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From "Dayna Harp (JIRA)" <j...@apache.org>
Subject [jira] [Created] (FINERACT-38) Period Close feature where inc & exp booked to retained earnings account
Date Fri, 19 Feb 2016 19:39:18 GMT
Dayna Harp created FINERACT-38:
----------------------------------

             Summary: 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
            Assignee: Markus Geiss


https://mifosforge.jira.com/browse/MIFOSX-2337 
Relates to:  https://mifosforge.jira.com/browse/MIFOSX-2288

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



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