How this scheduler job works?
This Job is Similar to ‘Add Accrual Transactions’, except that Compounded interest will be accrued once this job is ran. In other words, this job should be run if compounded interests have to accrued. Hope this helps
Is there a step by step way how this job works?
i will try to list down what it does
- job will identify and list all the loans which has duedate on the job run date.
- job will post the accrual transaction for that particular duedate loan wise
3.for loans which has compounding enabled, job will calculate and post that compund interest as transaction loan wise.
Let me know what exactly you are looking for, i will see if i can help you.
What are the qualities of loan so that it will qualify to this job?
All the Active loans from Loan products which has accrual accounting enabled and interest recalculation enabled with compounding on will qualify for this job to post accrual and compounding entries
This is the solution by @bharath, thank you so much!
create a loan product with accrual accounting and compound interest recalculation enabled. this will make the loan created under this loan product get qualified for this job.
Note that the loan should be active(disbursed), should not be in NPA state.
I have configured a product in our staging server for your reference, check out the product name “compunding example” in https://staging.mifos.io/ (mifos/password)
Also, Refer the attachment for the exact configuration