accrued.

From an accounting and transparency perspective it should be better to track these prepaid amounts separately in a Liablity account, Prepaid Interest Income.

So:
a) when interest is received in advance:

  • Debit - Fund source

  • Credit – Interest Received in Advance

b) On the due date:

  • Debit – Interest Received in Advance

  • Credit – Interest Earned

Environment

None

Assignee

Sander van der Heyden

Reporter

Sander van der Heyden

URL

None

Story Points

None

Team

Core

Notify

None

productboard URL

None

Man Day Estimate

None

Components

Fix versions

Affects versions

Priority

Critical
Configure