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From "Ippez Roberts (JIRA)" <j...@apache.org>
Subject [jira] [Commented] (FINERACT-38) Period Close feature where inc & exp booked to retained earnings account
Date Tue, 19 Sep 2017 06:14:01 GMT

    [ https://issues.apache.org/jira/browse/FINERACT-38?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=16171169#comment-16171169
] 

Ippez Roberts commented on FINERACT-38:
---------------------------------------

@Edward cable, what is the status of this ticket as Musoni promised to submit a PR as in Sander's
comment https://mifosforge.jira.com/browse/MIFOSX-2288?focusedCommentId=88831&page=com.atlassian.jira.plugin.system.issuetabpanels%3Acomment-tabpanel#comment-88831

As we near closure of year, we would be so glad to be able to close or year and book off expenses
and income automatically


> 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 (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



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