[FINERACT-1316] Interest calculation going wrong for advance/late payments

• Type: Bug
• Status: Resolved
• Priority: Critical
• Resolution: Fixed
• Affects Version/s: 1.4.0
• Fix Version/s: 1.6.0
• Component/s: Loan
• Assignee: Avik Ganguly
• Reporter: Bharath Gowda
• Created: 20/Feb/21 10:42
• Updated: 21/Sep/21 13:53
• Resolved: 21/Sep/21 13:53

Description

for a loan product with daily interest calculation, when an advance/late/partial repayments are made, interest calculation is going wrong, which is resulting in 3 major issues

 

1. repayment schedule payment allocation is going wrong
2. The next prepayment interest calculation is wrong
3. The interest of all the subsequent installments is calculating wrong because of the wrong principal balance.

To reproduce, create a loan product with interest calculation set to daily(check attachment for complete product configuration)

create->disburse a loan with the loan product

do a early repayment to the loan and check the calculation

 refer attachment for the sample

 

Issue Links

• Blocked: FINERACT-1305 Release Apache Fineract v1.5.0
• links to: GitHub Pull Request #1676