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From "Edward Cable (JIRA)" <j...@apache.org>
Subject [jira] [Updated] (FINERACT-348) Issues when doing a "Close-As-Rescheduled" on a loan
Date Wed, 11 Jan 2017 13:58:58 GMT

     [ https://issues.apache.org/jira/browse/FINERACT-348?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]

Edward Cable updated FINERACT-348:
----------------------------------
    Labels: p1  (was: )

> Issues when doing a "Close-As-Rescheduled" on a loan	
> -----------------------------------------------------
>
>                 Key: FINERACT-348
>                 URL: https://issues.apache.org/jira/browse/FINERACT-348
>             Project: Apache Fineract
>          Issue Type: Bug
>          Components: Loan
>            Reporter: Santosh Math
>            Assignee: Markus Geiss
>            Priority: Critical
>              Labels: p1
>
> Reported by Binny at https://mifosforge.jira.com/browse/MIFOSX-1205
> Original Description:
> When closing a loan using the "Close (as Rescheduled)" button, the loan account is closed,
but there are no transactions or accounting entries made for this closure. This not correct.
> The following should be done:
> 1) A new transaction should be visible to user under transactions to show that the loan
was closed as rescheduled rather than leaving the loan as is without any changes. This means
that Mifos X should mkae a new entry m_loan_transaction table - with transaction_type_enum
= 7 and amount as the total outstanding amount (principal + interest + fees).
> 2) Ensure that the right accounting entries are made when closing the loan as "closed
(as rescheduled)". This involves:
> For loan products: capturing another General Ledger account head under “Rescheduled
in Suspense” – for example: “Rescheduled Loans Suspense Account”
> When closing as loan as rescheduled, passing the following entries:
> a) For Cash Accounting:
> Debit: Rescheduled Loan Suspense Account (with only principal outstanding amount)
> Credit: Loan portfolio
> b) For Accrual (upfront):
> Debit: Rescheduled Loan Suspense Account (sum of outstanding principal + interest + fees
+ penalties)
> Credit: Loan portfolio (with principal outstanding amount)
> Credit: Interest Receivable (with interest outstanding amount)
> Credit: Fees Receivable (with fees outstanding amount)
> Credit: Penalties Receivable (with penalties outstanding amount)
> c) For Accrual (periodic):
> Debit: Rescheduled Loan Suspense Account (sum of outstanding principal + interest receivable
accounted + fees receivable accounted + penalties receivable accounted)
> Credit: Loan portfolio (with principal outstanding amount)
> Credit: Interest Receivable (with interest receivable accounted)
> Credit: Fees Receivable (with fees receivable accounted)
> Credit: Penalties Receivable (with penalties receivable accounted)



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