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https://issues.apache.org/jira/browse/FINERACT-38?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Victor Romero closed FINERACT-38.
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Resolution: Abandoned
Closed as stalled
> 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
> Priority: Major
> Labels: Roadmap2022, functional
> Time Spent: 40m
> Remaining Estimate: 0h
>
> https://mifosforge.jira.com/browse/MIFOSX-2337
> Relates to: https://mifosforge.jira.com/browse/MIFOSX-2288 (see attachments
> and narrative)
> 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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