def close_accounts(self, request):
accounts = Account.objects.filter(is_active=True,
account_type__category__in=[2, 3, 4])
income_value = 0
debits = []
credits = []
has_income_adjustment = False
closing_journal = JournalEntry(
date=timezone.now(),
creator=request.user,
description="Auto-generated closing journal",
entry_type=JournalEntryTypes.CLOSING,
is_approved=None)
closing_journal.save()
for account in accounts:
balance = account.get_balance()
if balance == 0:
# No need to close an account that does not have a balance
continue
closer = Transaction(affected_account=account,
journal_entry=closing_journal,
is_debit=not account.is_debit(),
value=abs(balance))
if account.account_type.category == 3 or account.account_type.category == 4:
has_income_adjustment = True
if closer.is_debit:
debits.append(closer)
else:
credits.append(closer)
income_value += closer.get_value()
elif account.account_type.category == 2 and "Drawing" in account.name:
# NOTE: We are only accounting for business owner equity here, not shareholders equity.
try:
equity_adjuster = Account.objects.get_by_natural_key(
account.name.replace("Drawing", "Capital"))
if not equity_adjuster.is_active:
equity_adjuster.is_active = True
equity_adjuster.save()
except Model.DoesNotExist:
closing_journal.delete()
return Response({
'message': 'The Drawing account "%s" does not have a corresponding Capital account to adjust.' % \
account.name }, status=403)
debits.append(
Transaction(affected_account=equity_adjuster,
journal_entry=closing_journal,
value=abs(balance),
is_debit=True))
credits.append(closer)
if not len(debits) and not len(credits):
closing_journal.delete()
return Response({'message': 'Accounts have already been closed.'},
status=200)
if has_income_adjustment:
try:
income_account = Account.objects.get_by_natural_key(
'Retained Earnings')
if not income_account.is_active:
income_account.is_active = True
income_account.save()
except Model.DoesNotExist:
closing_journal.delete()
return Response(
{
'message':
'There is no acccount named "Retaining Earnings".'
},
status=403)
income_adjuster = Transaction(affected_account=income_account,
journal_entry=closing_journal,
value=abs(income_value))
income_adjuster.is_debit = income_value < 0 # if income_value is positive, it debits the Retained Earnings else credits
if income_adjuster.is_debit:
debits.append(income_adjuster)
else:
credits.append(income_adjuster)
transaction_list = debits + credits
for transaction in transaction_list:
transaction.save()
return Response({'message': 'Closing Entry has been created.'},
status=200)
