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ekmungai / eloquent-ifrs

Eloquent Double Entry Accounting with a focus on IFRS Compliant Reporting
MIT License
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How to close reporting period #95

Closed martuico closed 2 years ago

martuico commented 2 years ago

How to close reporting period and able to brought forward.

ekmungai commented 2 years ago

Hi @martuico,

To close a reporting period, assuming there are no forex transactions, you can either directly change the status of the period to ReportingPeriod::CLOSED or use the intermediate ReportingPeriod::ADJUSTING to allow journal entries for making audit adjustments before closing the year. Bringing forward the balances to a new year involves creating Balance objects for each account that has an outstanding balance by the end of the year.

Cheers, Edward