Incorrect/Less Principal Outstanding In Case Of Prepayment In CI Simple/WAKALAH Finance (Doc ID 2884427.1)

Last updated on JULY 27, 2022

Applies to:

Symptoms

ACTUAL BEHAVIOR
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In case of prepayment on WAKALAH/Simple finance i.e one day prior to schedule due date, and selecting re-computation basis to re-compute schedule System recomputed Principal amount due schedules after subtracting amount paid as prepayment from amount financed but adds amount settled as well. This results in a less Principal outstanding which is shown at CIDACCNT screen as well.

EXPECTED BEHAVIOR
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In case of pre-payment the Principal "Amount Settled" must not be increased.

STEPS
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The issue can be reproduced at will with the following steps:
1. Perform a Principal prepayment on simple finance CI contract.
2. Verify the amount settled and total Principal outstanding on screen CIDACCNT

BUSINESS IMPACT
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The issue has the following business impact:
Due to this issue, total outstanding is shown less.

Cause

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