[jira] [Assigned] (FINERACT-1257) End of year Module under accounting

["Francis Guchie (Jira)" <ji...@apache.org>]

     [ https://issues.apache.org/jira/browse/FINERACT-1257?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]

Francis Guchie reassigned FINERACT-1257:
----------------------------------------

    Assignee: Francis Guchie

> 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)



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