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Francis Guchie commented on FINERACT-1257: ------------------------------------------ [~bgowda] can we say this is answered by the business date? > 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, 1.5.0 > 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 (v8.20.10#820010)