June 2023

Welcome to the Woodcore Changelogs, where we highlight the exciting developments that have taken place in the past month. As we draw close the curtains for the first half of the year, we are delighted to share with you the most recent releases and updates within the Woodcore ecosystem in the month of June.

Let's delve into the key highlights of this edition!

New Features 🎉

Fixed Deposit Account: Addition of the Maturity instruction feature to streamline payment of maturity amount from Fixed Deposit Accounts.

We are glad to announce the addition of the maturity instructions feature to our fixed deposit accounts. This feature is designed to simplify and optimize the process of transferring maturity amounts to customers' savings accounts on reaching the account's maturity date.

A Fixed Deposit (FD) account reaches its maturity date when the specified duration of the deposit has been completed.

Note: The maturity date is predetermined at the time of opening the FD account.

The maturity instruction is a mandatory field required to be configured on a new FD account. Upon configuration, the system automatically sends the maturity amount (principal + interest) to the selected customer's savings accounts once the account reaches its maturity date.

How does work?

When creating a new fixed deposit account, you are required to select a savings account to which the maturity amount will be sent by the system when the account completes its Fixed Deposit term.

To do this:

• Navigate to the fixed deposit section and click on the “New Fixed Account”.

• In the Setting section of the FD account creation form, select the “Transfer to Savings” option.

This will create a maturity instruction to transfer the maturity amount to the selected savings account.

On the other hand, for existing FD accounts created before the inclusion of the maturity instruction feature, a savings account can be selected when the FD account is closed. During the account closure process, you now have the convenient option to select a savings account to receive the maturity amount. Simply close the account, and you will be prompted to choose the desired savings account, where the maturity amount will be automatically transferred to.

To view this feature:

• Select an existing Fixed Deposit Account.

Note: The Account must have an “Active” status.

• Navigate to the Take Action button and select “close” or “premature close”.

• You will be directed to a close account form containing the maturity instruction action. Under the “Action” field, select “Transfer to Savings”.

• Select a savings account from the drop-down list. Enter all required details and click the Submit button.

By configuring maturity instructions, the maturity amount payment from an FD account to a savings account will be automatically carried out without any manual input.

Improvement 🚀

Report Module: Inclusion of additional information to the generated report data.

Over the last month, recent improvements have been made to our Report Module. These improvements include the addition of valuable additional information, which will provide you with a more comprehensive and informative insight into your organization’s data. This update has been made to the following reports:

1. Daily Transaction Report: The Daily Transaction Report contains an overview of all incoming and outgoing transactions, including deposits, withdrawals, transfers, loan repayment and disbursal, and any other financial activities carried out in a savings account within a specified period. The data generated within this report has been upgraded to include the transaction narration. With this addition, each transaction within the report is accompanied by a brief description or note made during the transaction, offering users more information and context for each financial activity.
2. Loan Report: The loan report module has been updated to include an additional Bank Verification Number (BVN) field in the data generated for active, inactive, and expected loan repayments. Including the BVN field in the generated loan data provides easy identification and verification of loan customers’ information.
3. Balance sheet: The Balance sheet report now includes the name of the General Ledger (GL) affected by each transaction. This update will enable you to easily identify the specific account affected by each transaction, facilitating accurate tracking of your organization's financial activities. The GLs are also categorized by their account type, example, assets or liabilities.
4. General Ledger Report: The GL report now includes a transaction narration section that offers users a description of the financial transaction. The narration displayed is the description added by any user who makes the GL entry.

Bug fixes ⛏

Loan Account Creation: Loan repayment period is determined by the selected first repayment.

Following the bug fix on the loan repayment period, the repayment can now start from the date specified by you to be the first repayment date. With this fix, the system automatically processes loan repayment of the specified first repayment date selected by a user during the loan account creation, and subsequent repayment dates in the repayment schedule follow that repayment structure.

For further details, see the loan account creation section for more information on configuring and managing the repayment schedule.

API Update ⚙️

Fixed Deposit Account API: Fixed Deposit Accounts now display interest additional information

An update has been made to the fixed deposit account to return additional interest details. When a GET request is made to list or retrieve fixed deposit account(s), the API response now includes the following additional information:

• totalInterestEarned: This field represents the total amount of interest earned on the fixed deposit account over its duration. In other words, it represents the cumulative interest accrued throughout the FD account duration.
• totalInterestPosted: This field indicates the total interest amount credited or posted to the fixed deposit account. It reflects the actual interest payments made by your organization.

This update is essentially for matured fixed deposit accounts. If the FD account is not yet matured, these fields will return a null value.

Loan Repayment API Fix: Linked Savings Account Deduction

The loan repayment endpoint bug has been successfully resolved. As a result, repayment can now be deducted automatically from the customer’s linked savings account during the loan repayment process. Enter the savings account id when making the loan repayment. Note that, the customer's account is linked during the loan account creation process. This fix ensures the smooth transfer of funds from the designated savings account to cover loan repayments.

Loan Repayment Schedule: Addition of Loan repayment schedule endpoints.

An additional endpoint, known as the Loan Repayment Schedule, has been added to the loan module. This endpoint allows you to retrieve a complete overview of the loan repayment details of a loan account.

With the Loan Repayment Schedule endpoint, you can access essential information such as the total principal amount, repayment amount, outstanding amount, due repayment dates, and more.