Financials ->Month End Close Procedures

[james-2]

CONTENTS DELETED

The author has deleted this message.

[Paul Foxworthy]

Hi James,

Sharan Foga's book
https://www.lulu.com/au/en/shop/sharan-foga/getting-started-with-apache-ofbiz-accounting/paperback/product-21841766.html
might help.

Cheers

Paul Foxworthy

On 21 March 2018 at 00:17, <[hidden email]> wrote:

>
> Can someone point me in the right direction for Month End Close
> Accounting Procedures in Ofbiz.  As well how to re-open a closed period?
>
> Thanks,
>
> James
>



--
Coherent Software Australia Pty Ltd
PO Box 2773
Cheltenham Vic 3192
Australia

Phone: [phone]
Web: http://www.coherentsoftware.com.au/
Email: [hidden email]

[Sharan Foga]

Hi James

You don’t need to buy my book, to find out about this. :-)

I’ve gone through the main process below with some links to the screens in our demo.
So the main things you need are:

Time Periods
https://demo-stable.ofbiz.apache.org/accounting/control/TimePeriods?organizationPartyId=Company

To make sure that your time periods (monthly ones are setup). The last time I checked OFBiz still needed the periods to be setup a bit like this

Start Date 1 January 20XX End Date 1 February 20XX because the comparison for whether a transaction is within the range is a less than comparison. So setting the period end date to 31st January 20XX will miss the transactions for the 31st January.

Make sure the period is active

GL Account Type Defaults Account Mapping
https://demo-stable.ofbiz.apache.org/accounting/control/GlAccountAssignment?organizationPartyId=Company

You need a mapping to make sure that:
- ‘Profit Loss ‘ GL account type is mapped to your account for Net Income
- 'Retained Earnings' GL account type is mapped to your account for Retained Earnings

Month End Closing
https://demo-stable.ofbiz.apache.org/accounting/control/TimePeriods?organizationPartyId=Company

To close the month simply close the time period and Period closing accounting transaction should automatically be created and posted  (Do this in the company settings not at the global GL accounts level)

Period Closing Accounting Transaction
To find the Period Closing Transaction, go to

https://demo-stable.ofbiz.apache.org/accounting/control/FindAcctgTrans 

Re-opening a Closed Period
You used to be able to do this via the Edit Custom Time Period screen
https://localhost:8443/accounting/control/updateCustomTimePeriod 

but that is no longer the case.

The workaround is to edit Time Period entity record to make it active. There is a flag that indicates whether the period is active or not – just change it.
https://demo-stable.ofbiz.apache.org/webtools/control/FindGeneric?entityName=CustomTimePeriod

- Reverse the accounting transaction for the original period closing. (Just go into the original accounting transaction and use the Revert option)
- Do your accounting adjustments
- Close the period again

I think that having the ability to re-open a closed Time Period is a something that is quite useful so would probably suggest that we look at re-implementing something  that does this.

I hope this helps and if anyone else has other ideas or suggestions then please feel free to add your feedback.

Thanks
Sharan
On 2018/03/20 13:17:56, <[hidden email]> wrote:
>
> Can someone point me in the right direction for Month End Close
> Accounting Procedures in Ofbiz.  As well how to re-open a closed period?
>
> Thanks,
>
> James
>

[taher]

Valuable info! seems like a glaring "must-go-to-the-manual" thing

On Wed, Mar 21, 2018 at 11:46 AM, Sharan Foga <[hidden email]> wrote:

> Hi James
>
> You don’t need to buy my book, to find out about this. :-)
>
> I’ve gone through the main process below with some links to the screens in our demo.
> So the main things you need are:
>
> Time Periods
> https://demo-stable.ofbiz.apache.org/accounting/control/TimePeriods?organizationPartyId=Company
>
> To make sure that your time periods (monthly ones are setup). The last time I checked OFBiz still needed the periods to be setup a bit like this
>
> Start Date 1 January 20XX End Date 1 February 20XX because the comparison for whether a transaction is within the range is a less than comparison. So setting the period end date to 31st January 20XX will miss the transactions for the 31st January.
>
> Make sure the period is active
>
> GL Account Type Defaults Account Mapping
> https://demo-stable.ofbiz.apache.org/accounting/control/GlAccountAssignment?organizationPartyId=Company
>
> You need a mapping to make sure that:
> - ‘Profit Loss ‘ GL account type is mapped to your account for Net Income
> - 'Retained Earnings' GL account type is mapped to your account for Retained Earnings
>
> Month End Closing
> https://demo-stable.ofbiz.apache.org/accounting/control/TimePeriods?organizationPartyId=Company
>
> To close the month simply close the time period and Period closing accounting transaction should automatically be created and posted  (Do this in the company settings not at the global GL accounts level)
>
> Period Closing Accounting Transaction
> To find the Period Closing Transaction, go to
>
> https://demo-stable.ofbiz.apache.org/accounting/control/FindAcctgTrans
>
> Re-opening a Closed Period
> You used to be able to do this via the Edit Custom Time Period screen
> https://localhost:8443/accounting/control/updateCustomTimePeriod
>
> but that is no longer the case.
>
> The workaround is to edit Time Period entity record to make it active. There is a flag that indicates whether the period is active or not – just change it.
> https://demo-stable.ofbiz.apache.org/webtools/control/FindGeneric?entityName=CustomTimePeriod
>
> - Reverse the accounting transaction for the original period closing. (Just go into the original accounting transaction and use the Revert option)
> - Do your accounting adjustments
> - Close the period again
>
> I think that having the ability to re-open a closed Time Period is a something that is quite useful so would probably suggest that we look at re-implementing something  that does this.
>
> I hope this helps and if anyone else has other ideas or suggestions then please feel free to add your feedback.
>
> Thanks
> Sharan
> On 2018/03/20 13:17:56, <[hidden email]> wrote:
>>
>> Can someone point me in the right direction for Month End Close
>> Accounting Procedures in Ofbiz.  As well how to re-open a closed period?
>>
>> Thanks,
>>
>> James
>>

[Michael Brohl-3]

Thought exactly the same 😀

Regards,
Michael

> Am 21.03.2018 um 10:27 schrieb Taher Alkhateeb <[hidden email]>:
>
> Valuable info! seems like a glaring "must-go-to-the-manual" thing
>
>> On Wed, Mar 21, 2018 at 11:46 AM, Sharan Foga <[hidden email]> wrote:
>> Hi James
>>
>> You don’t need to buy my book, to find out about this. :-)
>>
>> I’ve gone through the main process below with some links to the screens in our demo.
>> So the main things you need are:
>>
>> Time Periods
>> https://demo-stable.ofbiz.apache.org/accounting/control/TimePeriods?organizationPartyId=Company
>>
>> To make sure that your time periods (monthly ones are setup). The last time I checked OFBiz still needed the periods to be setup a bit like this
>>
>> Start Date 1 January 20XX End Date 1 February 20XX because the comparison for whether a transaction is within the range is a less than comparison. So setting the period end date to 31st January 20XX will miss the transactions for the 31st January.
>>
>> Make sure the period is active
>>
>> GL Account Type Defaults Account Mapping
>> https://demo-stable.ofbiz.apache.org/accounting/control/GlAccountAssignment?organizationPartyId=Company
>>
>> You need a mapping to make sure that:
>> - ‘Profit Loss ‘ GL account type is mapped to your account for Net Income
>> - 'Retained Earnings' GL account type is mapped to your account for Retained Earnings
>>
>> Month End Closing
>> https://demo-stable.ofbiz.apache.org/accounting/control/TimePeriods?organizationPartyId=Company
>>
>> To close the month simply close the time period and Period closing accounting transaction should automatically be created and posted  (Do this in the company settings not at the global GL accounts level)
>>
>> Period Closing Accounting Transaction
>> To find the Period Closing Transaction, go to
>>
>> https://demo-stable.ofbiz.apache.org/accounting/control/FindAcctgTrans
>>
>> Re-opening a Closed Period
>> You used to be able to do this via the Edit Custom Time Period screen
>> https://localhost:8443/accounting/control/updateCustomTimePeriod
>>
>> but that is no longer the case.
>>
>> The workaround is to edit Time Period entity record to make it active. There is a flag that indicates whether the period is active or not – just change it.
>> https://demo-stable.ofbiz.apache.org/webtools/control/FindGeneric?entityName=CustomTimePeriod
>>
>> - Reverse the accounting transaction for the original period closing. (Just go into the original accounting transaction and use the Revert option)
>> - Do your accounting adjustments
>> - Close the period again
>>
>> I think that having the ability to re-open a closed Time Period is a something that is quite useful so would probably suggest that we look at re-implementing something  that does this.
>>
>> I hope this helps and if anyone else has other ideas or suggestions then please feel free to add your feedback.
>>
>> Thanks
>> Sharan
>>> On 2018/03/20 13:17:56, <[hidden email]> wrote:
>>>
>>> Can someone point me in the right direction for Month End Close
>>> Accounting Procedures in Ofbiz.  As well how to re-open a closed period?
>>>
>>> Thanks,
>>>
>>> James
>>>