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  1. MifosX
  2. User Manual
  3. For Operational Users (Mifos X Web App)
  4. Accounting operations

Accruals

PreviousClosing EntriesNextAccounts and Transactions

Last updated 5 years ago

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There are two types of Accrual Accounting:

1) Accrual (Upfront): If you enable this option and add entries while defining the loan product (as shown in the table below), Accrual entries are passed at the time of disbursal of the loan (to the Client or Group).

2) Accrual (Periodic): If you enable this option and add entries while defining the loan product, Accrual can be done with a specified periodicity or can be done manually. To specify the Periodicity of Accrual, follow these steps:

  • Go to Admin >> System >> Scheduler Jobs to see the following window (with a list of Jobs):

  • Check the check boxes beside 'Add Accrual Transactions' and 'Add Periodic Accrual Transactions' (shown in the screenshot above).

  • At the bottom of the page, click on the 'Run Selected Jobs' button, followed by the 'Refresh' button.

  • Make a few transactions (for instance: Repayments).

  • Specify the date in the "Accrue Till" field.

  • Finally, execute Periodic Accrual Accounting till specified date by clicking on the blue "Run Periodic Accruals" button in order to affect all the accrual accounts (for instance: Interest Receivable, Fees Receivable, etc.).

To see the entries in accrual accounts,

  • As shown in the screenshot above, select the appropriate filters and duration and click on the 'Search' button to see the accrual transactions that occurred during the specified duration.

Once the loan product is defined with Accrual Accounting (periodic), ( to see Accounting Fields for Loan Product)

Create a Loan Account for a Client/Group with the Loan Product having Accrual Accounting. ( to see how to create Loan Account)

Then go to the >> . The following window will be displayed:

Go to >> Search Journal Entries. The following window will be displayed:

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Accounting
Accruals
Accounting