shouldn't we add this to the demo data?
On Sun, 2009-03-15 at 18:15 -0700, Sharan-F wrote:
> Hi Rees
>
> I'm doing some documentation on accounting on the OFBiz Wiki and have come
> across this problem. Here's the link to the time periods bit.
> http://docs.ofbiz.org/display/OFBIZ/05+Time+Period
> http://docs.ofbiz.org/display/OFBIZ/05+Time+Period
>
> I would say that in general when you close a financial year you would want
> to move the profit into retained earnings etc (or if you pay a dividend or
> bonus or whatever)
>
> What OFBiz seems to do is that it does this movement transaction from P&L to
> Balance sheet whenever you do a period closing even if it's not at the end
> of the financial year. Personally I would have expected a period close only
> to stop you from posting to that closed period but technically speaking I
> dont think what OFBiz is doing is wrong.
>
> To solve your problem - I think it's a matter of mappings. The demo data
> doesnt come with GL Account Default mapping for Profit Loss (but it does
> have one for Retained Earnings).
>
> Here's how to fix it using an example from Hotwax Demo:
>
> 1. In Accounting Manager / General Ledger / Setup for Company
> 2. Select Chart of Accounts and Create an assignment to 801000 Income / Loss
> from Business Net of Expenses (if its already there it was me that added it
> in to perform the test!)
> 3. In Accounting Manager / General Ledger / Setup for Company / GL Account
> defaults
> 4. Go to GL Account Type Defaults (which is the first one) and add a mapping
> for 'Profit Loss' to the account 801000
>
> If you now try to close a time period – it should post with one side of the
> journal going to Retained Earnings and the other to the Profit Loss Mapping.
>
> Hope this helps.
>
> Thanks
> Sharan
>
>
> Rees Watkins wrote:
> >
> > Hi
> >
> > I am attempting to understand the closing of accounting periods in Ofbiz
> >
> > In order to close an accounting period the system needs to make an entry
> > into Retained Income and a contra entry in a Profit and Loss account.
> >
> > The code seems to require an Account Type Id of "PROFIT_LOSS_ACCOUNT"
> >
> > However there does not appear to be an GlAccount of that type in the
> > system and so an entry is make into the Error Journal.
> >
> > Does anyone have know if this is an error and what I can do to resolve it.
> >
> > Thank you
> > Rees
> >
> >
> >
> >
> >
>
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