This feature allows a loan to be disbursed directly into the savings account of a client (rather than disburse it via any Payment modes like Cash, Check etc.)
User Stories:
a) As a Loan Officer or Branch Staff, I wish to disburse any loan directly to a savings or current account
b) As an administrator, I wish to allow loans to be disbursed to savings account by setting the global parameter "Allow Disbursal to Savings Account" to true (or false - to disallow the same)
Business Rules:
a) Loans will be disbursed only to the client's own savings accounts and not to any other client's savings accounts.
b) The target Savings account has to be active
c) The Savings account should have been activated before the disbursal date
d) The "Allow Disbursal to Savings Account" should be set to true
e) When disbursing to a savings account, the payment type will be set to the "Default Payment Type When Disbursing to Savings Account"
Loan Disbursal Screen to be modified to allow selection of one of the client's savings accounts during disbursal.
Global Configurations screen to be modified to have a parameter to allow for disbursal to savings account.
Journal Entry to be passed when disbursing to a savings account:
Debit: "Loan Portfolio" Asset Account
Credit: The selected Savings account product's "Savings Control" Liability Account
Undo disbursal should be supported. The accounting entries should be reversed and the disbursal amount should be recovered from the savings account. If savings account does not have sufficient balance then the reversal will fail with relevant error message.
Savings transaction screen should show disbursal transactions and reverse disbursal transaction clearly (rather than just showing these transactions as deposits and withdrawals).
- for reverse disbursal - the withdrawal should be shown as "withdrawal for reversal loan disbursal - <loan account number>"