Eloquent Double Entry Accounting with a focus on IFRS Compliant Reporting
Published on by Paul Redmond
Eloquent IFRS is a package by Edward Mungai that provides “double-entry accounting with a focus on International Financial Reporting Standards (IFRS) compliant reporting.”
According to the documentation’s introduction, this package can help you generate compliant reports:
The Eloquent IFRS package gives any Laravel application or Lumen API the ability to generate a comprehensive set of financial reports by providing an embedded double-entry bookkeeping system.
The Accounting objects are created with a consistent and fluent interface, allowing seamless integration with the Business objects of the parent application.
Here’s a high-level example from the readme, which demonstrates some of the models:
use IFRS\Models\Account;use IFRS\models\LineItem; $bankAccount = new Account([ 'name' => "Sales Account", 'account_type' => Account::BANK,])->save(); // Intermediate save does not record the transaction in the Ledger$cashSale = new CashSale([ 'account_id' => $bankAccount->id, 'date' => Carbon::now(), 'narration' => "Example Cash Sale",])->save(); // This posts the Transaction to the Ledger$cashSaleLineItem = new LineItem([ 'vat_id' => $outputVat->id, 'account_id' => $revenueAccount->id, 'vat_account_id' => $salesVatAccount->id, 'description' => "Example Cash Sale Line Item", 'quantity' => 1, 'amount' => 100,])->save(); $cashSale->addLineItem($cashSaleLineItem);$cashSale->post();
Here’s an example of an income report (profit and loss):
use IFRS\Reports\IncomeStatement; $incomeStatement = new IncomeStatement( "2020-01-01", // Report start date "2020-12-31", // Report end date)->getSections();// Fetch balances from the ledger and store them internally /*** this function is only for demonstration and* debugging use and should never be called in production*/dd($incomeStatement->toString()); Example CompanyIncome StatementFor the Period: Jan 01 2020 to Dec 31 2020 Operating Revenues Operating Revenue 200 (100 cash sales + 100 credit sales) Operating Expenses Operating Expense 100 (cash purchase) ---------------Operations Gross Profit 100 Non Operating Revenues Non Operating Revenue 0 ---------------Total Revenue 100 Non Operating Expenses Direct Expense 0 Overhead Expense 0 Other Expense 0 ---------------Total Expenses 0 ---------------Net Profit 100 ===============
All of the above examples come from the project readme, and is only a sample of what the package provides. The details of the package (and IFRS reporting) are quite intricate, and you should consult the full documentation.
I find this package unique because it’s created by a “finance guy turned developer.” It’s fantastic to see professionals in other industries turn to Laravel to develop ideas.
You can learn more about this package, get full installation instructions, and view the source code on GitHub at ekmungai/eloquent-ifrs.