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Lab 2

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2 views7 pages

Lab 2

Uploaded by

diem02082004
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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LAB 2: CHARGES

Mifos supports two types of charges—fees and penalties. Fees are charged for services—for
example, membership fees, loan disbursement fees, withdrawal fees. Penalties are charged to
discourage clients from deviating from the terms of a product—for example, late payment
penalty for a loan account, early withdrawal penalty for a fixed deposit account.
It supports Loan charges, Savings & deposits charges and Client charges.
Charges may be associated with a product. When an account is opened based on a product
that charges have been associated with, the account will include (inherit) all charges that are
associated with the product. In addition, charges that are not defined for a product may be
associated with individual client accounts.
Beginning at the main screen, select Admin, Products from the drop-down menu.
This will launch the Products menu.
Select Charges.

Creating a Charge
Click on +Create Charge.
Loan charge
1. Select Charges apply to
as Loan.

2. Fill in the charge fields described in the Charge Fields table below.
3. Select Charge time type

Disbursement: Gets charged at the time of loan disbursement, provide amount


gets collected separately (Not from the loan amount).
Specified due date: Gets charged on the provided date.
Installment Fee: Gets charged on every loan installment.
Overdue Fees: Gets charged if there is an overdue, this is a penalty charge.
Tranche Disbursement: Gets charged for Tranche loan disbursement.

4. Click Submit.
Savings & deposit charge
1. Select Charges apply to as Savings & deposit.
2. Fill in the charge fields described in the Charge Fields table below.
3. Select Charge time type

Specified due date: Gets charged on the provided date.


Savings Activation: Gets charged at the time of Savings activation.
Withdrawal Fee: Gets charged at the withdrawal of savings amount.
Annual Fee: Gets charged every annually.
Monthly Fee: Gets charged every monthly.
Weekly Fee: Gets charged every weekly.
Overdraft Fee: Gets charged on Overdraft account.
Saving no activity fee: Get charged on no savings account activity.

4. Click Submit.

Client charge
1. Select Charges apply to as Client charge.
2. Fill in the charge fields described in the Charge Fields table below.
3. Select Charge time type

Specified due date: Gets charged on the provided date.

4. Click Submit.

Share charge
1. Select Charges apply to as Share charge.
2. Fill in the charge fields described in the Charge Fields table below.

Select Charge time type


Share Account Activate: Gets charged at the time of Share activation, charge
calculation can be only be flat not % of amount.
Share Purchase: Gets charged at the time of share purchase.
Share Redeem: Gets charged at the time of redeeming of shares.
3. Click Submit.

Editing charge
Select charge from the available charge list >> Click on Edit button

Then click on Submit button.

Viewing charges
Click on Admin>>Products>>Charges
Charge Fields

Field Name Description Example Validations (if


(attribute) applicable)

Name A descriptive name for the charge. Service Required field


The name provided in this field will Fee
Alphanumeric
populate charge selection lists on
applicable product and account
forms.

Currency Select the currency to be used when Indian Required field


the charge is applied. The product Rupee
Select from list
and charge currency must be the
same to be valid. Set up multiple
charges if the same charge is
required for products set up in
different currencies.
(Note: If you don't find the
currency type you need from drop-
down menu, you need to define
it. Click Here to see How to define
the currency)

Charge time Select the desired charge time type Specified Required field
type from the list. There will be different due date
Select from list
charge time types in the list
depending on the product type
select in Charges applies to.

Charge Select the desired charge Flat Required field


Field Name Description Example Validations (if
(attribute) applicable)

calculation calculation from the list. There will


Select from list
be different charge calculation
options in the list depending on the
product type selected in Charges
applies to.

Charge This field will display for loan Account Required field for
payment by product charges only. Select the Transfer loan product
desired charge payment method charges
from the list.
Select from list

Add Fee This option will display for loan Checked Check Add Fee
Frequency product charges only. To add a fee Frequency to add a
monthly
(loan charges frequency, check Add Fee fee frequency;
only) Frequency. 1 uncheck to remove
a fee frequency
Charge If Add Fee Frequency is checked
Frequency the Charge Select Charge
Frequency and Frequency Frequency from
Frequency
Interval fields will appear and list
Interval
must be filled in.
Numeric

Amount The value in this field is used 25 Required


with Charge calculation to
Numeric
calculate the amount to be charged
to the client.
Example:
Apply a service fee of 25
rupees (flat calculation)
monthly by transferring the
funds from another account.

Active If checked, this charge is available Checked Checked indicates


to associate with products and an Active charge
accounts. If unchecked, this charge
is not available to associate with
products and accounts.

Is penalty? If checked, this charge is marked as Unchecked Checked indicates


a penalty, rather than a fee. that the charge is a
penalty. Unchecked
indicates that the
charge is a fee.
If you select 'Charge Time Type' as Overdue Fees, then you have to check 'Is Penlty?'
checker.

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