Yes, this does seem like something that should be in the demo data
along with the rest of the demo chart of accounts. Actually... I'm a
bit surprised it isn't there. :)
-David
On Mar 15, 2009, at 8:46 PM, Hans Bakker wrote:
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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