[
https://issues.apache.org/jira/browse/FINERACT-1257?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]
Francis Guchie reassigned FINERACT-1257:
----------------------------------------
Assignee: Francis Guchie
> End of year Module under accounting
> -----------------------------------
>
> Key: FINERACT-1257
> URL: https://issues.apache.org/jira/browse/FINERACT-1257
> Project: Apache Fineract
> Issue Type: Improvement
> Components: Accounting
> Affects Versions: 1.0.0, 1.1.0, 1.2.0, 1.3.0, 1.4.0
> Reporter: Francis Guchie
> Assignee: Francis Guchie
> Priority: Major
> Labels: difficulty-medium
>
> END OF YEAR.
> In Financial accounting, when the fiscal year closes, all expenses for that
> year and incomes for that year are netted-off.
> Example - take a financial year that starts 1 January 2019 - i.e. Ends 31
> December 2019
> on 01 January 2020,
> (this should be the first transaction on these GLs before anything else
> transpires that day )
> All EXPENSE accounts are CREDITED to have ZERO balances
> All INCOME accounts are DEBITED to have ZERO balances
> The NET of these two factions is Posted to an EQUITY Account as per Company
> Chart of Accounts (Supplus-Deficit GL Account)
--
This message was sent by Atlassian Jira
(v8.3.4#803005)
