[ https://issues.apache.org/jira/browse/FINERACT-38?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]
James Dailey updated FINERACT-38: --------------------------------- Labels: Roadmap2022 functional (was: functional) > 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 -- This message was sent by Atlassian Jira (v8.20.10#820010)