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  1. Apache Fineract
  2. FINERACT-1968

Configurable payment allocation

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Details

    • New Feature
    • Status: Resolved
    • Major
    • Resolution: Fixed
    • None
    • 1.10.0
    • None

    Description

      Background:

      Provide customizable payment allocations by payment type, configurable across loan products

      Details

      Payment allocation should be configurable at the transaction type level.

      It remains the same for all sub-payment types of the transaction types

      Each Loan product can have its own advanced payment allocation configuration options (mentioned below)

      Payment allocation rule changes to the loan product will affect only the new loan accounts created after. - existing loans will honor the old rules

      future allocations already done to the installment will not have any impact during the reverse replay or future repayments

      Main Allocation rule (Installment Level)

      Options Sub options
      Past Due Installment No Option - always from the oldest Installment
      due Installment No option - only current due installment(when transaction date is same as due date)
      Future Installments
      • O1: From Next Installment
      • O2: From last Installment
      • O3: Re-Amortize to future Installments(will only allocated to principal portion of installments)

      Secondary Allocation rule

      Options
      • Penalties
      • Fees
      • Principal
      • Interest

       

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            mdallos Mihaly Dallos
            mdallos Mihaly Dallos
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            Dates

              Created:
              Updated:
              Resolved: