I grant a user a loan with 5 instalments. I'm able to repay 4 but when i try to repay the 5th, it says : The account doesn't have enough credits to repay this loan.
I also click on Manage Systems Account and i get this error: Invalid form submission
I try to create a Loan ID and it only works when i make it Required but not Unique. Anytime i check Unique, the transaction fails to PROCESS. Is this another bug in 3.6?
I created an ID field for loan repayments so anytime you are about to repay your loan, you can type in a unique ID for referencing the payment. when i try to repay, i don't see this field on the loan repayment window but when you click Repay, a pop up box prompts you that that ID is required.
Can someone please answer these. i have sent threads wanting to know which formula is being used for computing loan instalments in Cyclos with no replies. I need help please.
LOAN BUGS: multiple issues need help please
Moderators: hugo, alexandre, rmvanarkel
Re: LOAN BUGS: multiple issues need help please
Hello,
About the loanID. There is indeed a problem with custom fields of loans. This will be fixed with the version 3.7. This version will come out by the end of this month.
Regards,
Can you check the balance?I grant a user a loan with 5 instalments. I'm able to repay 4 but when i try to repay the 5th, it says : The account doesn't have enough credits to repay this loan.
About the loanID. There is indeed a problem with custom fields of loans. This will be fixed with the version 3.7. This version will come out by the end of this month.
Regards,
Re: LOAN BUGS: multiple issues need help please
thanks for the reply.....can you tell me the formula being used for the loans? i mean can you type the actual formula in your reply?
thanks
thanks
Re: LOAN BUGS: multiple issues need help please
With the version 3.7 we improved the documentation.
Here is a copy & paste
Account fee example:
Build a transfer for each amount part, as following:
Imagine the loan amount = 1000, grant fee = 30, monthly interest = 20, in 10 payments = 10 x 105
Each payment should generate:
A base repayment of 100 (original amount repayment, excluding fees and interests)
The grant fee repayment of 3
The monthly interest repayment of 2
When expired, ie: expiration fee = 4, expiring 5 days of 1%/day
The expiration fee repayment of 4
The expiration daily interest repayment of 5 (1% of 100 * 5 days)
Formula:
Variables
RA = received loan amount
IN = installment number
GF = grant fee
MI = monthly interests
EF = expiration fee
EI = expiration interest
IA = installment amount
D = delay in days
DA = Loan total due amount
When granting:
DA = RA + GF + MI/100 ^ (total days / 30) * RA
IA = DA / IN
The formula is: IA = (RA + GF) * (((1+MI/100) ^ (IN + D/30)) * MI) / (((1+MI/100) ^ IN) - 1) DA = IA * IN Note that the last installment amount is DA - (IA * (IN-1)), so we don't have rounding problems
Note that the charge mode cannot be changed on existing fees; it can only be set for new account fees.
Here is a copy & paste
Account fee example:
Build a transfer for each amount part, as following:
Imagine the loan amount = 1000, grant fee = 30, monthly interest = 20, in 10 payments = 10 x 105
Each payment should generate:
A base repayment of 100 (original amount repayment, excluding fees and interests)
The grant fee repayment of 3
The monthly interest repayment of 2
When expired, ie: expiration fee = 4, expiring 5 days of 1%/day
The expiration fee repayment of 4
The expiration daily interest repayment of 5 (1% of 100 * 5 days)
Formula:
Variables
RA = received loan amount
IN = installment number
GF = grant fee
MI = monthly interests
EF = expiration fee
EI = expiration interest
IA = installment amount
D = delay in days
DA = Loan total due amount
When granting:
DA = RA + GF + MI/100 ^ (total days / 30) * RA
IA = DA / IN
The formula is: IA = (RA + GF) * (((1+MI/100) ^ (IN + D/30)) * MI) / (((1+MI/100) ^ IN) - 1) DA = IA * IN Note that the last installment amount is DA - (IA * (IN-1)), so we don't have rounding problems
Note that the charge mode cannot be changed on existing fees; it can only be set for new account fees.
Re: LOAN BUGS: multiple issues need help please
thank you so much for this reply. The system account (debit account) gives you the total amount / account balance for amount owed (in so far as members still owe )
How do i generate.
1. just the total amount[/b] for loans repaid by all members
2. the total amount for loans closed by all members
Shouldn' there be a total amount field at the bottom of each search filter?
For now all we see is the individual loans and their amount when we search for loans.
How do i generate.
1. just the total amount[/b] for loans repaid by all members
2. the total amount for loans closed by all members
Shouldn' there be a total amount field at the bottom of each search filter?
For now all we see is the individual loans and their amount when we search for loans.
Re: LOAN BUGS: multiple issues need help please
I'm trying to repay some loans i granted in my demo app. Sometimes the payment goes through.
Sometimes i get this error message:
The account doesn't have enough credits to repay this loan
What account is being referenced here and how do i eliminate this in my application?
Thanks,
Nana
Sometimes i get this error message:
The account doesn't have enough credits to repay this loan
What account is being referenced here and how do i eliminate this in my application?
Thanks,
Nana