Introduction

An MFI could currently have loan products in 2 currencies.  They need a way to track both in their own currencies.  This feature implements basic multicurrency support and also sets the basis for full multicurrency support in the future.

User Stories (Epics)

Goals

• Ability to configure Mifos to have a default currency and additional currency
• Ability to select a currency when creating loan products.
• Ability to set appropriate rounding rules per currency
• Loans will inherit currency definition from the loan product it's created from.
• Ability to select a currency for fees created for loans only.

Non-Goals

The following items will not be addressed in this release:

• Support for 2 currencies with performance history - if Performance History involves rolling up values in 2 different currencies, then that item will not be displayed
• Support multiple currencies for client, group, or centers  - they will all use default currency (fees)
• Support multiple currencies for savings
• Support multiple currencies in Collection Sheet Entry
• Displaying additional currency labels anywhere in Mifos
• Support for multiple currencies in fees other than loan fees

Definitions and Terminology

• Mandatory fields will be preceded by *
• Links are italicized
• Buttons are Button

Currency Denominated Loan Products

This feature will allow minimal multiple currency support in Mifos.

Use Cases

Administrator configures Mifos for multiple currencies

Actors

•  Administrator

Preconditions

•  None

Basic Flow

1. Administrator edits the configuration file and sets the default currency to USD and additional currency to LBP.
2. Administrator updates relevant accounting settings such as rounding amount for each currency accordingly.  Administrator updates settings for the additional currency that differ from the settings for the default currency.

Post-conditions

• Mifos can have 2 currencies now.

Alternative Flows

Administrator does not configure Mifos for multiple currencies.

1. Administrator does not have additional currency set in configuration file.

Post-conditions

• There are no options for currencies in Mifos.  The user has no knowledge that Mifos can have 2 currencies.

Validations

• None

Administrator creates a loan product in a currency other than the Default

Actors

• Administrator

Preconditions

• Mifos has been configured to have a default currency of USD and an additional currency of LBP.

Basic Flow

1. Administrator logs onto Mifos and navigates to creating loan products.
2. Administrator creates new Loan Product A and specifies LBP as the currency for the loan product.
3. Mifos saves Loan Product A.

Post-conditions

• All loans created from Loan Product A use LBP.

Alternative Flows

• None

Administrator creates a loan fee in the secondary currency and attaches to Loan Product A.

Actors

•  Administrator

Preconditions

• Mifos has been configured to have a default currency of USD and an additional currency of LBP.
• Loan Product A has LBP as its currency defined.

Basic Flow

1. Administrator logs onto Mifos and navigates to creating fees.
2. Administrator creates new loan fee Fee A and specifies LBP as the currency for the loan fee if the loan fee is a specific amount, not a % of calculation.
3. Mifos saves Fee A.
4. Administrator navigates to edit Loan Product A and is able to attach Fee A to the loan product.

Post-conditions

• None

Alternative Flows

Administrator tries to attach a loan fee in different currency than Loan Product A.

1. Administrator goes to edit Loan Product A.  Administrator adds Fee B of a different currency to Loan Product A.  Administrator hits Preview.
2. Mifos displays error message - A fee of a different currency cannot be attached to this loan product.

Loan Officer creates a loan account in secondary currency

Actors

•  Loan Officer

Preconditions

•  Mifos has been configured to have a default currency of USD and an additional currency of LBP.

Basic Flow

1. LO logs onto Mifos and navigates to create a new loan account.
2. LO selects a loan product of the secondary currency.  LO saves the new loan.

Post-conditions

• New loan account is in secondary currency.

Alternative Flows

Loan Officer attaches a loan fee of secondary currency to a loan account

1. At step 2 of workflow, LO attaches new loan fee also of the same currency to the loan account.  Options under Fees available only include fees of the same currency as the loan account.
2. Mifos saves the loan.  The loan has a fee in the same currency attached.

Loan Officer applies charges to an existing loan account

1. LO navigates to an existing loan account and clicks on Apply Charges.
2. LO chooses a fee to attach.  The only options available are those of the same currency.

Loan Officer disburses and repays loan in secondary currency

Actors

•  Loan Officer

Preconditions

• Mifos has been configured to have a default currency of USD and an additional currency of LBP.
• Loan accounts in secondary currency have been created.

Basic Flow

1. LO logs onto Mifos and navigates to an existing loan that hasn't been disbursed.
2. LO disburses loan.

Post-conditions

• Loan disbursal is in secondary currency
• Repayment schedule is all in secondary currency

Alternative Flows

LO enters in values for amounts that do not correspond to the settings in Configuration

Preconditions

• Mifos has been configured to have a default currency of USD and an additional currency of LBP.
• Loan accounts in secondary currency have been created.
• Mifos has been configured to have digits after decimal for LBP to be 0.

Alternate Flow

1. At step 2 of Basic Flow, LO tries to enter a value for loan disbursal that has more digits after decimal than 0.
2. Mifos throws an error message that this is invalid.

Accountant imports file of transactions in secondary currency

Actors

•  Accountant

Preconditions

• Mifos has been configured to have a default currency of USD and an additional currency of LBP.
• Loan products and accounts in secondary currency have been created.

Basic Flow

1. Accountant logs onto Mifos and navigates to Import Bank Transactions.
2. Accountaint imports a file with all loan transactions for loans in LBP.
3. Mifos imports the file of transactions.

Post-conditions

• All loan accounts in that file have been updated accordingly with the transactions in that currency.

Alternative Flows

User Stories

Currency Denominated Loan Products Functional Requirements

Update configuration settings

Add ability to define a new loan product of secondary currency

Add ability to define a loan fee of secondary currency

Create new Loan account with Loan Product with a different Currency

Attach loan fee of secondary currency to loan account

Disabled Functionality

Reports

Validations around accounting settings for new currencies

Other Assumptions

LSIM

• LSIM will be on - but should work on or off

GLIM

• GLIM will be on for Al M's configuration

QA Considerations

• Performance History - for fields where there needs to be rollup of 2 currencies, will display a msg instead.
• Create multiple loan accounts - should still work regardless of currency of loan products
• Import Bank Transactions - make sure this works

Standard Considerations

Security (Permissions, Roles, and Data Scope)

Impacts to System

Globalization/Localization

Logging

Change Log

Reporting

Provide any relevant information about reporting requirements for the new features and answer the questions below, providing detail to explain any particular area when necessary.

Performance

Setup and Installation

New Installations

Backward Compatibility and Upgrades

Hosting Support

Configuration

Customers