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From "Santosh Math (JIRA)" <j...@apache.org>
Subject [jira] [Created] (FINERACT-306) After Late repayment - interest is not computing properly in Repayment schedule page for the loan with interest recalculation
Date Wed, 14 Dec 2016 08:24:58 GMT
Santosh Math created FINERACT-306:
-------------------------------------

             Summary: After Late repayment - interest is not computing properly in Repayment
schedule page for the loan with interest recalculation
                 Key: FINERACT-306
                 URL: https://issues.apache.org/jira/browse/FINERACT-306
             Project: Apache Fineract
          Issue Type: Bug
          Components: Loan
            Reporter: Santosh Math
            Assignee: Markus Geiss


Reported by Subramanya at https://mifosforge.jira.com/browse/MIFOSX-2086

Original Description:
1. Create Loan product with following data-sets:
Principal:	10,000,
Number of Repayments:	12
Repay Every:	1  Months
Nominal Interest Rate:	1  Per month
Minimum days between disbursal and first repayment date	
Settings:
Amortization: Equal installments
Interest Method: Declining Balance
Interest Calculation Period:	Daily
Repayment Strategy: RBI (India)
Days in year:	Actual
Days in month:	Actual
Principal Threshold (%) for Last Installment:	0
Allow fixing of the installment amount:No
Interest Recalculation	
Recalculate Interest:	Yes
Advance payments adjustment type:	Reduce EMI amount
Pre-closure interest calculation rule:	Calculate till pre-closure date
Interest recalculation compounding on:	None
Frequency for recalculate Outstanding Principal:	Daily
Frequency Interval for recalculation:	1
Frequency Date for recalculation:	01-Jan-15
Is Arrears recognization based on original schedule:No
Loan Tranche Details	
Enable Multiple Disbursal:	TRUE
Maximum Tranche count:1
Maximum allowed outstanding balance:10000
2. Create a Client and submit new loan application for a client on 01 January 2015, with tranche
details as date 01 January 2015 and amount 10000 -> Approve and disburse on 01 January
2015.
3. Make repayment on 15 February 2015 (repayment due on 01 February 2015 but made late repayment).
> Interest calculated after 1st repayment is not proper.
Please refer the screen shot attached.



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