# Loan Product and Accounting with Mifos

Mifos X users can easily create loan products for their clients and do accounting with the provided features. The features can be easily enabled in a few steps. The inputs are also highly customizable.

### **Creating Loan Product**

#### Before you start :

Firstly, you have to enable the module that allows you to add dates to your inputs by using these steps:

1. Go to **Admin** → **System**.

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2\. Select the **Configurations** menu.

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3\. Search for the "**amazon s3**" menu by typing it in the search bar given. Mifos X will automatically filter the options based on what you type in the search bar.

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4\. You can now enable it by clicking the Status menu "**Slider**" next to it.

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5\. Once it has been enabled, a red "**Disable**" button is displayed next to it.

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#### Create your first loan product :

1. Go to **Admin** → **Products** from the top menu bar.

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&#x20; 2\. Here, you can create a variety of products (*Loan Products, Savings Products, Share Products, etc.*). In this example, we will be creating a loan product. Click on "**Loan Products"**.

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&#x20; 3\. After clicking on **Loan Product**, you can make a new one by clicking on the blue "**Create Loan Product**" button.

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&#x20; 4\. Now, you can create your own first loan product with your own configurations. Fill in the fields as per your chosen configurations (**NOTE: Fields marked with a red asterisk "\*" are mandatory**).

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&#x20; 5\. You can also enable the **Accounting** function at the end of the procedure (*optional*).

#### Creating loan product for your clients :

After creating your loan product, you can add it directly into your client's data. To do so, follow these steps:

1. Go to **Institutions** → **Clients** from the top menu.

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&#x20;   2\. Select the Client you want the loan product to be added to (*for this example, we are selecting Client A FN Client A LN.*).

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&#x20;    3\. Here, you can see their loan account overview.

![](https://mifosforge.jira.com/wiki/download/thumbnails/179798020/clients_overview.PNG?version=1\&modificationDate=1553707067846\&cacheVersion=1\&api=v2\&height=400)

&#x20;  4\. You can add a new loan product into your client's data by clicking on the blue "**New Loan**" button on the top of the page.

&#x20;  5\. Now select the loan product you want from the drop-down menu.

![](https://mifosforge.jira.com/wiki/download/thumbnails/179798020/clients_product.PNG?version=1\&modificationDate=1553707178930\&cacheVersion=1\&api=v2\&height=400)

&#x20;   6\. Configure it and finish by clicking on the "**Proceed**" button.

![](https://mifosforge.jira.com/wiki/download/thumbnails/179798020/clients_product_configure.PNG?version=1\&modificationDate=1553707256810\&cacheVersion=1\&api=v2\&height=400)

&#x20;   7\. Once you are done with the above steps, all that's left is to approve the loan product you wish to add.

#### Making repayments for your client's loan product :

To add repayments for your client's loan product, follow these steps:

1. Go to your client's data once more by navigating to **Clients** → **Clients** from the top bar and clicking on your client's name.
2. The loan account you wish to add a repayment for has to be accepted and disbursed first.
3. Select the loan product you want to repay and click on the **dollar sign** to make the repayment.
4. Fill in the required details.
5. Once the repayment is added successfully, it will be shown on the client's repayments list.

#### Rescheduling the client's loan account :

You can also reschedule the client's loan account by going to **More** → **Reschedule** in your client's loan account selections.

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