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From "Santosh Math (JIRA)" <j...@apache.org>
Subject [jira] [Updated] (FINERACT-491) Savings annual compound doesn't respect Fiscal month (in April)
Date Tue, 04 Jul 2017 05:31:00 GMT

     [ https://issues.apache.org/jira/browse/FINERACT-491?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]

Santosh Math updated FINERACT-491:
----------------------------------
    Labels: p1  (was: )

> Savings annual compound doesn't respect Fiscal month (in April)
> ---------------------------------------------------------------
>
>                 Key: FINERACT-491
>                 URL: https://issues.apache.org/jira/browse/FINERACT-491
>             Project: Apache Fineract
>          Issue Type: Bug
>          Components: Savings
>    Affects Versions: 1.0.0
>         Environment: Windows
>            Reporter: thynn win
>            Assignee: Markus Geiss
>            Priority: Critical
>              Labels: p1
>         Attachments: sample.jpg
>
>
> We are observing that Mifos doesn’t respect the fiscal month in calculating interest
for savings.
>  
> For instance: we configured the fiscal year to start in April. The saving product is
annual interest with 15% and 365 days. Compounding is set to annual with daily balance.
> If we make a saving deposit of $1000 on June 23, 2016 and trying to post on April 1 2017,
our expectation is that the interest will be $115.89 (1000*282*0.0004109589).  
> There are a total of 282 days with daily interest rate of 0.0004109589 (1/365*0.15).

>  
> In Mifos, we are getting $118.81 instead. What we learned is that there is a compounding
happening on Dec 31, 2016 even though it’s not a fiscal year end. 
> From June 23 to Dec 31, there are 192 days and it’s getting a new available balance
on Jan 1. It’s compounding from Jan 1, 2017.
> https://demo.openmf.org/#/viewsavingaccount/887 (see screenshot)
>  
>  
> When digging through the code, even though Fiscal month is passed around in the interest
calculation, it wasn’t used when determining compounding periods. 
>    
> File: PostingPeriod.java
> Method: determineInterestPeriodEndDateFrom
> case ANNUAL:
>                 periodEndDate = periodStartDate.monthOfYear().withMaximumValue(); //This
is causing to default the compound period to Dec as period start year is 2016.
>                 periodEndDate = periodEndDate.dayOfMonth().withMaximumValue();
>  We are still trying to go through the logic and we’d greatly appreciate your help.
> This will become an issue in Jan 2018 as it's compounding when it's not supposed to be.
>  
> Thank you.



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