Details
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Improvement
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Status: Open
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Major
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Resolution: Unresolved
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None
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None
Description
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
