On the fourth tab Fees, you can set the loan fees charged to your clients and also select when they should be charged.
The various fees that can be required to be charged are
These fees can be charged at:
The fees are entered separately for Individual Loans and Group Loans and at application or disbursement. It can be a flat amount or a percentage (%) of the loan amount.
Commission set on the "Loan cycle" tab: When this is ticked then commission field gets deactivated and the commission to be charged will be entered in the under the Loan cycle tab in the field of Min commission at application and Min commission at disbursement.
Stamp duty on principal (Expense account): Select the GL account where the stamp duty on principal will be booked. The statutory percentage of stamp duty on principal is defined under System/Configuration/Loan Product Settings/Fees this is an expense account.
Stamp duty on accrued interest (Expense account): Select the GL account where the stamp duty on accrued interest will be booked. The statutory percentage of stamp duty on accrued interest is defined under System/Configuration/Loan Product Settings/Fees it is also an expense account.
Stamp duty (Liability account): Select the stamp duty liability GL account where the stamp duty will be posted. This is the tax liability account used to collect the tax expenses before transferring it to the tax authority.
After configuring the stamp duty you can now calculate the stamp duty payable under menu Accounts/Calculate stamp duty.
Note that the booking to the GL will only happen when you print the report generated at calculation of Stamp Duty:
Click on the Save button to save the changes and on the Close button to exit the menu.
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