[FINERACT-1350] System is creating a incorrect entry in the repayment schedule on performing a bulk posting towards more than 1 overdue EMI

• Type: Bug
• Status: Open
• Priority: Major
• Resolution: Unresolved
• Component/s: Loan
• Labels: repayment schedule
• Assignee: Unassigned
• Reporter: Vikranth Ramasami
• Created: 30/Apr/21 17:31
• Updated: 04/Jun/21 13:56

Description

Steps To Reproduce:

• Create a lease with 12 payments, which is having the repayment strategy - Interest, Principal, Penalties, Fees Order
• Repayment on 1st of every month
• First repayment date = 1st February 2021
• Current date = 30th April 2021
• EMI amount = 14578
• perform a repayment with the transaction date as 30th April 2021 with the transaction amount as 20,000

 

Actual Behavior:

System is clearing the complete 01st February 2021 installment and partially clearing the 01st March 2021 Interest but it is creating a installment on 30th April 2021 with principal 0 and interest amount for the 29 days and the 1st may installment is adjusted with the interest amount of 1 day

 

Expected Behavior:

System on performing a repayment should clear the EMI of 1st February 2021 and Partial interest of 1st march 2021 and it should not create a new installment.

 

CC avikg , fynmanoj