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periods in FinAccountTrans

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Technology Investor

periods in FinAccountTrans

Hi,

I see that FinAccountTrans does not have any period information for a
transaction.
What I am used to is that the fiscal period is independent of the
transaction date so that I can have an entry in fiscal period Q3 2008
but where the transaction actually happened in Q2 (but the guy came
too late with the invoice so the books were closed).
How is this situation typically handled in ofbiz?

- A

Jacques Le Roux

Re: periods in FinAccountTrans

Administrator

https://localhost:8443/webtools/control/EditCustomTimePeriod

Jacques

From: "Technology Investor" <[hidden email]>

> Hi,
>
> I see that FinAccountTrans does not have any period information for a
> transaction.
> What I am used to is that the fiscal period is independent of the
> transaction date so that I can have an entry in fiscal period Q3 2008
> but where the transaction actually happened in Q2 (but the guy came
> too late with the invoice so the books were closed).
> How is this situation typically handled in ofbiz?
>
> - A
>

Alexander Kjeldaas

Re: periods in FinAccountTrans

Hi Jacques,

Thanks for your answer, but I am not sure you understood my question.
In a system where the fiscal period is part of the transaction, a date
does not belong to a fiscal period, and two transactions that are on
the same day might be in different fiscal periods.
So the transaction date does not define the fiscal period for the transaction.

When you close the books, and someone comes along with an invoice or
something that belonged to the closed period, it seems that you need
to lie about the transaction date in order to get it into the new
(open) period. Is this how one usually do this sort of thing?

- A

2008/8/26 Jacques Le Roux <[hidden email]>:

> https://localhost:8443/webtools/control/EditCustomTimePeriod
>
> Jacques
>
> From: "Technology Investor" <[hidden email]>
>>
>> Hi,
>>
>> I see that FinAccountTrans does not have any period information for a
>> transaction.
>> What I am used to is that the fiscal period is independent of the
>> transaction date so that I can have an entry in fiscal period Q3 2008
>> but where the transaction actually happened in Q2 (but the guy came
>> too late with the invoice so the books were closed).
>> How is this situation typically handled in ofbiz?
>>
>> - A
>>
>

Jacques Le Roux

Re: periods in FinAccountTrans

Administrator

Alexander,

It was a quick answer since this setting is hard to find and I had nothing else to propose.
It seems that entryDate is there for this purpose, please have a look at createFinAccountTrans service

<service name="createFinAccountTrans" engine="simple" default-entity-name="FinAccountTrans"
location="org/ofbiz/accounting/finaccount/FinAccountServices.xml" invoke="createFinAccountTrans">
<description>Create a new Financial Account Transaction. Will use current timestamp for entryDate and trasanctionDate if none
is provided.</description>
<auto-attributes mode="OUT" optional="false" include="pk"/>
<auto-attributes mode="IN" optional="true" include="nonpk">
<exclude field-name="performedByPartyId"/>
</auto-attributes>
</service>

UI : https://localhost:8443/accounting/control/EditFinAccountTrans

Jacques

From: "Alexander Kjeldaas" <[hidden email]>

> Hi Jacques,
>
> Thanks for your answer, but I am not sure you understood my question.
> In a system where the fiscal period is part of the transaction, a date
> does not belong to a fiscal period, and two transactions that are on
> the same day might be in different fiscal periods.
> So the transaction date does not define the fiscal period for the transaction.
>
> When you close the books, and someone comes along with an invoice or
> something that belonged to the closed period, it seems that you need
> to lie about the transaction date in order to get it into the new
> (open) period. Is this how one usually do this sort of thing?
>
> - A
>
> 2008/8/26 Jacques Le Roux <[hidden email]>:
>> https://localhost:8443/webtools/control/EditCustomTimePeriod
>>
>> Jacques
>>
>> From: "Technology Investor" <[hidden email]>
>>>
>>> Hi,
>>>
>>> I see that FinAccountTrans does not have any period information for a
>>> transaction.
>>> What I am used to is that the fiscal period is independent of the
>>> transaction date so that I can have an entry in fiscal period Q3 2008
>>> but where the transaction actually happened in Q2 (but the guy came
>>> too late with the invoice so the books were closed).
>>> How is this situation typically handled in ofbiz?
>>>
>>> - A
>>>
>>
>

BJ Freeman

Re: periods in FinAccountTrans

lets say you have invoice that was billing in the 2nd quarter but did
not get paid till the 3rd quarter.
so it got entered in the the wrong part of the fiscal year.
not the entry date would be when it got entered in the 3rd Quarter
but there is not way to say wait a minute this is suppose to be credited
to the 2nd quarter revenues.

Jacques Le Roux sent the following on 8/26/2008 2:25 PM:

> Alexander,
>
> It was a quick answer since this setting is hard to find and I had
> nothing else to propose.
> It seems that entryDate is there for this purpose, please have a look at
> createFinAccountTrans service
>
> <service name="createFinAccountTrans" engine="simple"
> default-entity-name="FinAccountTrans"
> location="org/ofbiz/accounting/finaccount/FinAccountServices.xml"
> invoke="createFinAccountTrans">
> <description>Create a new Financial Account Transaction. Will use
> current timestamp for entryDate and trasanctionDate if none is
> provided.</description>
> <auto-attributes mode="OUT" optional="false" include="pk"/>
> <auto-attributes mode="IN" optional="true" include="nonpk">
> <exclude field-name="performedByPartyId"/>
> </auto-attributes>
> </service>
>
> UI : https://localhost:8443/accounting/control/EditFinAccountTrans
>
> Jacques
>
>
> From: "Alexander Kjeldaas" <[hidden email]>
>> Hi Jacques,
>>
>> Thanks for your answer, but I am not sure you understood my question.
>> In a system where the fiscal period is part of the transaction, a date
>> does not belong to a fiscal period, and two transactions that are on
>> the same day might be in different fiscal periods.
>> So the transaction date does not define the fiscal period for the
>> transaction.
>>
>> When you close the books, and someone comes along with an invoice or
>> something that belonged to the closed period, it seems that you need
>> to lie about the transaction date in order to get it into the new
>> (open) period. Is this how one usually do this sort of thing?
>>
>> - A
>>
>> 2008/8/26 Jacques Le Roux <[hidden email]>:
>>> https://localhost:8443/webtools/control/EditCustomTimePeriod
>>>
>>> Jacques
>>>
>>> From: "Technology Investor" <[hidden email]>
>>>>
>>>> Hi,
>>>>
>>>> I see that FinAccountTrans does not have any period information for a
>>>> transaction.
>>>> What I am used to is that the fiscal period is independent of the
>>>> transaction date so that I can have an entry in fiscal period Q3 2008
>>>> but where the transaction actually happened in Q2 (but the guy came
>>>> too late with the invoice so the books were closed).
>>>> How is this situation typically handled in ofbiz?
>>>>
>>>> - A
>>>>
>>>
>>
>
>
>
>

BJ Freeman

Re: periods in FinAccountTrans

forgot to mention that for a cash accounting the current systems works
for a accrual system the liability or assets are the day they were
brought into being, not the day the actual money is transfered.

BJ Freeman sent the following on 8/26/2008 4:02 PM:

> lets say you have invoice that was billing in the 2nd quarter but did
> not get paid till the 3rd quarter.
> so it got entered in the the wrong part of the fiscal year.
> not the entry date would be when it got entered in the 3rd Quarter
> but there is not way to say wait a minute this is suppose to be credited
> to the 2nd quarter revenues.
>
> Jacques Le Roux sent the following on 8/26/2008 2:25 PM:
>> Alexander,
>>
>> It was a quick answer since this setting is hard to find and I had
>> nothing else to propose.
>> It seems that entryDate is there for this purpose, please have a look at
>> createFinAccountTrans service
>>
>> <service name="createFinAccountTrans" engine="simple"
>> default-entity-name="FinAccountTrans"
>> location="org/ofbiz/accounting/finaccount/FinAccountServices.xml"
>> invoke="createFinAccountTrans">
>> <description>Create a new Financial Account Transaction. Will use
>> current timestamp for entryDate and trasanctionDate if none is
>> provided.</description>
>> <auto-attributes mode="OUT" optional="false" include="pk"/>
>> <auto-attributes mode="IN" optional="true" include="nonpk">
>> <exclude field-name="performedByPartyId"/>
>> </auto-attributes>
>> </service>
>>
>> UI : https://localhost:8443/accounting/control/EditFinAccountTrans
>>
>> Jacques
>>
>>
>> From: "Alexander Kjeldaas" <[hidden email]>
>>> Hi Jacques,
>>>
>>> Thanks for your answer, but I am not sure you understood my question.
>>> In a system where the fiscal period is part of the transaction, a date
>>> does not belong to a fiscal period, and two transactions that are on
>>> the same day might be in different fiscal periods.
>>> So the transaction date does not define the fiscal period for the
>>> transaction.
>>>
>>> When you close the books, and someone comes along with an invoice or
>>> something that belonged to the closed period, it seems that you need
>>> to lie about the transaction date in order to get it into the new
>>> (open) period. Is this how one usually do this sort of thing?
>>>
>>> - A
>>>
>>> 2008/8/26 Jacques Le Roux <[hidden email]>:
>>>> https://localhost:8443/webtools/control/EditCustomTimePeriod
>>>>
>>>> Jacques
>>>>
>>>> From: "Technology Investor" <[hidden email]>
>>>>> Hi,
>>>>>
>>>>> I see that FinAccountTrans does not have any period information for a
>>>>> transaction.
>>>>> What I am used to is that the fiscal period is independent of the
>>>>> transaction date so that I can have an entry in fiscal period Q3 2008
>>>>> but where the transaction actually happened in Q2 (but the guy came
>>>>> too late with the invoice so the books were closed).
>>>>> How is this situation typically handled in ofbiz?
>>>>>
>>>>> - A
>>>>>
>>
>>
>>
>
>
>
>

David E Jones

Re: periods in FinAccountTrans

In reply to this post by Jacques Le Roux

Yes, the transaction date is the one that corresponds to the fiscal period it would be in, and the entry date may very
well be different. This is an important point because if the fiscal period the transaction date would be in has closed
because it was entered too late... you have a problem!

-David

Jacques Le Roux wrote:

Technology Investor

Re: periods in FinAccountTrans

Another example when fiscal-period-not-bound-to-date comes in handy is
at year end.
All the stuff that happens at year end is normally accounted for with
a transaction date of 12/31. However, this is a problem when you set
up a report, because the december earnings report or what have you
will look different to the november report because of those effects.

In a system where there is a period attached to each transaction, all
the year end fixup happens in period *13* which is a special period
after december but before the start of the next fiscal year. So the
internal reports you use to figure out how your business is doing in
december will only report on period 12, so it can be compared to
period 11 easily. You can even have normal business on the 31th of
december and account for that using period 12.

- A

2008/8/27 David E. Jones <[hidden email]>:

>
> Yes, the transaction date is the one that corresponds to the fiscal period
> it would be in, and the entry date may very well be different. This is an
> important point because if the fiscal period the transaction date would be
> in has closed because it was entered too late... you have a problem!
>
> -David
>
>
> Jacques Le Roux wrote:
>>
>> Alexander,
>>
>> It was a quick answer since this setting is hard to find and I had nothing
>> else to propose.
>> It seems that entryDate is there for this purpose, please have a look at
>> createFinAccountTrans service
>>
>> <service name="createFinAccountTrans" engine="simple"
>> default-entity-name="FinAccountTrans"
>> location="org/ofbiz/accounting/finaccount/FinAccountServices.xml"
>> invoke="createFinAccountTrans">
>> <description>Create a new Financial Account Transaction. Will use
>> current timestamp for entryDate and trasanctionDate if none is
>> provided.</description>
>> <auto-attributes mode="OUT" optional="false" include="pk"/>
>> <auto-attributes mode="IN" optional="true" include="nonpk">
>> <exclude field-name="performedByPartyId"/>
>> </auto-attributes>
>> </service>
>>
>> UI : https://localhost:8443/accounting/control/EditFinAccountTrans
>>
>> Jacques
>>
>>
>> From: "Alexander Kjeldaas" <[hidden email]>
>>>
>>> Hi Jacques,
>>>
>>> Thanks for your answer, but I am not sure you understood my question.
>>> In a system where the fiscal period is part of the transaction, a date
>>> does not belong to a fiscal period, and two transactions that are on
>>> the same day might be in different fiscal periods.
>>> So the transaction date does not define the fiscal period for the
>>> transaction.
>>>
>>> When you close the books, and someone comes along with an invoice or
>>> something that belonged to the closed period, it seems that you need
>>> to lie about the transaction date in order to get it into the new
>>> (open) period. Is this how one usually do this sort of thing?
>>>
>>> - A
>>>
>>> 2008/8/26 Jacques Le Roux <[hidden email]>:
>>>>
>>>> https://localhost:8443/webtools/control/EditCustomTimePeriod
>>>>
>>>> Jacques
>>>>
>>>> From: "Technology Investor" <[hidden email]>
>>>>>
>>>>> Hi,
>>>>>
>>>>> I see that FinAccountTrans does not have any period information for a
>>>>> transaction.
>>>>> What I am used to is that the fiscal period is independent of the
>>>>> transaction date so that I can have an entry in fiscal period Q3 2008
>>>>> but where the transaction actually happened in Q2 (but the guy came
>>>>> too late with the invoice so the books were closed).
>>>>> How is this situation typically handled in ofbiz?
>>>>>
>>>>> - A
>>>>>
>>>>
>>>
>>
>

BJ Freeman

Re: periods in FinAccountTrans

in thinking about this a service can be used to link the transaction
back to the invoice date to do fiscal calendar computations.

Technology Investor sent the following on 8/27/2008 1:51 AM:

> Another example when fiscal-period-not-bound-to-date comes in handy is
> at year end.
> All the stuff that happens at year end is normally accounted for with
> a transaction date of 12/31. However, this is a problem when you set
> up a report, because the december earnings report or what have you
> will look different to the november report because of those effects.
>
> In a system where there is a period attached to each transaction, all
> the year end fixup happens in period *13* which is a special period
> after december but before the start of the next fiscal year. So the
> internal reports you use to figure out how your business is doing in
> december will only report on period 12, so it can be compared to
> period 11 easily. You can even have normal business on the 31th of
> december and account for that using period 12.
>
> - A
>
> 2008/8/27 David E. Jones <[hidden email]>:
>> Yes, the transaction date is the one that corresponds to the fiscal period
>> it would be in, and the entry date may very well be different. This is an
>> important point because if the fiscal period the transaction date would be
>> in has closed because it was entered too late... you have a problem!
>>
>> -David
>>
>>
>> Jacques Le Roux wrote:
>>> Alexander,
>>>
>>> It was a quick answer since this setting is hard to find and I had nothing
>>> else to propose.
>>> It seems that entryDate is there for this purpose, please have a look at
>>> createFinAccountTrans service
>>>
>>> <service name="createFinAccountTrans" engine="simple"
>>> default-entity-name="FinAccountTrans"
>>> location="org/ofbiz/accounting/finaccount/FinAccountServices.xml"
>>> invoke="createFinAccountTrans">
>>> <description>Create a new Financial Account Transaction. Will use
>>> current timestamp for entryDate and trasanctionDate if none is
>>> provided.</description>
>>> <auto-attributes mode="OUT" optional="false" include="pk"/>
>>> <auto-attributes mode="IN" optional="true" include="nonpk">
>>> <exclude field-name="performedByPartyId"/>
>>> </auto-attributes>
>>> </service>
>>>
>>> UI : https://localhost:8443/accounting/control/EditFinAccountTrans
>>>
>>> Jacques
>>>
>>>
>>> From: "Alexander Kjeldaas" <[hidden email]>
>>>> Hi Jacques,
>>>>
>>>> Thanks for your answer, but I am not sure you understood my question.
>>>> In a system where the fiscal period is part of the transaction, a date
>>>> does not belong to a fiscal period, and two transactions that are on
>>>> the same day might be in different fiscal periods.
>>>> So the transaction date does not define the fiscal period for the
>>>> transaction.
>>>>
>>>> When you close the books, and someone comes along with an invoice or
>>>> something that belonged to the closed period, it seems that you need
>>>> to lie about the transaction date in order to get it into the new
>>>> (open) period. Is this how one usually do this sort of thing?
>>>>
>>>> - A
>>>>
>>>> 2008/8/26 Jacques Le Roux <[hidden email]>:
>>>>> https://localhost:8443/webtools/control/EditCustomTimePeriod
>>>>>
>>>>> Jacques
>>>>>
>>>>> From: "Technology Investor" <[hidden email]>
>>>>>> Hi,
>>>>>>
>>>>>> I see that FinAccountTrans does not have any period information for a
>>>>>> transaction.
>>>>>> What I am used to is that the fiscal period is independent of the
>>>>>> transaction date so that I can have an entry in fiscal period Q3 2008
>>>>>> but where the transaction actually happened in Q2 (but the guy came
>>>>>> too late with the invoice so the books were closed).
>>>>>> How is this situation typically handled in ofbiz?
>>>>>>
>>>>>> - A
>>>>>>
>
>
>