fineract-issues mailing list archives

Site index · List index
Message view « Date » · « Thread »
Top « Date » · « Thread »
From "ASF GitHub Bot (JIRA)" <>
Subject [jira] [Commented] (FINERACT-491) Savings annual compound doesn't respect Fiscal month (in April)
Date Tue, 07 Nov 2017 12:44:00 GMT


ASF GitHub Bot commented on FINERACT-491:

GitHub user nazeer1100126 opened a pull request:

    FINERACT-491 :fiscal month compounding


You can merge this pull request into a Git repository by running:

    $ git pull fiscal_month

Alternatively you can review and apply these changes as the patch at:

To close this pull request, make a commit to your master/trunk branch
with (at least) the following in the commit message:

    This closes #423
commit 630c942fa386944c8d9d886ade41edb934971bf5
Author: nazeer shaik <>
Date:   2017-11-07T12:42:07Z

    FINERACT-491 :fiscal month compounding


> Savings annual compound doesn't respect Fiscal month (in April)
> ---------------------------------------------------------------
>                 Key: FINERACT-491
>                 URL:
>             Project: Apache Fineract
>          Issue Type: Bug
>          Components: Savings
>    Affects Versions: 1.0.0
>         Environment: Windows
>            Reporter: thynn win
>            Assignee: Shaik Nazeer Hussain
>            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.
> (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:
> 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.

This message was sent by Atlassian JIRA

View raw message