Loan Product and Accounting with Mifos

Mifos X users can easily create loan products for their clients and do accounting with the provided features. The features can be easily enabled in a few steps. The inputs are also highly customizable.

Creating Loan Product

Before you start:

Firstly, you have to enable the module that allows you to add dates to your inputs by using these steps:

1. Go to Admin → System.
   
   
   
   
2. Select the Configurations menu.
   
   
   
   
3. Search for the "organisation-start-date" menu by typing it in the search bar given. Mifos X will automatically filter the options based on what you type in the search bar.
   
   
   
   
4. You can now enable it by clicking the blue "Enable" button next to it.
   
   
   
   
5. Once it has been enabled, a red "Disable" button is displayed next to it.
   
   

Create your first loan product :

1. Go to Admin → Products from the top menu bar.
   
   
   
   
2. Here, you can create a variety of products (Loan Products, Savings Products, Share Products, etc.). In this example, we will be creating a loan product. Click on "Loan Products".
   
   
   
   
3. After clicking on Loan Product, you can make a new one by clicking on the blue "Create Loan Product" button.
   
   
   
   
4. Now, you can create your own first loan product with your own configurations. Fill in the fields as per your chosen configurations (NOTE: Fields marked with a red asterisk "*" are mandatory).
   
   
   
   
5. You can also enable the Accounting function at the end of the procedure (optional).

Creating loan product for your clients :

After creating your loan product, you can add it directly into your client's data. To do so, follow these steps:

1. Go to Clients → Clients from the top menu.
   
   
   
   
2. Select the Client you want the loan product to be added to (for this example, we are selecting Harris P.).
   
   
   
   
3. Here, you can see their loan account overview.
   
   
   
   
4. You can add a new loan product into your client's data by clicking on the blue "New Loan" button on the top of the page.
   
   
5. Now select the loan product you want from the drop-down menu.
   
   
   
   
6. Configure it and finish by clicking on the "Proceed" button.
   
   
   
   
7. Once you are done with the above steps, all that's left is to approve the loan product you wish to add.

Making repayments for your client's loan product:

To add repayments for your client's loan product, follow these steps:

1. Go to your client's data once more by navigating to Clients → Clients from the top menu bar and clicking on your client's name.
   
   
2. The loan account you wish to add a repayment for has to be accepted and disbursed first.
   
   
3. Select the loan product you want to repay and click on the dollar sign to make the repayment.
   
   
4. Fill in the required details.
   
   
5. Once the repayment is added successfully, it will be shown on the client's repayments list.

Rescheduling the client's loan account:

You can also reschedule the client's loan account by going to More → Reschedule in your client's loan account selections.