[jira] [Updated] (FINERACT-1257) End of year Module under accounting
[ https://issues.apache.org/jira/browse/FINERACT-1257?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ] Francis Guchie updated FINERACT-1257: - Affects Version/s: 1.5.0 > 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 (v8.3.4#803005)
[jira] [Commented] (FINERACT-1257) End of year Module under accounting
[ https://issues.apache.org/jira/browse/FINERACT-1257?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=17391589#comment-17391589 ] bharath gowda commented on FINERACT-1257: - thank you [~francisguchie] we will discuss and priorities the same in our product board meetings. > 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 >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 (v8.3.4#803005)
[jira] [Comment Edited] (FINERACT-1257) End of year Module under accounting
[ https://issues.apache.org/jira/browse/FINERACT-1257?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=17391580#comment-17391580 ] Francis Guchie edited comment on FINERACT-1257 at 8/2/21, 1:05 PM: --- [~edcable] please see https://issues.apache.org/jira/browse/FINERACT-38 and https://issues.apache.org/jira/browse/FINERACT-578 these issues have been mentioned and never resolved was (Author: francisguchie): [~edcable] please see issue #38 and issue #578 as these have been mentioned and never resolved > 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 >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 (v8.3.4#803005)
[jira] [Commented] (FINERACT-1257) End of year Module under accounting
[ https://issues.apache.org/jira/browse/FINERACT-1257?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=17391580#comment-17391580 ] Francis Guchie commented on FINERACT-1257: -- [~edcable] please see issue #38 and issue #578 as these have been mentioned and never resolved > 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 >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 (v8.3.4#803005)
