[Mifos-users] PCG Partners Issue

[Dayna Harp]

Can anyone in the community help Sam out with this one?

Begin forwarded message:

From: Sam Art Nut <samar...@pro-cg.com>

Subject: Issue on Mifos X

Date: May 21, 2015 at 11:15:29 AM CST

To: Sangamesh N <sang...@confluxtechnologies.com>, Ed Cable <edc...@mifos.org>, Dayna Harp <dh...@mifos.org>

Dear All,

I just find out an issue relate to loan prepayment and repayment. 

First when I made a loan prepayment, the prepaid loan still has balance. The system captured amount for prepayment incorrectly. I noticed that system incorrectly allocated amount between loan outstanding and accrued interest. It tends to overstate accrued interest and understate loan outstanding in the following entries:

Dr. Cash

Cr. Loan outstanding

Cr. Accrued Interest

Second, when we make loan repayment before due date, the transaction was recorded incorrectly as below:

Dr. Cash

Cr. Loan outstanding

Cr. Accrued Interest

The correct entries should be 

Dr. Cash

Cr. Customer deposit (liability) 

and on the due date, the entries should be recorded as 

Dr. Customer deposit

Cr. Loan outstanding

Cr. Accrued interest.

These errors seriously affect the quality financial report. I suggest you consider it as urgent priority and I would like to request any person from your team to discus in detail.

Best regards,

--

***************************************
NUT SAM ART, ACCA, CPA (KH)
Director, Business and Financial Management Consulting


PCG & Partners Co., Ltd
#113 (Parkway Square 1st floor) Room 1-21, Mao Tse Toung Blvd, Khan Chamkamorn, Phnom Penh, Cambodia
Mobile: (855) 12 403 239 mail: samar...@pro-cg.com Skype: samart.nut Website: www.pro-cg.com

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[Sangamesh Nadagoudar]

Hello Sam, 

Sorry I dint get a chance to reply you earlier. 

With respect to the prepay loan, I tried to reproduce on demo instance and was able to prepay the loan. Here are the details: https://demo.openmf.org, Loan id: 000000245 & client name:sangamesh nadagoudar. 

Regarding the accounting entries, would you be able to reproduce the same in Mifos X - demo and provide indetail explanation of your expectation. 

Thanks,

Sangamesh

 

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[Sangamesh Nadagoudar]

Alright Sam, Please come on skype will have discussion on this. 

Thanks,

Sangamesh

On Mon, May 25, 2015 at 10:09 PM, Sam Art Nut <samar...@pro-cg.com> wrote:

Dear Sangamesh,

First, I noticed that the loan is actually paid when I made loan prepayment in demo. However It's not the case that I meet in the system I currently use. So I would like to request you to take time so that I can show you in my system.

Second, please observe the loan I just added under your name (client). I made repayment for next payment. Please click view on journal entries of the transaction, you will see what I mentioned in previous mail. Moreover, please view Balance Sheet report and observe account name PCG accrued interest, you will see the negative number which is the affect the repayment transaction.

Best regards,

Sam