Dayna Harp created FINERACT-38:
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Summary: Period Close feature where inc & exp booked to retained
earnings account
Key: FINERACT-38
URL: https://issues.apache.org/jira/browse/FINERACT-38
Project: Apache Fineract
Issue Type: Improvement
Components: Accounting
Reporter: Dayna Harp
Assignee: Markus Geiss
https://mifosforge.jira.com/browse/MIFOSX-2337
Relates to: https://mifosforge.jira.com/browse/MIFOSX-2288
financial year end to be user definable and to have the full effect of closing
off the year with initialization of the profit and loss account. Year end
process should be run as/when the institution is ready to close their books and
may not necessarily happen exactly
Musoni is implementing and sharing the following:
Ability to close a financial year from an accounting perspective (booking off
income and expense accounts against your retained earnings equity account).
The high-level spec of this feature is:
* When a user performs a financial close period (existing feature) we have
added various parameters to the call that allow you to also book off the income
and expenses generated in that period.
* Once you submit this request the various balances will be pulled out and the
difference between all expenses and income accounts will be booked off against
a (specified) equity account.
* The journal entry that is generated to perform this booking will be stored
with the close period so that it can be reversed again if a close period is
reopened.
* There is a preview/template API endpoint that allows you to preview the
booking that is going to be performed
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