[Mifos-developer] Add Job Scheduler to auto close matured Fixed Deposit Accounts

[Ippez Robert]

Hi Dev,

I would like to share this with you before i can create a ticket at Jira.

Scenerio

Suppose there exists so many Fixed Deposit Accounts, we can not know which one has matured or not so writing a voucher becomes so hard.

To solve this am of a view that there should be a Job Scheduler added to handle the auto closure of FD accounts where at maturity this is what happens:

1. Transfer the fixed (deposit amount) to the linked savings account
2. Transfer the interest earned to the linked savings account
3. Transfer the charges for this case Withholding tax to the mapped GL Account - Withholding Tax
4. Then close the fixed deposit account if reinvesting the FD is not allowed
5. Reports should be added to get list of all FD, Sorted by Matured/Closed. Opened, Amount fixed etc
   

In each transfer description should be added e.g Auto-close, FD Interest posting, WHT transfer from FD Acc# etc and the person, userId can be the person who runs the job scheduler or a super admin

Thanks

Regards

Ippez Robert

[Ippez Robert]

One more thing
Instead of having a long transaction list for interest posting there should be another introduced for Interest posting period (e.g At Maturity) so that interest is posted once on the maturity date.

This enhancement can be for both Fixed Deposit products and Recurring Deposit products as they have similar logic behind.

More light on WHT- Witholding tax.

On the demo site, i have created a FD product (Cash Based FD) with Interest being based on Amount.
I have also created a FD account (Head Office000000137, fro Client Name: Ippez Robert)

Date of Deposit	16 April 2014	Principal Amount	$ 30000000
Period	12   Months	Rate of Interest	10
Maturity Date	16 April 2015	Maturity Amount	$ 33,011,617
Interest earned	$ 3,011,617	Interest posted	$ 3,011,617

# Days in Year 365 Days
So when you calculated manually the interest the client is supposed to get, its 3,000,000 but the system has 3,011,617 which is correct based on the difference in no of days in a month. But for our manually work we take 30 days in a month (fixed) So for the system, the maturity amount = 3,011,617 and i expect the system to calculate witholding tax as follows for tax rate of 15% WHT = (Maturity Amount * Tax Rate) /100         = (3011617 * 15) /100         = 451,742.55 So this amount is posted to GL account mapped (Withholding Tax) Net interest to be posted = Maturity Amount - WHT                                     = 3011617  - 451742.55                                     = 2,559874.45 So this amount is then posted /transfered to the savings account  - Calculations and deductions should be done before posting and closure of FD account. Error correction method we use here - in-case Maturity Amount is more (hence making interest posted and WHT also more) Manual Calculations So for manually, the maturity amount = (30,000,000 * 12 * 10 ) /1200                                                       = 3,000,000 WHT = (Maturity Amount * Tax Rate) /100         = (3000000 * 15) /100         = 450,000 So this amount is posted to GL account mapped (Withholding Tax) Net interest to be posted = Maturity Amount - WHT                                     = 3000000  - 450000                                     = 2,550,000 Differences: WHT                  = 1,742.55 NET INTEREST  =  9,874.45 DR - WHT GL Account  (1,742.55)                   CR. Interest Payable on FD Account (1,742.55) -This is a Liability Account-; This reduces WHT DR. Client Savings Account (9,874.45)            CR. Interest Payable on FD Account (9,874.45) - This reduces Clients Account due to over posted interest I hope my explanation is clear. Thanks

Regards
Ippez Roberts