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  1. Apache Fineract
  2. FINERACT-1573

Credit Balance Refund loan transaction

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Details

    • New Feature
    • Status: Closed
    • Major
    • Resolution: Done
    • 1.7.0
    • 1.7.0
    • Loan
    • None

    Description

      This transaction records an overpaid amount that has been returned to the customer.

      If any accounting option is chosen at loan product level then:

      Debit: Loans Receivable

      Credit: Over Payments

      Reversal/Adjustment is required (using existing api loans/{loanId}/transactions/{transactionId})

       

      Main Rules

      The loan must be in Overpaid status and the refund Amount must be >0 and <= the loan total_overpaid_derived amount

      If the refund is partial the loan will remain in Overpaid status and the loan total_overpaid_derived reduced accordingly.

      For a full refund (amount = loan total_overpaid_derived) the loan status will be changed to Closed Obligation Met.

       

      Other Rules

      The intention is to record the refund transaction with the least validation possible.  Holiday/Working Days restrictions are not considered.  Nor is the active/inactive status of the client/group.

      However, the Refund Date being After the Last Repayment is enforced.

       

      API Definition is:

      POST /loans/{loanID}/transactions?command=creditBalanceRefund  
      {{{}}
          "transactionAmount": "1394.06",
          "transactionDate": "09 March 2022",
          "locale": "en",
          "dateFormat": "dd MMMM yyyy",
          
          "externalId": "ext43434343"   #optional
          
          #payment details not supported
      }
       

       

      The template (for UI convenience) is

      GET /loans/{loanId}/transactions/template?command=creditBalanceRefund

      {{{}}
          "type": {
              "id": 20,
              "code": "loanTransactionType.creditBalanceRefund",
              "value": "Credit Balance Refund",
              "disbursement": false,
              "repaymentAtDisbursement": false,
              "repayment": false,
              "contra": false,
              "waiveInterest": false,
              "waiveCharges": false,
              "accrual": false,
              "writeOff": false,
              "recoveryRepayment": false,
              "initiateTransfer": false,
              "approveTransfer": false,
              "withdrawTransfer": false,
              "rejectTransfer": false,
              "chargePayment": false,
              "refund": false,
              "refundForActiveLoans": false,
              "creditBalanceRefund": true
          },
          "date": [
              2022,
              4,
              12
          ],
          "currency": {
              "code": "USD",
              "name": "US Dollar",
              "decimalPlaces": 2,
              "inMultiplesOf": 0,
              "displaySymbol": "$",
              "nameCode": "currency.USD",
              "displayLabel": "US Dollar ($)"
          },
          "amount": 5000.000000,
          "manuallyReversed": false,
          "numberOfRepayments": 0
      }

       

       

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            JohnWoodlock John Woodlock
            JohnWoodlock John Woodlock
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            Dates

              Created:
              Updated:
              Resolved: