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4 Accounting rules
The user is expected Receivables at the time of product definition to select the “type” of accounting for the product and select his appropriate GL “Detail account” for the placeholders MifosX accounting module provides
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Would only involve posting to three new accounts (Expected Receivables "incomeType")
4.2.1 COA Snippet
HEAD | Placeholder |
Assets
| Cash |
Loan Portfolio | |
Expected Receivables Interest | |
Expected Receivables Fees | |
Expected Receivables Penalties | |
INCOME
| Interest on loans |
Income from fees | |
Income from Penalties | |
Expenses | Losses Written Off |
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Event | Debit | Credit |
Disbursal | Loan Portfolio | Cash |
Interest Applied | Expected Receivables Interest | Interest on loans |
Fee Applied | Expected Receivables fee | Income from fees |
Penalty Applied | Expected Receivables penalties | Income from Penalties |
Principal repayment | Cash | Loan Portfolio |
Interest repayment | Cash | Expected Receivables Interest |
Principal Write off | Losses Written Off | Loan Portfolio |
Fees payment | Cash | Expected Receivables fee |
Penalty payment | Cash | Expected Receivables penalties |
Interest write off | Losses Written Off | Expected Receivables Interest |
Fee write off | Losses Written Off | Expected Receivables fee |
Penalty write off | Losses Written Off | Expected Receivables penalties |
Example:Flat Loan type
Loan Amount: $ 12000
Interest Rate: 12%
Disbursement Date: 15-10-2012
Repayment StartDateStart-Date: 15-11-2012
Event: Loan Disbursement
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Account Description | Dr | Cr |
Cash Book |
| 1000012000 |
Loans & Advances Short Term Loan | 1000012000 |
|
Event: Month-end Accrued Interest Posting (Automated Journal Voucher Jobs or Process). This job posts the Accrued Interest posting to Interest Receivable control accounts on end last day of every month.
Mode: Automated process or Manual process which acts as bulk Journal Voucher postingManually Invoked process which computes the interest receivables from respective members and post the Journal Voucher to Financial accounting
Date: 31-10-2012
Account Description | Dr | Cr |
Interest Receivables | 120 |
|
Interest on IncomeLoans |
| 120 |
Event: Repayments done
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