Corrections-Clarifications to v1.0 functional spec

Owned by Former user (Deleted)
Last updated: Sept 07, 2010Version comment
2 min read

How Savings Interest is Calculated and Posted to an account.

See also http://mifosforge.jira.com/browse/MIFOS-1551
> 1. I could not find anywhere to configure the fiscal year.> However I see that the code uses gregorian calendar.
I'll make sure that we clarify in the functional spec that the fiscal year can't be configured in Mifos-- and that it is assumed to be Jan 1st.
> 2. When I created a savings product (today 04-Dec-07) with 30 days for> interest calculation on min balance and 6 months for posting, in the> database it recorded the LAST_INT_CALC_DATE = NULL NEXT_INT_CALC_DATE> = 2007-12-22 NEXT_INT_POST_DATE = 2008-01-31
So from your note below, it sounds like Mifos starts counting the interest calculation date from the first of the fiscal year-- hence Dec 22nd.

In terms of the interest posting date-- im not sure why mifos calculates this date as the end of January. Seems like it should be the End of December as per the FS.

> When I changed the system date so that it would calculate the> interest, the dates were changed to LAST_INT_CALC_DATE => 2007-12-22 NEXT_INT_CALC_DATE = 2007-01-21 NEXT_INT_POST_DATE => 2008-01-31>>From the functional spec for savings product> http://www.mifos.org/knowledge/functional-specs/product-defini> tion#savings> I see that the "Time period for interest rate calculation"> has a note "Reference for time period is the start of fiscal year for> all product instances."
I'll make sure the functional spec clarifies that the fiscal year is assumed to be Jan 1st.
> And for "Frequency of interest posting to accounts" has a note> "Interest should be posted on the last day of the month for all the> accounts."
Yep, I remember this. I believe I'm to blame for this requirement (smile) . I didn't think there would ever be a need to post interest mid-month and I wanted to keep the requirements simple for our first release.
> What this means is that my months are based on number of days so if I> say 30 days, then in december (based on the Jan 1st fiscal year), my> interest calculation date becomes 2007-12-22, however the posting will> only happen at the end of the gregorian month (which in my example,> even when I had selected 6 months, the date became the end of the next> month).
Yeah, this seems like a bug. Should be Dec 31st.

Session Time Out configuration

See http://groups.google.com/group/mifosdeveloper/browse_thread/thread/801384b810de062a