The Advanced Accounting Rule is a powerful feature that allows you to post to multiple general ledger accounts for a single product. Examples include mapping to multiple fund sources based on payment type, or mapping fees or penalties to specific income accounts.
Creating an Advanced Accounting Rule requires two steps:
- Step 1: Configure Payment Types, Fees, and Penalties.
- Step 2: Map Payment Type to fund sources and map Fees and Penalties to income sources.
Creating an Advanced Accounting Rule
You can create the following Advanced Accounting Rules for Loan Products:
Advanced Accounting Rules based on Payment Type to automatically debit accounts based on payment type—for example, m-pesa payments are automatically debited from the m-pesa account and check payments are automatically debited from a different account.
Advanced Accounting Rules based on Fees to automatically credit a specified Income Account based on the Fee—for example, processing fees are automatically credited to the Fees and Charges account.
Advanced Accounting Rules based on Penalties to automatically credit a specified Income Account based on the Penalty—for example, late fees are automatically credited to the Penalties account.
Step 1: Configure Payment Type, Fees, and Penalties
To configure Advanced Accounting Rules based on Payment Type:
To create an Advanced Accounting Rule based on Payment Type, you configure the Payment Types drop-down list in the Manage Codes section of Admin System tools. In the following example, m-pesa payments are automatically debited from the m-pesa account.
To configure an Advanced Accounting Rule based on Payment Type, do the following:
- On the Phenix menu, click Admin, andthen click System to open the System menu.
2. On the System menu, click Manage Codes to open the Manage Codes dialog.
3. In Code Name list, select PaymentType.
4. In the Payment Type dialog, click +Add Code Values.
5. Click the Add codes Values button and in the Code Value text box, enter a name for your payment type, then click +Add between Add and Trash.
NOTE: To change the code value, click the Change Code Value icon located between active and the trash can. To delete the code value, click the code value trash can icon.
To configure Advanced Accounting Rules based on Fees:
To create an Advanced Accounting Rule based on Fees, you define a loan charge in the Charges section of the Admin Products tools. In the following example, processing fees are automatically credited to the Fees and Charges account.
Step1: To map Fees to specific Income Accounts, do the following:
- On the Phenix menu, click Admin, and then click Products to open the Products menu.
2. On the Products menu, click Charges.
3. In the Charges dialog, click the Create Charge button.
4. In the Charges applies to drop-down list, select a product.
5.In the Create Charge dialog, do the following:
- In the Charge Name textbox, enter a name for the Fee.
- In the Currency drop-down list, select a currency.
- In the Charge time type drop-down list, select a charge time type.
- In the Charge calculation drop-down list, select a method for calculating the fee.
- In the Charge payment mode drop-down list, select a method for payment.
- In the Amount textbox, enter the amount of the fee.
- Select the Active check box, and then click the Submit button.
Step2: Map Payment Type to fund sources, and map Fees and Penalties to income sources.
After you have configured your Payment Terms, Fees, and Penalties, you are ready to create your Advanced Accounting Rule.
To create an Advanced Accounting Rule based on Payment Type, Fees, or Penalties, do the following:
- On the Mifos toolbar, click Admin, and then click Products to open the Products menu.
2. On the Products menu, click Loan Products.
3. In Loan Products list, select the Loan Product to which you want to add an advanced accounting rule
4. Click Edit.
5. Scroll to the bottom of the Loan Product dialog. Under Accounting, if None is selected, select one of the other options to expand the Accounting section.
