Loan Account Transactions

On Loan Account, you can perorm the following operations:

  • Apply payment
  • Making adjustments
  • Apply charges
  • Repay loan
  • View transaction history
  • View the installment details
  • Display repayment schedule


How to apply payment


1. Click on Apply Payment. A screen like following may appear:

Apply Payment

 2. Enter information using the descriptions in the following table:

Field Description Example
Date of transaction This shows today's date. If you need to change this date because the payment took place at another time, type the day (XX), month (XX), and year (XXXX) of the payment. 26/03/2012
Amount The amount of the payment. If the borrower is making only a partial payment, type the amount of this payment. 200
Mode of payment The way the payment was made. Voucher
Receipt ID The number of the receipt, if you use one 00034
Receipt date The date the receipt was issued, if you use one 26/03/2012

3. When you are satisfied with all changes, click Submit. You will see summary and status of the transaction.


How to make adjustments for loan account


Sometimes errors occur when payments for a loan are recorded. If you need to cancel the full amount of the last repayment, you can do this by making an "adjustment." If you need to cancel several repayments, you must cancel each one separately.

When you have made an adjustment, Mifos divides the canceled payment into principal, interest, and fees, and makes adjustments in each of these categories to the total amount still due for the loan.

1. Click on Apply adjustment  in Account transaction menu.

Note: If no payments have been made up to the present for this loan, this button does not appears.

Apply adjustment

In the Note field, type information describing why you made this adjustment.

When you have made the adjustment click Submit.


How to apply charges


Click on Apply Charges in Account Transactions menu.

Apply Charges

2. Select appropriate Fee Type from drop-down list.

3. Type amount value. If there is a set amount for this charge, it appears in the Amount box. You may change it if you need.

4. When you are satisfied with all changes, clickSubmit.

Note the following:

  • In addition to the penalty calculated for delayed repayment, the user can apply a "Misc penalty" amount to the account. If a Misc Penalty amount is applied to the account, the same will be included in the next payment due for the account.
  • If the penalty rate is changed in between two payments, the old penalty rate should be taken for calculation until the date the change was made.
  • A penalty is not calculated until the day after the due date.

How to repay a loan


There is an option to repay whole loan at one time. To do it follow instructions below:

Click on Repay Loan in Account Transactions menu.

Repay Loan

2. Enter information using the descriptions in the following table:

Field Description Example
Transaction date The date, when transaction was made 26/03/2012
Mode of Payment The way the payment was made Cash
Receipt ID A number for the receipt, if you use one. 00034
Receipt Date The date the receipt was issued, if you use one. 26/03/2012

3. You may waive all interest due if you mark Waive all interest due check-box.

4. When you are satisfied with all changes, clickSubmit.


How to view the history of all transactions for loan account


To display history transactions click on View Transactions History in Account Details menu. A screen like following appears:

Transactions History

Choose transaction to display and click on it to view its details.

The next screen will show following transaction details:

  • Date of transaction
  • Payment ID
  • Transaction ID
  • Type of transaction
  • General ledger code
  • Amount of debit or credit
  • Client or group name
  • Date posted
  • User who posted the transaction
  • Adjustment notes, if any

A sample screen may look like following:

transaction details


How to view the installment details


To display installment details click on View Installment Details in Account Details menu.

Account Details 

A screen like following appears:

Installment Details


How to display repayment schedule


Click on View Repayment Schedule in Account Details menu.

Account Details menu

2. Chose from the list the installment to display its details.

Repayment Schedule