feat: 1099 tracking — vendor forms, payment tags, year-end worksheet

Vendors carry form_1099 (NEC/MISC) and tin_on_file (never the TIN).
Entries carry the vendor they paid; bills, bill payments, and reversals
are tagged automatically. books.vendor_1099 counts cash paid per vendor
per calendar year (card payments excluded) against $600 through 2025 and
$2,000 from 2026, or an override, and flags missing W-9s. Four new tools
(64), two journal events, schema v7. Docs: finished R-FUTURE work is no
longer listed as future.

Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01MtYEaR6M6Ybdhm6X98BWNu

AGENTS.md

@@ -104,6 +104,9 @@ clone, with status. Rules:
 | `docs/architecture.md` | Crate layout, command pattern, dependency rules |
 | `docs/oracle.md` | How we prove correctness: golden files, property tests, GnuCash diffing |
 | `docs/parity.md` | Feature catalog and the non-regression floor |
+| `docs/capability-parity.md` | Parity vs the GSheet+GDrive system + the cutover rule |
+| `docs/mcp-interface.md` | The MCP tool surface: the primary interface spec |
+| `docs/receipt-store.md` | Blob store + `ledger-store` SQLite persistence spec |
 | `docs/glossary.md` | Debit/credit and friends, for agents new to accounting |
 | `plan/STATUS.md` | Where the project stands right now |
 | `plan/roadmap.md` | Phase plan: semantics → oracle harness → egui app → workflow parity |

Cargo.toml

@@ -1,6 +1,6 @@
 [workspace]
 resolver = "2"
-members = ["crates/ledger-core"]
+members = ["crates/ledger-core", "crates/ledger-store", "crates/ledger-mcp", "crates/ledger-import", "crates/ledger-cli"]
 
 [workspace.package]
 edition = "2024"

README.md

@@ -1,50 +1,72 @@
 # wanderbooks
 
-Canonical double-entry bookkeeping, rebuilt from scratch — the storytold way:
-an engine verified against oracles, with automated parity tracking, on its
-way to becoming a self-hosted bookkeeping app that never charges rent.
+Canonical double-entry bookkeeping, rebuilt from scratch. The engine is
+verified against oracles, parity is tracked automatically, and the primary
+interface is AI-first: you talk to an agent, the agent drives the books
+through MCP. Self-hosted, no rent.
 
-Private while it cooks.
+## What it is
+
+- **`ledger-core`** — the semantics engine. Exact decimal money, five
+  account types, balanced journal entries, immutable posted log with
+  reversing entries, trial balance, P&L, balance sheet, indirect-method
+  cash flow, fixed-asset register with straight-line depreciation.
+- **`ledger-store`** — durable storage. The source of truth is an
+  append-only, hash-chained JSONL journal; SQLite is a disposable
+  projection rebuilt from it; receipts live in a content-addressed blob
+  store. Drafts are durable, corrupt projections self-heal.
+- **`ledger-mcp`** — the AI-first interface. 27 MCP tools over stdio or
+  Streamable HTTP: draft → preview → post workflow, server-side receipt
+  policy (>$25), anti-splitting detection, asset management, digest for
+  human review, plus read-only resources for dashboards.
+- **`ledger-import`** — QuickBooks interop. Import bank/credit-card CSVs
+  and chart-of-accounts CSVs; export IIF journal entries (for QuickBooks
+  Desktop) and XLSX reports.
+
+## Verification
+
+This is the storytold way applied to accounting: agents verify against
+oracles, never ship what they haven't demonstrated.
+
+- 70 workspace tests: invariant tests encoding accounting law, golden-file
+  report snapshots, property tests (proptest), end-to-end MCP stdio tests.
+- Mutation testing via cargo-mutants; fuzzing via cargo-fuzz (11.5M+
+  executions, zero crashes).
+- GnuCash is the behavioral oracle (never a code source — clean room,
+  MIT OR Apache-2.0).
 
 ## Status
 
-Phase 1: the semantics engine. `ledger-core` implements the accounting laws
-in Rust — exact decimal money, five account types, balanced journal entries,
-immutable posted log with reversing entries, trial balance, P&L, and balance
-sheet — with 14 invariant tests and golden-file report snapshots.
+Parity is 12 of 12 against the spreadsheet workflow it replaces
+(`docs/capability-parity.md`). The parallel-run plan
+(`docs/parallel-run.md`) is written; the Google Sheet stays the system of
+record until a clean month and explicit cutover approval.
 
 See [`plan/STATUS.md`](plan/STATUS.md) for where things stand and
-[`plan/roadmap.md`](plan/roadmap.md) for where they're going.
+[`plan/roadmap.md`](plan/roadmap.md) for where it's going.
 
 ## Quickstart
 
 ```bash
-cargo test
+cargo test          # whole suite
+cargo run -p ledger-cli -- init ~/books/acme   # scaffold a books dir: mise.toml + AGENT.md
+cargo run -p ledger-mcp -- --data-dir /tmp/books   # MCP server over stdio
 ```
-
-That's the whole test suite: validation rejections, immutability, the
-accounting equation on a fixture company, a 300-entry randomized invariant
-test, and the golden oracle test.
+Then `cd ~/books/acme`: `mise trust && mise install`, `mise run build`,
+`mise run mcp-add`, and start `claude` — the agent onboards from AGENT.md.
 
 ## Layout
 
 ```
-crates/ledger-core/   # the engine: money, accounts, journal, ledger, reports
-docs/                 # requirements, architecture, oracle design, parity, glossary
-plan/                 # STATUS.md, roadmap.md
-AGENTS.md             # operating manual for agents working here
+crates/ledger-core/    # engine: money, accounts, journal, ledger, reports
+crates/ledger-store/   # journal + SQLite projection + blob store
+crates/ledger-mcp/     # MCP server: 27 tools, resources, receipt policy
+crates/ledger-import/  # QBO CSV import, IIF/XLSX export
+docs/                  # requirements, architecture, oracle, parity, glossary
+plan/                  # STATUS.md, roadmap.md
+AGENTS.md              # operating manual for agents working here
 ```
 
-## The idea, briefly
-
-storytold/ArtCraft showed that agents can clone full applications with the
-right machinery: screenshot-in-the-loop verification, render oracles, and
-automated parity floors. `wanderbooks` adapts that pipeline to bookkeeping,
-where the oracle is semantic instead of visual — GnuCash (open source, open
-formats) is both the spec and the reference implementation we diff against,
-and two engines fed the same books must produce byte-identical reports.
-Details in [`docs/oracle.md`](docs/oracle.md).
-
 ## License
 
 MIT OR Apache-2.0. See `LICENSE-MIT` and `LICENSE-APACHE`.

crates/ledger-cli/Cargo.toml

@@ -0,0 +1,18 @@
+[package]
+name = "ledger-cli"
+version = "0.1.0"
+edition.workspace = true
+license.workspace = true
+repository.workspace = true
+description = "wanderbooks CLI: scaffold new books directories (mise.toml + AGENT.md)."
+
+[[bin]]
+name = "wanderbooks"
+path = "src/main.rs"
+
+[dev-dependencies]
+toml = "1"
+tempfile = "3"
+
+[lints]
+workspace = true

crates/ledger-cli/src/main.rs

@@ -0,0 +1,269 @@
+//! `wanderbooks` CLI — the bootstrap for AI-native bookkeeping.
+//!
+//! Usage: `wanderbooks init [DIR] [--force]`
+//!
+//! Scaffolds a new books directory: `mise.toml` (pinned toolchain + tasks),
+//! `AGENT.md` (the agent operating contract), `wanderbooks.toml` (company
+//! profile, filled in during onboarding), and an empty `books-data/` dir.
+//! From there: `mise trust && mise install`, `mise run build`,
+//! `mise run mcp-add`, then start `claude`/`codex` in the dir and let the
+//! agent take the onboarding from AGENT.md.
+
+use std::env;
+use std::fs;
+use std::path::{Path, PathBuf};
+use std::process::Command;
+
+/// Absolute path of the wanderbooks repo checkout this binary was built from.
+fn repo_root() -> PathBuf {
+    let raw = PathBuf::from(env!("CARGO_MANIFEST_DIR")).join("../..");
+    raw.canonicalize().unwrap_or(raw)
+}
+
+const MISE_TOML: &str = r#"# wanderbooks books dir — provisioned by `mise`.
+# Bootstrap: `mise trust && mise install` then `mise run build && mise run mcp-add`.
+
+[tools]
+rust = "stable"
+
+[tasks.build]
+description = "Build ledger-mcp from the wanderbooks repo checkout"
+dir = "{{REPO}}"
+run = "cargo build --release -p ledger-mcp"
+
+[tasks.mcp-add]
+description = "Register wanderbooks with Claude Code (stdio transport; OS user boundary is the auth)"
+run = 'claude mcp add wanderbooks -- "{{REPO}}/target/release/ledger-mcp" --data-dir "{{BOOKS}}/books-data"'
+
+[tasks.backup]
+description = "Commit the journal — the git history of this dir is the archive"
+run = 'git add -A && (git commit -m "books backup $(date -u +%Y-%m-%dT%H:%M:%SZ)" || true)'
+"#;
+
+const AGENT_MD: &str = r#"# AGENT.md — wanderbooks books dir
+
+This directory is a **wanderbooks** books dir: AI-native double-entry
+bookkeeping. You (the AI agent) are the bookkeeper. The human talks to you;
+you drive the books through the `wanderbooks` MCP server. There is no
+bookkeeping UI; the numbers you show the human *are* the interface.
+
+## Bootstrap (once, in order)
+
+1. `mise trust && mise install` — installs the pinned Rust toolchain.
+2. `mise run build` — builds `ledger-mcp` from the wanderbooks repo.
+3. `mise run mcp-add` — registers the server with Claude Code over stdio.
+   (Codex: add the same command + `--data-dir` to your MCP config instead.)
+4. Restart the session so the MCP tools load, then continue below.
+
+## The MCP contract
+
+- **Amounts are decimal strings** (`"123.45"`). Never floats, never
+  locale-formatted. Money is exact or it is wrong.
+- **Draft → add lines → preview → confirmed post.** `post_entry` without
+  confirmation returns a preview and posts nothing: show the preview to the
+  human before confirming. Same pattern for `reverse_entry`.
+- **Every entry balances.** Debits equal credits exactly. No epsilon.
+- **Posted is forever.** Corrections are reversing entries linked to the
+  original, never edits, never deletes.
+- **Receipts:** attach with `attach_receipt` and link to the entry. Anything
+  over $25 requires a receipt — the server enforces this, don't argue with it.
+- **Show the numbers.** After every mutation, show the affected balances.
+  When the human questions a figure, trace it to journal entries.
+
+## First run: onboarding
+
+If `books-data/journal.jsonl` is missing or empty, onboard before recording
+anything:
+
+1. Ask: company legal name, entity type, owners and equity split, base
+   currency, fiscal year start.
+2. Set up the chart of accounts: propose a sensible default for the entity
+   type and let the human adjust, or import one they hand you.
+3. Record opening balances as one balanced opening entry. Verify the trial
+   balance balances before moving on.
+4. Write the answers into `wanderbooks.toml` under `[company]`.
+5. If they're migrating from another system, import from wherever the books
+   live now — QBO/CSV via `ledger-import`, bank or card CSVs, email receipts,
+   a spreadsheet, whatever they point you at. Diff trial balance, P&L,
+   balance sheet, and cash flow against the old system **to the cent**
+   before calling the migration done.
+
+## Ongoing
+
+- Every transaction: draft, preview, confirm with the human, post, attach
+  the receipt.
+- `books.digest` is the review surface — "what did you do with my books
+  lately." Offer it; don't make the human ask.
+- Reports are pure functions of the journal. If a number looks wrong, the
+  journal is the evidence — read it, don't guess.
+- Back up: run `mise run backup` after every session that posted entries.
+  The git history of this directory is the archive; the journal file is the
+  system of record and the SQLite database is disposable.
+"#;
+
+const WANDERBOOKS_TOML: &str = r#"# wanderbooks books dir config. [company] is filled in during onboarding —
+# the agent asks, the human answers, the agent writes it here.
+
+[company]
+name = ""
+entity_type = ""
+owners = ""
+base_currency = "USD"
+fiscal_year_start = "01-01"
+
+[books]
+data_dir = "books-data"
+receipt_threshold = "25.00"
+"#;
+
+const GITIGNORE: &str = r#"# The SQLite projection is disposable — it rebuilds from journal.jsonl.
+books-data/wanderbooks.db
+books-data/wanderbooks.db-*
+"#;
+
+fn print_usage() {
+    eprintln!("usage: wanderbooks init [DIR] [--force]");
+    eprintln!("  DIR      books directory to create (default: current directory)");
+    eprintln!("  --force  overwrite an existing wanderbooks.toml");
+}
+
+fn render(template: &str, repo: &str, books: &str) -> String {
+    template
+        .replace("{{REPO}}", repo)
+        .replace("{{BOOKS}}", books)
+}
+
+/// `git init` the dir unless already inside a repo; commit the scaffold.
+/// Failures are warnings, not errors — the scaffold is what matters.
+fn git_bootstrap(dir: &Path) {
+    let inside = Command::new("git")
+        .args(["rev-parse", "--is-inside-work-tree"])
+        .current_dir(dir)
+        .output()
+        .is_ok_and(|o| o.status.success());
+    if !inside {
+        let init_ok = Command::new("git")
+            .arg("init")
+            .current_dir(dir)
+            .output()
+            .is_ok_and(|o| o.status.success());
+        if !init_ok {
+            eprintln!("warning: git init failed; skipping scaffold commit");
+            return;
+        }
+    }
+    let add = Command::new("git")
+        .args(["add", "-A"])
+        .current_dir(dir)
+        .output();
+    if !add.is_ok_and(|o| o.status.success()) {
+        eprintln!("warning: git add failed; skipping scaffold commit");
+        return;
+    }
+    let _ = Command::new("git")
+        .args([
+            "-c",
+            "user.name=wanderbooks",
+            "-c",
+            "user.email=wanderbooks@localhost",
+            "commit",
+            "-m",
+            "init: wanderbooks books dir scaffold",
+        ])
+        .current_dir(dir)
+        .output();
+}
+
+/// Scaffold a books directory. Returns the dir on success.
+fn init(dir: &Path, force: bool) -> Result<PathBuf, String> {
+    fs::create_dir_all(dir).map_err(|e| format!("cannot create {}: {e}", dir.display()))?;
+    let dir = dir
+        .canonicalize()
+        .map_err(|e| format!("cannot resolve {}: {e}", dir.display()))?;
+
+    let marker = dir.join("wanderbooks.toml");
+    if marker.exists() && !force {
+        return Err(format!(
+            "{} is already a books dir (wanderbooks.toml exists); use --force to overwrite",
+            dir.display()
+        ));
+    }
+
+    let repo = repo_root();
+    let repo_s = repo.to_string_lossy();
+    let books_s = dir.to_string_lossy();
+
+    let files: &[(&str, String)] = &[
+        ("mise.toml", render(MISE_TOML, &repo_s, &books_s)),
+        ("AGENT.md", AGENT_MD.to_string()),
+        ("wanderbooks.toml", WANDERBOOKS_TOML.to_string()),
+        (".gitignore", GITIGNORE.to_string()),
+    ];
+    for (name, content) in files {
+        fs::write(dir.join(name), content).map_err(|e| format!("cannot write {name}: {e}"))?;
+    }
+    fs::create_dir_all(dir.join("books-data"))
+        .map_err(|e| format!("cannot create books-data: {e}"))?;
+    fs::write(dir.join("books-data").join(".gitkeep"), "")
+        .map_err(|e| format!("cannot write .gitkeep: {e}"))?;
+
+    git_bootstrap(&dir);
+    Ok(dir)
+}
+
+fn main() {
+    let args = env::args().skip(1);
+    let mut dir: Option<PathBuf> = None;
+    let mut force = false;
+    let mut cmd: Option<String> = None;
+
+    for arg in args {
+        match arg.as_str() {
+            "--help" | "-h" => {
+                print_usage();
+                return;
+            }
+            "--force" => force = true,
+            s if s.starts_with('-') => {
+                eprintln!("unknown flag: {s}");
+                print_usage();
+                std::process::exit(2);
+            }
+            s => {
+                if cmd.is_none() {
+                    cmd = Some(s.to_string());
+                } else if dir.is_none() {
+                    dir = Some(PathBuf::from(s));
+                } else {
+                    eprintln!("unexpected argument: {s}");
+                    print_usage();
+                    std::process::exit(2);
+                }
+            }
+        }
+    }
+
+    match cmd.as_deref() {
+        Some("init") => {
+            let dir = dir.unwrap_or_else(|| PathBuf::from("."));
+            match init(&dir, force) {
+                Ok(d) => {
+                    println!("initialized books dir: {}", d.display());
+                    println!("next:");
+                    println!("  cd {}", d.display());
+                    println!("  mise trust && mise install");
+                    println!("  mise run build && mise run mcp-add");
+                    println!("then start claude (or codex) here and follow AGENT.md");
+                }
+                Err(e) => {
+                    eprintln!("error: {e}");
+                    std::process::exit(1);
+                }
+            }
+        }
+        _ => {
+            print_usage();
+            std::process::exit(2);
+        }
+    }
+}

crates/ledger-cli/tests/init.rs

@@ -0,0 +1,122 @@
+//! Integration tests for `wanderbooks init`: the scaffold lands complete,
+//! the TOML parses, re-init is refused without `--force`.
+
+use std::fs;
+use std::path::PathBuf;
+use std::process::Command;
+
+fn bin() -> PathBuf {
+    PathBuf::from(env!("CARGO_BIN_EXE_wanderbooks"))
+}
+
+fn run_init(dir: &std::path::Path, extra: &[&str]) -> (bool, String) {
+    let mut cmd = Command::new(bin());
+    cmd.arg("init").arg(dir);
+    for e in extra {
+        cmd.arg(e);
+    }
+    let out = cmd.output().expect("run wanderbooks");
+    let mut s = String::from_utf8_lossy(&out.stdout).into_owned();
+    s.push_str(&String::from_utf8_lossy(&out.stderr));
+    (out.status.success(), s)
+}
+
+#[test]
+fn scaffold_lands_complete() {
+    let tmp = tempfile::tempdir().unwrap();
+    let books = tmp.path().join("acme-books");
+    let (ok, _) = run_init(&books, &[]);
+    assert!(ok, "init should succeed");
+    for f in ["mise.toml", "AGENT.md", "wanderbooks.toml", ".gitignore"] {
+        let p = books.join(f);
+        assert!(p.exists(), "{f} exists");
+        assert!(!fs::read_to_string(&p).unwrap().is_empty(), "{f} non-empty");
+    }
+    assert!(books.join("books-data").is_dir(), "books-data dir exists");
+    assert!(
+        books.join(".git").is_dir(),
+        "fresh dir gets git init for the journal archive"
+    );
+}
+
+#[test]
+fn mise_toml_parses_and_names_repo_and_books() {
+    let tmp = tempfile::tempdir().unwrap();
+    let books = tmp.path().join("b");
+    let (ok, _) = run_init(&books, &[]);
+    assert!(ok);
+    let raw = fs::read_to_string(books.join("mise.toml")).unwrap();
+    let doc: toml::Value = toml::from_str(&raw).expect("mise.toml parses");
+    assert!(doc.get("tools").is_some(), "[tools] present");
+    let tasks = doc.get("tasks").expect("[tasks] present");
+    for t in ["build", "mcp-add", "backup"] {
+        assert!(tasks.get(t).is_some(), "task {t} present");
+    }
+    // The build task must point at the repo checkout; mcp-add at the books dir.
+    let build_run = tasks["build"]["run"].as_str().unwrap();
+    assert!(
+        build_run.contains("cargo build"),
+        "build runs cargo: {build_run}"
+    );
+    let mcp_run = tasks["mcp-add"]["run"].as_str().unwrap();
+    assert!(
+        mcp_run.contains("ledger-mcp") && mcp_run.contains("books-data"),
+        "mcp-add wires the server to this books dir: {mcp_run}"
+    );
+    let books_s = books.to_string_lossy();
+    assert!(
+        mcp_run.contains(books_s.as_ref()),
+        "mcp-add references the books dir path"
+    );
+}
+
+#[test]
+fn agent_md_carries_the_contract() {
+    let tmp = tempfile::tempdir().unwrap();
+    let books = tmp.path().join("b");
+    let (ok, _) = run_init(&books, &[]);
+    assert!(ok);
+    let md = fs::read_to_string(books.join("AGENT.md")).unwrap();
+    for phrase in [
+        "preview",
+        "Posted is forever",
+        "reversing entries",
+        "receipt",
+        "journal.jsonl",
+        "onboard",
+        "to the cent",
+    ] {
+        assert!(md.contains(phrase), "AGENT.md mentions {phrase:?}");
+    }
+}
+
+#[test]
+fn reinit_refused_without_force() {
+    let tmp = tempfile::tempdir().unwrap();
+    let books = tmp.path().join("b");
+    assert!(run_init(&books, &[]).0);
+    let (ok, out) = run_init(&books, &[]);
+    assert!(!ok, "second init without --force fails");
+    assert!(out.contains("--force"), "error points at --force: {out}");
+    let (ok, _) = run_init(&books, &["--force"]);
+    assert!(ok, "second init with --force succeeds");
+}
+
+#[test]
+fn init_inside_existing_repo_skips_git_init() {
+    let tmp = tempfile::tempdir().unwrap();
+    let books = tmp.path().join("b");
+    fs::create_dir_all(&books).unwrap();
+    assert!(
+        Command::new("git")
+            .args(["init", "-q"])
+            .current_dir(&books)
+            .status()
+            .unwrap()
+            .success()
+    );
+    let (ok, _) = run_init(&books, &[]);
+    assert!(ok);
+    // Still a valid repo (we didn't nest another one) and scaffold landed.
+    assert!(books.join("wanderbooks.toml").exists());
+}

crates/ledger-core/Cargo.toml

@@ -15,3 +15,6 @@ serde_json = "1"
 
 [lints]
 workspace = true
+
+[dev-dependencies]
+proptest = "1"

crates/ledger-core/src/account.rs

@@ -6,6 +6,7 @@
 //! grouping on type, so getting this right is the whole game.
 
 use crate::{Currency, LedgerError};
+use rust_decimal::Decimal;
 use serde::{Deserialize, Serialize};
 use std::collections::HashMap;
 
@@ -72,6 +73,14 @@ pub struct Account {
     pub placeholder: bool,
     /// Day one: always the ledger's base currency (see R-5).
     pub currency: Currency,
+    /// Tax category key (see [`crate::tax`]), for revenue and expense
+    /// accounts.
+    #[serde(default)]
+    pub tax_category: Option<String>,
+    /// Percent deductible, overriding the category's default (e.g. 50 for
+    /// meals, 0 for penalties).
+    #[serde(default)]
+    pub deductible_percent: Option<Decimal>,
 }
 
 /// The registry of accounts. Owns id allocation for accounts it holds.
@@ -84,40 +93,20 @@ pub struct ChartOfAccounts {
 impl ChartOfAccounts {
     /// Register an account. Codes must be unique and non-empty; a parent, if
     /// given, must already exist.
-    pub fn add(
-        &mut self,
-        id: AccountId,
-        code: &str,
-        name: &str,
-        account_type: AccountType,
-        parent: Option<AccountId>,
-        placeholder: bool,
-        currency: Currency,
-    ) -> Result<(), LedgerError> {
-        if code.is_empty() {
+    pub fn add(&mut self, account: Account) -> Result<(), LedgerError> {
+        if account.code.is_empty() {
             return Err(LedgerError::EmptyAccountCode);
         }
-        if self.by_code.contains_key(code) {
-            return Err(LedgerError::DuplicateAccountCode(code.to_string()));
+        if self.by_code.contains_key(&account.code) {
+            return Err(LedgerError::DuplicateAccountCode(account.code));
         }
-        if let Some(p) = parent {
-            if !self.accounts.contains_key(&p) {
-                return Err(LedgerError::UnknownParentAccount(p));
-            }
+        if let Some(p) = account.parent
+            && !self.accounts.contains_key(&p)
+        {
+            return Err(LedgerError::UnknownParentAccount(p));
         }
-        self.by_code.insert(code.to_string(), id);
-        self.accounts.insert(
-            id,
-            Account {
-                id,
-                code: code.to_string(),
-                name: name.to_string(),
-                account_type,
-                parent,
-                placeholder,
-                currency,
-            },
-        );
+        self.by_code.insert(account.code.clone(), account.id);
+        self.accounts.insert(account.id, account);
         Ok(())
     }
 
@@ -136,6 +125,22 @@ impl ChartOfAccounts {
         self.accounts.values()
     }
 
+    /// Set (or clear) an account's tax category and deductible percent.
+    pub fn set_tax(
+        &mut self,
+        id: AccountId,
+        category: Option<String>,
+        deductible_percent: Option<Decimal>,
+    ) -> Result<(), LedgerError> {
+        let a = self
+            .accounts
+            .get_mut(&id)
+            .ok_or(LedgerError::UnknownAccount(id))?;
+        a.tax_category = category;
+        a.deductible_percent = deductible_percent;
+        Ok(())
+    }
+
     /// Number of accounts in the chart.
     pub fn len(&self) -> usize {
         self.accounts.len()

crates/ledger-core/src/arap.rs

@@ -0,0 +1,407 @@
+//! Accounts receivable and payable: customers, vendors, invoices, bills.
+//!
+//! Invoices and bills are business documents that auto-post journal entries:
+//!
+//! * `create_invoice`: Dr `1200` Accounts Receivable, Cr `4000` Revenue.
+//! * `create_bill`: Dr `6999` General Expenses, Cr `2000` Accounts Payable.
+//! * `receive_payment`: Dr Cash, Cr A/R. Updates the invoice's paid amount.
+//! * `pay_bill`: Dr A/P, Cr Cash. Updates the bill's paid amount.
+//!
+//! The control accounts (`1200`, `2000`) and the default revenue/expense
+//! accounts (`4000`, `6999`) are created on demand if missing. Invoices and
+//! bills respect closed periods: they cannot be created with dates in a
+//! closed period.
+
+use crate::LedgerError;
+use chrono::NaiveDate;
+use rust_decimal::Decimal;
+use serde::{Deserialize, Serialize};
+
+/// Opaque customer handle.
+pub type CustomerId = u64;
+/// Opaque vendor handle.
+pub type VendorId = u64;
+/// Opaque invoice handle.
+pub type InvoiceId = u64;
+/// Opaque bill handle.
+pub type BillId = u64;
+
+/// A customer: someone we invoice.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct Customer {
+    /// Opaque handle.
+    pub id: CustomerId,
+    /// Display name.
+    pub name: String,
+}
+
+/// A vendor: someone who bills us.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct Vendor {
+    /// Opaque handle.
+    pub id: VendorId,
+    /// Display name.
+    pub name: String,
+    /// The information return this vendor gets, if any (see
+    /// [`crate::form1099`]).
+    #[serde(default)]
+    pub form_1099: Option<crate::form1099::Form1099>,
+    /// A W-9 (taxpayer identification number) is on file. The number
+    /// itself is never stored here.
+    #[serde(default)]
+    pub tin_on_file: bool,
+}
+
+/// Payment status of an invoice or bill.
+#[derive(Clone, Copy, PartialEq, Eq, Debug, Serialize, Deserialize)]
+pub enum DocumentStatus {
+    /// Nothing paid yet.
+    Open,
+    /// Partially paid.
+    Partial,
+    /// Fully paid.
+    Paid,
+}
+
+/// One line on an invoice or bill.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct DocumentLine {
+    /// Description of the goods/services.
+    pub description: String,
+    /// Line amount (positive).
+    pub amount: Decimal,
+}
+
+/// A sales invoice: we billed a customer.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct Invoice {
+    /// Opaque handle.
+    pub id: InvoiceId,
+    /// The customer.
+    pub customer_id: CustomerId,
+    /// Invoice date.
+    pub date: NaiveDate,
+    /// When payment is due.
+    pub due_date: NaiveDate,
+    /// Line items.
+    pub lines: Vec<DocumentLine>,
+    /// How much has been paid.
+    pub amount_paid: Decimal,
+    /// Derived from amount_paid vs total.
+    pub status: DocumentStatus,
+    /// The auto-posted journal entry.
+    pub entry_id: u64,
+}
+
+impl Invoice {
+    /// Total of all lines.
+    pub fn total(&self) -> Decimal {
+        self.lines.iter().map(|l| l.amount).sum()
+    }
+
+    /// Amount still owed.
+    pub fn balance(&self) -> Decimal {
+        self.total() - self.amount_paid
+    }
+}
+
+/// A vendor bill: we owe a vendor.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct Bill {
+    /// Opaque handle.
+    pub id: BillId,
+    /// The vendor.
+    pub vendor_id: VendorId,
+    /// Bill date.
+    pub date: NaiveDate,
+    /// When payment is due.
+    pub due_date: NaiveDate,
+    /// Line items.
+    pub lines: Vec<DocumentLine>,
+    /// How much has been paid.
+    pub amount_paid: Decimal,
+    /// Derived from amount_paid vs total.
+    pub status: DocumentStatus,
+    /// The auto-posted journal entry.
+    pub entry_id: u64,
+}
+
+impl Bill {
+    /// Total of all lines.
+    pub fn total(&self) -> Decimal {
+        self.lines.iter().map(|l| l.amount).sum()
+    }
+
+    /// Amount still owed.
+    pub fn balance(&self) -> Decimal {
+        self.total() - self.amount_paid
+    }
+}
+
+/// Validate document lines: at least one, all positive amounts.
+pub fn validate_lines(lines: &[DocumentLine]) -> Result<(), LedgerError> {
+    if lines.is_empty() {
+        return Err(LedgerError::EmptyDocumentLines);
+    }
+    for line in lines {
+        if line.amount <= Decimal::ZERO {
+            return Err(LedgerError::InvalidDocumentLineAmount(line.amount));
+        }
+    }
+    Ok(())
+}
+
+/// Validate that due date is not before the document date.
+pub fn validate_due_date(date: NaiveDate, due_date: NaiveDate) -> Result<(), LedgerError> {
+    if due_date < date {
+        return Err(LedgerError::DueBeforeDate(due_date.to_string()));
+    }
+    Ok(())
+}
+
+/// Derive status from paid vs total.
+pub fn derive_status(paid: Decimal, total: Decimal) -> DocumentStatus {
+    if paid.is_zero() {
+        DocumentStatus::Open
+    } else if paid >= total {
+        DocumentStatus::Paid
+    } else {
+        DocumentStatus::Partial
+    }
+}
+
+/// One row of an aging report.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct AgingRow {
+    /// Customer or vendor name.
+    pub name: String,
+    /// Not yet due.
+    pub current: Decimal,
+    /// 1-30 days past due.
+    pub days_30: Decimal,
+    /// 31-60 days past due.
+    pub days_60: Decimal,
+    /// 61-90 days past due.
+    pub days_90: Decimal,
+    /// Over 90 days past due.
+    pub days_90_plus: Decimal,
+}
+
+impl AgingRow {
+    /// Total outstanding.
+    pub fn total(&self) -> Decimal {
+        self.current + self.days_30 + self.days_60 + self.days_90 + self.days_90_plus
+    }
+}
+
+/// Bucket a past-due balance by days overdue.
+pub fn aging_bucket(due_date: NaiveDate, as_of: NaiveDate, balance: Decimal) -> AgingRow {
+    let mut row = AgingRow {
+        name: String::new(),
+        current: Decimal::ZERO,
+        days_30: Decimal::ZERO,
+        days_60: Decimal::ZERO,
+        days_90: Decimal::ZERO,
+        days_90_plus: Decimal::ZERO,
+    };
+    if due_date > as_of {
+        row.current = balance;
+    } else {
+        let days = (as_of - due_date).num_days();
+        if days <= 30 {
+            row.days_30 = balance;
+        } else if days <= 60 {
+            row.days_60 = balance;
+        } else if days <= 90 {
+            row.days_90 = balance;
+        } else {
+            row.days_90_plus = balance;
+        }
+    }
+    row
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use crate::{AccountType, Currency, Ledger, Money, Side};
+
+    fn arap_ledger() -> Ledger {
+        let mut l = Ledger::new(Currency::USD);
+        l.add_account("1000", "Cash", AccountType::Asset, None, false)
+            .unwrap();
+        l
+    }
+
+    #[test]
+    fn invoice_lifecycle() {
+        let mut l = arap_ledger();
+        let cust = l.add_customer("Acme Corp").unwrap();
+        let inv = l
+            .create_invoice(
+                cust,
+                NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+                NaiveDate::from_ymd_opt(2026, 10, 31).unwrap(),
+                vec![DocumentLine {
+                    description: "Widgets".to_string(),
+                    amount: "1000.00".parse().unwrap(),
+                }],
+            )
+            .unwrap();
+        let invoice = l.get_invoice(inv).unwrap();
+        assert_eq!(invoice.total(), "1000.00".parse().unwrap());
+        assert_eq!(invoice.status, DocumentStatus::Open);
+
+        // A/R has a debit balance of 1000.
+        let ar = l.chart().find_by_code("1200").unwrap().id;
+        assert_eq!(l.account_balance(ar).unwrap(), "1000".parse().unwrap());
+
+        // Partial payment.
+        let cash = l.chart().find_by_code("1000").unwrap().id;
+        l.receive_payment(
+            inv,
+            NaiveDate::from_ymd_opt(2026, 10, 15).unwrap(),
+            "400.00".parse().unwrap(),
+            cash,
+        )
+        .unwrap();
+        let invoice = l.get_invoice(inv).unwrap();
+        assert_eq!(invoice.status, DocumentStatus::Partial);
+        assert_eq!(invoice.balance(), "600.00".parse().unwrap());
+
+        // Full payment.
+        l.receive_payment(
+            inv,
+            NaiveDate::from_ymd_opt(2026, 10, 20).unwrap(),
+            "600.00".parse().unwrap(),
+            cash,
+        )
+        .unwrap();
+        let invoice = l.get_invoice(inv).unwrap();
+        assert_eq!(invoice.status, DocumentStatus::Paid);
+        assert_eq!(l.account_balance(ar).unwrap(), Decimal::ZERO);
+    }
+
+    #[test]
+    fn bill_lifecycle() {
+        let mut l = arap_ledger();
+        let vend = l.add_vendor("Supply Co").unwrap();
+        let bill = l
+            .create_bill(
+                vend,
+                NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+                NaiveDate::from_ymd_opt(2026, 10, 31).unwrap(),
+                vec![DocumentLine {
+                    description: "Paper".to_string(),
+                    amount: "250.00".parse().unwrap(),
+                }],
+            )
+            .unwrap();
+        let ap = l.chart().find_by_code("2000").unwrap().id;
+        // A/P is credit-normal; balance should be 250 (credit).
+        assert_eq!(l.account_balance(ap).unwrap(), "250".parse().unwrap());
+
+        let cash = l.chart().find_by_code("1000").unwrap().id;
+        // Seed cash so the payment doesn't go negative (not required, but tidy).
+        let e = l.create_entry(NaiveDate::from_ymd_opt(2026, 9, 1).unwrap(), "seed");
+        let m = Money::new("1000.00".parse().unwrap(), Currency::USD);
+        l.add_line(e, cash, Side::Debit, m).unwrap();
+        let eq = l
+            .add_account("3000", "Equity", AccountType::Equity, None, false)
+            .unwrap();
+        l.add_line(e, eq, Side::Credit, m).unwrap();
+        l.post_entry(e).unwrap();
+
+        l.pay_bill(
+            bill,
+            NaiveDate::from_ymd_opt(2026, 10, 15).unwrap(),
+            "250.00".parse().unwrap(),
+            cash,
+        )
+        .unwrap();
+        assert_eq!(l.get_bill(bill).unwrap().status, DocumentStatus::Paid);
+        assert_eq!(l.account_balance(ap).unwrap(), Decimal::ZERO);
+    }
+
+    #[test]
+    fn overpayment_rejected() {
+        let mut l = arap_ledger();
+        let cust = l.add_customer("Acme").unwrap();
+        let inv = l
+            .create_invoice(
+                cust,
+                NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+                NaiveDate::from_ymd_opt(2026, 10, 31).unwrap(),
+                vec![DocumentLine {
+                    description: "X".to_string(),
+                    amount: "100.00".parse().unwrap(),
+                }],
+            )
+            .unwrap();
+        let cash = l.chart().find_by_code("1000").unwrap().id;
+        let err = l.receive_payment(
+            inv,
+            NaiveDate::from_ymd_opt(2026, 10, 15).unwrap(),
+            "150.00".parse().unwrap(),
+            cash,
+        );
+        assert!(matches!(err, Err(LedgerError::Overpayment(_, _))));
+    }
+
+    #[test]
+    fn ar_aging_buckets_correctly() {
+        let mut l = arap_ledger();
+        let cust = l.add_customer("Acme").unwrap();
+        // Due in the future: current.
+        l.create_invoice(
+            cust,
+            NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+            NaiveDate::from_ymd_opt(2026, 11, 15).unwrap(),
+            vec![DocumentLine {
+                description: "A".to_string(),
+                amount: "100.00".parse().unwrap(),
+            }],
+        )
+        .unwrap();
+        // 45 days past due: 60 bucket.
+        l.create_invoice(
+            cust,
+            NaiveDate::from_ymd_opt(2026, 7, 1).unwrap(),
+            NaiveDate::from_ymd_opt(2026, 8, 17).unwrap(),
+            vec![DocumentLine {
+                description: "B".to_string(),
+                amount: "200.00".parse().unwrap(),
+            }],
+        )
+        .unwrap();
+        let as_of = NaiveDate::from_ymd_opt(2026, 10, 1).unwrap();
+        let aging = l.ar_aging(as_of);
+        assert_eq!(aging.len(), 1);
+        assert_eq!(aging[0].current, "100".parse().unwrap());
+        assert_eq!(aging[0].days_60, "200".parse().unwrap());
+    }
+
+    #[test]
+    fn invoice_in_closed_period_rejected() {
+        let mut l = arap_ledger();
+        let cust = l.add_customer("Acme").unwrap();
+        let pid = l
+            .create_period(
+                "2026-10",
+                NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+                NaiveDate::from_ymd_opt(2026, 10, 31).unwrap(),
+            )
+            .unwrap();
+        l.close_period(pid).unwrap();
+        let err = l.create_invoice(
+            cust,
+            NaiveDate::from_ymd_opt(2026, 10, 15).unwrap(),
+            NaiveDate::from_ymd_opt(2026, 11, 15).unwrap(),
+            vec![DocumentLine {
+                description: "X".to_string(),
+                amount: "100.00".parse().unwrap(),
+            }],
+        );
+        assert!(matches!(err, Err(LedgerError::ClosedPeriod(_, _))));
+    }
+}

crates/ledger-core/src/assets.rs

@@ -0,0 +1,313 @@
+//! Fixed assets and depreciation: the asset register and the math.
+//!
+//! Scope is deliberate: **book depreciation only** (straight-line, GAAP
+//! style). Tax depreciation — MACRS, Section 179, bonus depreciation — is a
+//! separate set of books with its own rules and stays with the CPA. This
+//! module never pretends to do tax.
+//!
+//! The register is master data owned by [`Ledger`]: assets are journaled
+//! like accounts (see `ledger-store`), and ids are allocator-deterministic
+//! for replay. Depreciation itself is pure math — [`depreciation_schedule`]
+//! — and postings go through the normal entry machinery, so every
+//! accounting invariant holds.
+
+use crate::{AccountId, AccountType, ChartOfAccounts, LedgerError, Money};
+use chrono::{Datelike, Months, NaiveDate};
+use rust_decimal::Decimal;
+use serde::{Deserialize, Serialize};
+
+/// Opaque handle for a fixed asset. Never forged: ids come from the ledger's
+/// allocator.
+pub type AssetId = u64;
+
+/// Depreciation method. Straight-line is the whole v1; the enum reserves
+/// room for declining-balance later.
+#[derive(Clone, Copy, Debug, PartialEq, Eq, Serialize, Deserialize)]
+pub enum DepreciationMethod {
+    /// Even allocation over the useful life: (cost − salvage) / months,
+    /// prorated by days for partial first and last months.
+    StraightLine,
+}
+
+/// Lifecycle state of an asset.
+#[derive(Clone, Debug, PartialEq, Eq, Serialize, Deserialize)]
+pub enum AssetStatus {
+    /// In service.
+    Active,
+    /// Retired or sold.
+    Disposed {
+        /// Disposal date.
+        date: NaiveDate,
+        /// Cash (or receivable) received.
+        proceeds: Money,
+    },
+}
+
+/// A fixed asset on the books.
+#[derive(Clone, Debug, PartialEq, Eq, Serialize, Deserialize)]
+pub struct Asset {
+    /// Opaque handle.
+    pub id: AssetId,
+    /// What it is, e.g. "2023 Sprinter van".
+    pub description: String,
+    /// Purchase date. Depreciation starts here.
+    pub purchase_date: NaiveDate,
+    /// Capitalized cost.
+    pub cost: Money,
+    /// Expected residual value at end of life.
+    pub salvage_value: Money,
+    /// Useful life in months.
+    pub useful_life_months: u32,
+    /// Depreciation method.
+    pub method: DepreciationMethod,
+    /// Asset account carrying the cost.
+    pub cost_account: AccountId,
+    /// Contra-asset account carrying accumulated depreciation.
+    pub accum_depr_account: AccountId,
+    /// Expense account for the periodic charge.
+    pub expense_account: AccountId,
+    /// Lifecycle state.
+    pub status: AssetStatus,
+}
+
+/// Parameters for registering an asset. A struct (not eight arguments)
+/// because the list is long and stable.
+#[derive(Clone, Debug)]
+pub struct NewAsset {
+    /// What it is.
+    pub description: String,
+    /// Purchase date.
+    pub purchase_date: NaiveDate,
+    /// Capitalized cost. Must be positive, in the ledger's base currency.
+    pub cost: Money,
+    /// Residual value. Non-negative, less than cost, base currency.
+    pub salvage_value: Money,
+    /// Useful life in months, at least 1.
+    pub useful_life_months: u32,
+    /// Asset account for the cost.
+    pub cost_account: AccountId,
+    /// Contra-asset account for accumulated depreciation.
+    pub accum_depr_account: AccountId,
+    /// Expense account for the charge.
+    pub expense_account: AccountId,
+}
+
+/// One month of a depreciation schedule.
+#[derive(Clone, Debug, PartialEq, Eq, Serialize, Deserialize)]
+pub struct ScheduleLine {
+    /// Calendar month, "YYYY-MM".
+    pub period: String,
+    /// Depreciation for the month, exact cents.
+    pub amount: Decimal,
+    /// Accumulated depreciation through this month, exact cents.
+    pub accumulated: Decimal,
+    /// Book value after this month: cost − accumulated.
+    pub book_value: Decimal,
+}
+
+fn days_in_month(year: i32, month: u32) -> u32 {
+    let first = NaiveDate::from_ymd_opt(year, month, 1).expect("valid month");
+    let next = if month == 12 {
+        NaiveDate::from_ymd_opt(year + 1, 1, 1).expect("valid month")
+    } else {
+        NaiveDate::from_ymd_opt(year, month + 1, 1).expect("valid month")
+    };
+    (next - first).num_days() as u32
+}
+
+/// The last day depreciation accrues: purchase + life, or disposal, whichever
+/// is earlier. The accrual window is [purchase_date, depreciation_end).
+fn depreciation_end(asset: &Asset) -> NaiveDate {
+    let natural = asset
+        .purchase_date
+        .checked_add_months(Months::new(asset.useful_life_months))
+        .expect("useful life does not overflow dates");
+    match &asset.status {
+        AssetStatus::Active => natural,
+        AssetStatus::Disposed { date, .. } => (*date).min(natural),
+    }
+}
+
+/// Straight-line depreciation schedule from the purchase month through the
+/// month containing `through` (clamped to the depreciation end).
+///
+/// Partial first and last months are prorated by days held. Each month is
+/// rounded to cents via the running-total method, and the final month
+/// trues up: partial months in different-length calendar months don't
+/// complement exactly (17/31 + 14/30 ≠ 1), so the last month absorbs the
+/// drift and the lifetime total is exactly (cost − salvage) — never a
+/// penny off.
+pub fn depreciation_schedule(asset: &Asset, through: NaiveDate) -> Vec<ScheduleLine> {
+    if through < asset.purchase_date {
+        return Vec::new();
+    }
+    let depreciable = asset.cost.amount - asset.salvage_value.amount;
+    if depreciable <= Decimal::ZERO {
+        return Vec::new();
+    }
+    let end = depreciation_end(asset);
+    // Accrual is inclusive of `through`: work with an exclusive end.
+    let accrual_end = through.succ_opt().unwrap_or(through).min(end);
+    if accrual_end <= asset.purchase_date {
+        return Vec::new();
+    }
+    let monthly_rate = depreciable / Decimal::from(asset.useful_life_months);
+
+    let mut out = Vec::new();
+    let mut cumulative_exact = Decimal::ZERO;
+    let mut accumulated_rounded = Decimal::ZERO;
+    // Walk calendar months from the purchase month.
+    let (mut year, mut month) = (asset.purchase_date.year(), asset.purchase_date.month());
+    loop {
+        let month_start = NaiveDate::from_ymd_opt(year, month, 1).expect("valid month");
+        if month_start >= accrual_end {
+            break;
+        }
+        let dim = days_in_month(year, month);
+        let month_end_excl = month_start
+            .checked_add_months(Months::new(1))
+            .expect("month arithmetic");
+        // Days held this month: overlap of [purchase_date, accrual_end) with the month.
+        let held_start = asset.purchase_date.max(month_start);
+        let held_end = accrual_end.min(month_end_excl);
+        let days_held = (held_end - held_start).num_days().max(0) as u32;
+        if days_held > 0 {
+            let exact = monthly_rate * Decimal::from(days_held) / Decimal::from(dim);
+            cumulative_exact += exact;
+            let rounded_cumulative = cumulative_exact
+                .round_dp_with_strategy(2, rust_decimal::RoundingStrategy::MidpointAwayFromZero);
+            let amount = rounded_cumulative - accumulated_rounded;
+            accumulated_rounded = rounded_cumulative;
+            out.push(ScheduleLine {
+                period: format!("{year:04}-{month:02}"),
+                amount,
+                accumulated: accumulated_rounded,
+                book_value: asset.cost.amount - accumulated_rounded,
+            });
+        }
+        if month == 12 {
+            year += 1;
+            month = 1;
+        } else {
+            month += 1;
+        }
+    }
+    // True-up: if the schedule reaches the final month of the asset's life,
+    // absorb any month-length drift so the lifetime total is exactly
+    // (cost − salvage). The drift is bounded by a fraction of one month's
+    // charge, so the final month stays positive.
+    if let Some(last) = out.last_mut()
+        && let Some(day_before_end) = end.pred_opt()
+        && last.period == day_before_end.format("%Y-%m").to_string()
+    {
+        let plug = depreciable - accumulated_rounded;
+        last.amount += plug;
+        last.accumulated = depreciable;
+        last.book_value = asset.cost.amount - depreciable;
+    }
+    out
+}
+
+/// Accumulated depreciation through `as_of` (inclusive), exact cents.
+pub fn accumulated_depreciation(asset: &Asset, as_of: NaiveDate) -> Decimal {
+    depreciation_schedule(asset, as_of)
+        .last()
+        .map(|l| l.accumulated)
+        .unwrap_or(Decimal::ZERO)
+}
+
+/// Book value (cost − accumulated depreciation) as of a date.
+pub fn book_value(asset: &Asset, as_of: NaiveDate) -> Decimal {
+    asset.cost.amount - accumulated_depreciation(asset, as_of)
+}
+
+/// The amounts for a disposal entry: what to debit/credit where.
+/// Gain (proceeds > book value) is positive; loss is negative.
+#[derive(Clone, Debug, PartialEq, Eq)]
+pub struct DisposalAmounts {
+    /// Book value at disposal.
+    pub book_value: Decimal,
+    /// Accumulated depreciation at disposal.
+    pub accumulated: Decimal,
+    /// proceeds − book_value. Positive is a gain.
+    pub gain_loss: Decimal,
+}
+
+/// Compute disposal amounts. Pure math; posting is the caller's job.
+pub fn disposal_amounts(
+    asset: &Asset,
+    date: NaiveDate,
+    proceeds: Money,
+) -> Result<DisposalAmounts, LedgerError> {
+    if asset.status != AssetStatus::Active {
+        let id = asset.id;
+        return Err(LedgerError::AssetAlreadyDisposed(id));
+    }
+    if proceeds.amount < Decimal::ZERO {
+        return Err(LedgerError::NegativeProceeds(proceeds.amount));
+    }
+    if date < asset.purchase_date {
+        return Err(LedgerError::DisposalBeforePurchase(date.to_string()));
+    }
+    let accumulated = accumulated_depreciation(asset, date);
+    let book = asset.cost.amount - accumulated;
+    Ok(DisposalAmounts {
+        book_value: book,
+        accumulated,
+        gain_loss: proceeds.amount - book,
+    })
+}
+
+/// Validate asset account links against the chart: cost and accumulated
+/// depreciation must be asset accounts, the expense account an expense
+/// account, and all three distinct.
+pub(crate) fn validate_asset_accounts(
+    chart: &ChartOfAccounts,
+    cost_account: AccountId,
+    accum_depr_account: AccountId,
+    expense_account: AccountId,
+) -> Result<(), LedgerError> {
+    for (id, role, expected) in [
+        (cost_account, "cost", AccountType::Asset),
+        (
+            accum_depr_account,
+            "accumulated depreciation",
+            AccountType::Asset,
+        ),
+        (
+            expense_account,
+            "depreciation expense",
+            AccountType::Expense,
+        ),
+    ] {
+        let account = chart.get(id).ok_or(LedgerError::UnknownAccount(id))?;
+        if account.account_type != expected {
+            return Err(LedgerError::AssetAccountWrongType {
+                code: account.code.clone(),
+                role,
+                expected: match expected {
+                    AccountType::Asset => "asset",
+                    AccountType::Expense => "expense",
+                    _ => unreachable!("asset links are asset or expense accounts"),
+                },
+                found: match account.account_type {
+                    AccountType::Asset => "asset",
+                    AccountType::Liability => "liability",
+                    AccountType::Equity => "equity",
+                    AccountType::Revenue => "revenue",
+                    AccountType::Expense => "expense",
+                },
+            });
+        }
+    }
+    for dup in [cost_account, accum_depr_account, expense_account] {
+        let uses = [cost_account, accum_depr_account, expense_account]
+            .iter()
+            .filter(|&&id| id == dup)
+            .count();
+        if uses > 1 {
+            return Err(LedgerError::DuplicateAssetAccount(dup));
+        }
+    }
+    Ok(())
+}

crates/ledger-core/src/classes.rs

@@ -0,0 +1,270 @@
+//! Classes: divisional P&L tracking.
+//!
+//! A class is a label on a journal line — a department, location, product
+//! line, or job. Reports can filter the P&L to one class or break it down
+//! by class, so one ledger serves several divisions without splitting the
+//! chart of accounts. Classes live on lines, not accounts: one entry can
+//! touch several divisions.
+//!
+//! Classes are master data, journaled like accounts. Tagging a line happens
+//! on drafts only; posted entries are immutable, so their classes are frozen.
+
+use serde::{Deserialize, Serialize};
+
+/// Opaque class handle. Created by [`crate::Ledger`]; never forged.
+pub type ClassId = u32;
+
+/// A named division for line-level P&L tracking.
+#[derive(Clone, Debug, PartialEq, Eq, Serialize, Deserialize)]
+pub struct Class {
+    /// Class id (the allocator's).
+    pub id: ClassId,
+    /// Human name, e.g. `"Retail"` or `"Wholesale"`.
+    pub name: String,
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use crate::{AccountType, Currency, Ledger, LedgerError, Money, Side};
+    use chrono::NaiveDate;
+    use rust_decimal::Decimal;
+
+    fn d(cents: i64) -> Decimal {
+        Decimal::new(cents, 2)
+    }
+
+    fn test_ledger() -> Ledger {
+        let mut ledger = Ledger::new(Currency::USD);
+        ledger
+            .add_account("1000", "Cash", AccountType::Asset, None, false)
+            .unwrap();
+        ledger
+            .add_account("4000", "Revenue", AccountType::Revenue, None, false)
+            .unwrap();
+        ledger
+            .add_account("6000", "Expenses", AccountType::Expense, None, false)
+            .unwrap();
+        ledger
+    }
+
+    fn post_sale(
+        ledger: &mut Ledger,
+        date: NaiveDate,
+        revenue: Decimal,
+        expense: Decimal,
+        class: Option<ClassId>,
+    ) {
+        let cash = ledger.chart().find_by_code("1000").unwrap().id;
+        let rev = ledger.chart().find_by_code("4000").unwrap().id;
+        let exp = ledger.chart().find_by_code("6000").unwrap().id;
+        let base = Currency::USD;
+        let e = ledger.create_entry(date, "sale");
+        ledger
+            .add_line(e, cash, Side::Debit, Money::new(revenue, base))
+            .unwrap();
+        ledger
+            .add_line(e, rev, Side::Credit, Money::new(revenue, base))
+            .unwrap();
+        if !expense.is_zero() {
+            ledger
+                .add_line(e, exp, Side::Debit, Money::new(expense, base))
+                .unwrap();
+            ledger
+                .add_line(e, cash, Side::Credit, Money::new(expense, base))
+                .unwrap();
+        }
+        if let Some(c) = class {
+            // Tag the revenue and expense lines (indices 1 and 2).
+            ledger.set_line_class(e, 1, Some(c)).unwrap();
+            if !expense.is_zero() {
+                ledger.set_line_class(e, 2, Some(c)).unwrap();
+            }
+        }
+        ledger.post_entry(e).unwrap();
+    }
+
+    #[test]
+    fn class_crud() {
+        let mut ledger = test_ledger();
+        assert_eq!(ledger.next_class_id(), 1);
+        let retail = ledger.add_class("Retail").unwrap();
+        let wholesale = ledger.add_class("Wholesale").unwrap();
+        assert_eq!((retail, wholesale), (1, 2));
+        assert_eq!(ledger.next_class_id(), 3);
+        assert_eq!(ledger.get_class(retail).unwrap().name, "Retail");
+        assert!(ledger.get_class(99).is_none());
+        let names: Vec<_> = ledger
+            .list_classes()
+            .iter()
+            .map(|c| c.name.clone())
+            .collect();
+        assert_eq!(names, vec!["Retail", "Wholesale"]);
+        // Case-insensitive lookup.
+        assert_eq!(ledger.find_class_by_name("retail").unwrap().id, retail);
+        assert_eq!(ledger.find_class_by_name("RETAIL").unwrap().id, retail);
+        assert!(ledger.find_class_by_name("nope").is_none());
+        // Empty and whitespace names rejected.
+        assert_eq!(ledger.add_class(""), Err(LedgerError::EmptyClassName));
+        assert_eq!(ledger.add_class("   "), Err(LedgerError::EmptyClassName));
+        // The failed adds did not move the allocator.
+        assert_eq!(ledger.next_class_id(), 3);
+    }
+
+    #[test]
+    fn set_line_class_draft_only() {
+        let mut ledger = test_ledger();
+        let class = ledger.add_class("Retail").unwrap();
+        let cash = ledger.chart().find_by_code("1000").unwrap().id;
+        let rev = ledger.chart().find_by_code("4000").unwrap().id;
+        let date = NaiveDate::from_ymd_opt(2026, 10, 1).unwrap();
+
+        let e = ledger.create_entry(date, "draft");
+        ledger
+            .add_line(e, cash, Side::Debit, Money::new(d(10_000), Currency::USD))
+            .unwrap();
+        ledger
+            .add_line(e, rev, Side::Credit, Money::new(d(10_000), Currency::USD))
+            .unwrap();
+        // Unknown class rejected.
+        assert_eq!(
+            ledger.set_line_class(e, 0, Some(99)),
+            Err(LedgerError::UnknownClass(99))
+        );
+        // Line index out of range rejected.
+        assert_eq!(
+            ledger.set_line_class(e, 7, Some(class)),
+            Err(LedgerError::LineIndexOutOfRange(7, e))
+        );
+        // Set, then clear.
+        ledger.set_line_class(e, 0, Some(class)).unwrap();
+        assert_eq!(
+            ledger.get_entry(e).unwrap().lines()[0].class_id,
+            Some(class)
+        );
+        ledger.set_line_class(e, 0, None).unwrap();
+        assert_eq!(ledger.get_entry(e).unwrap().lines()[0].class_id, None);
+        // Post: classes freeze. Tagging a posted entry is rejected.
+        ledger.post_entry(e).unwrap();
+        assert_eq!(
+            ledger.set_line_class(e, 0, Some(class)),
+            Err(LedgerError::PostedEntryImmutable)
+        );
+        // Unknown entry rejected.
+        assert_eq!(
+            ledger.set_line_class(999, 0, Some(class)),
+            Err(LedgerError::UnknownEntry(999))
+        );
+    }
+
+    #[test]
+    fn filtered_pl_math() {
+        let mut ledger = test_ledger();
+        let retail = ledger.add_class("Retail").unwrap();
+        let wholesale = ledger.add_class("Wholesale").unwrap();
+        let date = NaiveDate::from_ymd_opt(2026, 10, 1).unwrap();
+        post_sale(&mut ledger, date, d(100_000), d(40_000), Some(retail));
+        post_sale(&mut ledger, date, d(50_000), d(10_000), Some(wholesale));
+        post_sale(&mut ledger, date, d(20_000), d(5_000), None);
+
+        let r = crate::reports::profit_and_loss_filtered(&ledger, Some(retail)).unwrap();
+        assert_eq!(r.revenue, d(100_000));
+        assert_eq!(r.expenses, d(40_000));
+        assert_eq!(r.net_income(), d(60_000));
+        let w = crate::reports::profit_and_loss_filtered(&ledger, Some(wholesale)).unwrap();
+        assert_eq!(w.revenue, d(50_000));
+        assert_eq!(w.expenses, d(10_000));
+        // A class with no lines reports zeros.
+        let empty = ledger.add_class("Empty").unwrap();
+        let z = crate::reports::profit_and_loss_filtered(&ledger, Some(empty)).unwrap();
+        assert_eq!((z.revenue, z.expenses), (Decimal::ZERO, Decimal::ZERO));
+        // None counts every line: identical to the account-based P&L.
+        let all = crate::reports::profit_and_loss_filtered(&ledger, None).unwrap();
+        let plain = crate::reports::profit_and_loss(&ledger).unwrap();
+        assert_eq!((all.revenue, all.expenses), (plain.revenue, plain.expenses));
+        assert_eq!((all.revenue, all.expenses), (d(170_000), d(55_000)));
+    }
+
+    #[test]
+    fn by_class_partitions_total_pl() {
+        let mut ledger = test_ledger();
+        let retail = ledger.add_class("Retail").unwrap();
+        let wholesale = ledger.add_class("Wholesale").unwrap();
+        let date = NaiveDate::from_ymd_opt(2026, 10, 1).unwrap();
+        post_sale(&mut ledger, date, d(100_000), d(40_000), Some(retail));
+        post_sale(&mut ledger, date, d(50_000), d(10_000), Some(wholesale));
+        post_sale(&mut ledger, date, d(20_000), d(5_000), None);
+
+        let rows = crate::reports::profit_and_loss_by_class(&ledger).unwrap();
+        assert_eq!(rows.len(), 3);
+        // Sorted by class name; unclassified last.
+        assert_eq!(rows[0].class.as_ref().unwrap().name, "Retail");
+        assert_eq!(rows[1].class.as_ref().unwrap().name, "Wholesale");
+        assert!(rows[2].class.is_none());
+        assert_eq!(rows[0].profit_and_loss.net_income(), d(60_000));
+        assert_eq!(rows[1].profit_and_loss.net_income(), d(40_000));
+        assert_eq!(rows[2].profit_and_loss.net_income(), d(15_000));
+        // The rows partition the ledger: they sum to the total P&L.
+        let total = crate::reports::profit_and_loss(&ledger).unwrap();
+        let rev: Decimal = rows.iter().map(|r| r.profit_and_loss.revenue).sum();
+        let exp: Decimal = rows.iter().map(|r| r.profit_and_loss.expenses).sum();
+        assert_eq!((rev, exp), (total.revenue, total.expenses));
+
+        // A class with only balance-sheet lines gets no row.
+        let cash_only = ledger.add_class("CashOnly").unwrap();
+        let cash = ledger.chart().find_by_code("1000").unwrap().id;
+        let e = ledger.create_entry(date, "cash move");
+        ledger
+            .add_line(e, cash, Side::Debit, Money::new(d(1_000), Currency::USD))
+            .unwrap();
+        // Need a second cash-ish line to balance; use revenue... no — use a
+        // second asset account so no P&L line is tagged.
+        let bank = ledger
+            .add_account("1010", "Bank", AccountType::Asset, None, false)
+            .unwrap();
+        ledger
+            .add_line(e, bank, Side::Credit, Money::new(d(1_000), Currency::USD))
+            .unwrap();
+        ledger.set_line_class(e, 0, Some(cash_only)).unwrap();
+        ledger.set_line_class(e, 1, Some(cash_only)).unwrap();
+        ledger.post_entry(e).unwrap();
+        let rows = crate::reports::profit_and_loss_by_class(&ledger).unwrap();
+        assert_eq!(rows.len(), 3, "balance-sheet-only class must not add a row");
+        // Empty ledger: no rows at all.
+        let empty = test_ledger();
+        assert!(
+            crate::reports::profit_and_loss_by_class(&empty)
+                .unwrap()
+                .is_empty()
+        );
+    }
+
+    #[test]
+    fn replay_class_checks_id() {
+        let mut ledger = test_ledger();
+        let err = ledger.replay_class(5, "Retail".to_string());
+        assert_eq!(err, Err(LedgerError::ReplayIdMismatch(5, 1)));
+        assert_eq!(ledger.next_class_id(), 1);
+        ledger.replay_class(1, "Retail".to_string()).unwrap();
+        assert_eq!(ledger.next_class_id(), 2);
+        assert_eq!(ledger.get_class(1).unwrap().name, "Retail");
+    }
+
+    #[test]
+    fn reversal_carries_class() {
+        let mut ledger = test_ledger();
+        let retail = ledger.add_class("Retail").unwrap();
+        let date = NaiveDate::from_ymd_opt(2026, 10, 1).unwrap();
+        post_sale(&mut ledger, date, d(100_000), Decimal::ZERO, Some(retail));
+        let entry_id = ledger.posted_entries().map(|e| e.id()).next().unwrap();
+        let rev = ledger.reverse_entry(entry_id, date, "reversal").unwrap();
+        let rev_entry = ledger.get_entry(rev).unwrap();
+        // The flipped revenue line keeps its class; the cash lines were
+        // never tagged.
+        assert_eq!(rev_entry.lines()[0].class_id, None);
+        assert_eq!(rev_entry.lines()[1].class_id, Some(retail));
+        // The class P&L nets to zero after the reversal.
+        let pl = crate::reports::profit_and_loss_filtered(&ledger, Some(retail)).unwrap();
+        assert_eq!((pl.revenue, pl.expenses), (Decimal::ZERO, Decimal::ZERO));
+    }
+}

crates/ledger-core/src/error.rs

@@ -75,4 +75,201 @@ pub enum LedgerError {
     /// Any attempt to mutate a posted entry: add lines, delete it, edit it.
     #[error("cannot modify a posted entry; post a reversing entry instead")]
     PostedEntryImmutable,
+
+    /// The referenced fixed asset does not exist.
+    #[error("unknown asset id {0}")]
+    UnknownAsset(u64),
+
+    /// Asset descriptions must not be empty.
+    #[error("asset description must not be empty")]
+    EmptyAssetDescription,
+
+    /// Asset cost must be positive.
+    #[error("asset cost must be positive, got {0}")]
+    InvalidAssetCost(Decimal),
+
+    /// Salvage value must be non-negative and less than cost.
+    #[error("salvage value must be between zero and cost, got {0}")]
+    InvalidSalvageValue(Decimal),
+
+    /// Useful life must be at least one month.
+    #[error("useful life must be at least one month, got {0}")]
+    InvalidUsefulLife(u32),
+
+    /// The asset was already disposed.
+    #[error("asset {0} is already disposed")]
+    AssetAlreadyDisposed(u64),
+
+    /// Asset account links must have the right types: cost and accumulated
+    /// depreciation are asset accounts, the depreciation expense account is
+    /// an expense account.
+    #[error("account '{code}' has type {found}, but the asset {role} account must be {expected}")]
+    AssetAccountWrongType {
+        /// Account code.
+        code: String,
+        /// Role the account was given: "cost", "accumulated depreciation", or
+        /// "depreciation expense".
+        role: &'static str,
+        /// The type it must be.
+        expected: &'static str,
+        /// The type it has.
+        found: &'static str,
+    },
+
+    /// Disposal proceeds must not be negative.
+    #[error("disposal proceeds must not be negative, got {0}")]
+    NegativeProceeds(Decimal),
+
+    /// Disposal date must not precede the purchase date.
+    #[error("disposal date {0} is before the purchase date")]
+    DisposalBeforePurchase(String),
+
+    /// The three asset account links must be three distinct accounts.
+    #[error("asset account links must be distinct; account id {0} is linked twice")]
+    DuplicateAssetAccount(u64),
+
+    /// purchase_date + useful life overflows the date range.
+    #[error("purchase date plus useful life overflows the calendar")]
+    AssetDateOverflow,
+
+    /// An amortization schedule or recurring entry is invalid, unknown, or
+    /// already posted for that date.
+    #[error("invalid schedule: {0}")]
+    InvalidSchedule(String),
+
+    /// A payout doesn't reconcile or uses the wrong accounts.
+    #[error("invalid payout: {0}")]
+    InvalidPayout(String),
+
+    /// A tax category doesn't exist, doesn't fit the account, or has a bad
+    /// deductible percent.
+    #[error("invalid tax category: {0}")]
+    InvalidTaxCategory(String),
+
+    /// Partnership members are misconfigured (shares, capital accounts).
+    #[error("invalid members: {0}")]
+    InvalidMembers(String),
+
+    /// Cash-flow period end is before period start.
+    #[error("invalid date range: end {end} is before start {start}")]
+    InvalidDateRange {
+        /// Period start, YYYY-MM-DD.
+        start: String,
+        /// Period end, YYYY-MM-DD.
+        end: String,
+    },
+
+    /// The referenced accounting period does not exist.
+    #[error("unknown period id {0}")]
+    UnknownPeriod(u64),
+
+    /// The accounting period is already closed.
+    #[error("period {0} is already closed")]
+    PeriodAlreadyClosed(u64),
+
+    /// Period end is before period start.
+    #[error("invalid period: end {end} is before start {start}")]
+    InvalidPeriodRange {
+        /// Period start, YYYY-MM-DD.
+        start: String,
+        /// Period end, YYYY-MM-DD.
+        end: String,
+    },
+
+    /// A draft entry exists with a date inside the period being closed.
+    #[error("cannot close period {0}: draft entries exist with dates in the period")]
+    DraftsInPeriod(u64),
+
+    /// A period can't close while a later period is already closed.
+    #[error("period {0} can't close: later period {1} is already closed (close in order)")]
+    CloseOutOfOrder(u64, u64),
+
+    /// Entries cannot be created or posted in a closed period.
+    #[error("period {0} is closed; entries dated {1} are rejected")]
+    ClosedPeriod(u64, String),
+
+    /// The referenced customer does not exist.
+    #[error("unknown customer id {0}")]
+    UnknownCustomer(u64),
+
+    /// The referenced vendor does not exist.
+    #[error("unknown vendor id {0}")]
+    UnknownVendor(u64),
+
+    /// The referenced invoice does not exist.
+    #[error("unknown invoice id {0}")]
+    UnknownInvoice(u64),
+
+    /// The referenced bill does not exist.
+    #[error("unknown bill id {0}")]
+    UnknownBill(u64),
+
+    /// Invoice/bill must have at least one line.
+    #[error("invoice/bill must have at least one line")]
+    EmptyDocumentLines,
+
+    /// Invoice/bill line amounts must be positive.
+    #[error("document line amount must be positive, got {0}")]
+    InvalidDocumentLineAmount(Decimal),
+
+    /// Payment amount must be positive.
+    #[error("payment amount must be positive, got {0}")]
+    InvalidPaymentAmount(Decimal),
+
+    /// Payment exceeds the remaining balance.
+    #[error("payment of {0} exceeds remaining balance of {1}")]
+    Overpayment(Decimal, Decimal),
+
+    /// Invoice/bill due date is before its date.
+    #[error("due date {0} is before document date")]
+    DueBeforeDate(String),
+
+    /// Line index out of range for cleared-flag update.
+    #[error("line index {0} out of range for entry {1}")]
+    LineIndexOutOfRange(usize, u64),
+
+    /// Cannot set a cleared flag on a draft entry's line.
+    #[error("cannot mark cleared on draft entry {0}; only posted lines can clear")]
+    ClearedOnDraft(u64),
+
+    /// FX rate must be positive.
+    #[error("fx rate must be positive, got {0}")]
+    InvalidFxRate(Decimal),
+
+    /// FX line requires both foreign currency and foreign amount.
+    #[error("fx line requires foreign currency, foreign amount, and fx rate")]
+    IncompleteFxLine,
+
+    /// Replay recorded an id the allocator was not expecting: the journal
+    /// and the engine disagree about event ordering.
+    #[error("replay id mismatch: journal says {0}, allocator expects {1}")]
+    ReplayIdMismatch(u64, u64),
+
+    /// A payroll run must have at least one employee line.
+    #[error("payroll run must have at least one line")]
+    EmptyPayroll,
+
+    /// Payroll amounts must not be negative.
+    #[error("payroll amount must not be negative, got {0}")]
+    NegativePayrollAmount(Decimal),
+
+    /// Net pay went negative: withholdings exceed gross for this employee.
+    #[error("payroll net pay for '{0}' is negative")]
+    NegativeNetPay(String),
+
+    /// No payroll tax payables are outstanding: nothing to remit.
+    #[error("no payroll tax payables to remit")]
+    NothingToRemit,
+
+    /// The referenced payroll run does not exist.
+    #[error("unknown payroll run id {0}")]
+    UnknownPayrollRun(u64),
+
+    /// Class names must not be empty.
+    #[error("class name must not be empty")]
+    EmptyClassName,
+
+    /// The referenced class does not exist.
+    #[error("unknown class id {0}")]
+    UnknownClass(u32),
 }

crates/ledger-core/src/form1099.rs

@@ -0,0 +1,145 @@
+//! 1099 tracking: what was paid to each vendor in a calendar year.
+//!
+//! A vendor is marked with the information return it gets (1099-NEC for
+//! nonemployee compensation, 1099-MISC for rents and the like) and whether
+//! its W-9 is on file. Entries are tagged with the vendor they paid
+//! (`pay_bill` tags automatically). The amount paid is the cash that left
+//! asset accounts on the vendor's tagged entries: credits minus debits to
+//! asset accounts. A card payment (Dr expense, Cr credit card) moves no
+//! asset, so it is excluded, as it should be: card payments are reported by
+//! the card processor on 1099-K, not by the payer.
+//!
+//! Thresholds are set by law and change; [`default_threshold`] encodes
+//! them and the report takes an override. Confirm with the CPA.
+
+use crate::{AccountType, Ledger, VendorId};
+use chrono::Datelike;
+use rust_decimal::Decimal;
+use serde::{Deserialize, Serialize};
+
+/// The information return a vendor gets.
+#[derive(Clone, Copy, Debug, PartialEq, Eq, Serialize, Deserialize)]
+#[serde(rename_all = "snake_case")]
+pub enum Form1099 {
+    /// 1099-NEC: nonemployee compensation (contractors, attorneys' fees).
+    Nec,
+    /// 1099-MISC: rents, royalties, prizes, other income.
+    Misc,
+}
+
+impl Form1099 {
+    /// Parse "nec", "1099-NEC", "misc", "1099-MISC".
+    pub fn parse(s: &str) -> Option<Form1099> {
+        let s = s.trim().to_lowercase();
+        match s.strip_prefix("1099-").unwrap_or(&s) {
+            "nec" => Some(Form1099::Nec),
+            "misc" => Some(Form1099::Misc),
+            _ => None,
+        }
+    }
+
+    /// "1099-NEC" or "1099-MISC".
+    pub fn label(self) -> &'static str {
+        match self {
+            Form1099::Nec => "1099-NEC",
+            Form1099::Misc => "1099-MISC",
+        }
+    }
+}
+
+/// The reporting threshold for payments made in `year`: $600 through 2025;
+/// $2,000 from 2026 (One Big Beautiful Bill Act), indexed for inflation
+/// after 2026, so later years return $2,000 until updated. Royalties
+/// (1099-MISC) have a $10 threshold this doesn't model. Pass an explicit
+/// threshold to override.
+pub fn default_threshold(year: i32) -> Decimal {
+    if year <= 2025 {
+        Decimal::new(600, 0)
+    } else {
+        Decimal::new(2000, 0)
+    }
+}
+
+/// One vendor's year.
+#[derive(Clone, Debug, PartialEq, Eq)]
+pub struct Vendor1099Line {
+    /// The vendor.
+    pub vendor_id: VendorId,
+    /// Name.
+    pub name: String,
+    /// The return it gets, if marked.
+    pub form: Option<Form1099>,
+    /// W-9 on file.
+    pub tin_on_file: bool,
+    /// Cash paid in the year (net of refunds and reversals).
+    pub paid: Decimal,
+    /// Marked for a 1099 and paid at least the threshold.
+    pub reportable: bool,
+}
+
+/// The year's 1099 report.
+#[derive(Clone, Debug, PartialEq, Eq)]
+pub struct Vendor1099Report {
+    /// Calendar year.
+    pub year: i32,
+    /// The threshold applied.
+    pub threshold: Decimal,
+    /// Every vendor marked for a 1099 or paid in the year, by name.
+    pub vendors: Vec<Vendor1099Line>,
+}
+
+/// Cash paid per vendor in calendar `year`, from posted entries tagged
+/// with the vendor.
+pub fn vendor_1099_report(
+    ledger: &Ledger,
+    year: i32,
+    threshold: Option<Decimal>,
+) -> Vendor1099Report {
+    let threshold = threshold.unwrap_or_else(|| default_threshold(year));
+    let mut paid: std::collections::HashMap<VendorId, Decimal> = Default::default();
+    for entry in ledger.posted_entries() {
+        if entry.date().year() != year {
+            continue;
+        }
+        let Some(vendor) = ledger.entry_vendor(entry.id()) else {
+            continue;
+        };
+        let cash: Decimal = entry
+            .lines()
+            .iter()
+            .filter(|l| {
+                ledger
+                    .chart()
+                    .get(l.account)
+                    .is_some_and(|a| a.account_type == AccountType::Asset)
+            })
+            .map(|l| match l.side {
+                crate::Side::Credit => l.amount.amount,
+                crate::Side::Debit => -l.amount.amount,
+            })
+            .sum();
+        *paid.entry(vendor).or_default() += cash;
+    }
+    let mut vendors: Vec<Vendor1099Line> = ledger
+        .list_vendors()
+        .into_iter()
+        .filter(|v| v.form_1099.is_some() || paid.get(&v.id).is_some_and(|p| !p.is_zero()))
+        .map(|v| {
+            let amount = paid.get(&v.id).copied().unwrap_or_default();
+            Vendor1099Line {
+                vendor_id: v.id,
+                name: v.name.clone(),
+                form: v.form_1099,
+                tin_on_file: v.tin_on_file,
+                paid: amount,
+                reportable: v.form_1099.is_some() && amount >= threshold,
+            }
+        })
+        .collect();
+    vendors.sort_by(|a, b| a.name.cmp(&b.name).then(a.vendor_id.cmp(&b.vendor_id)));
+    Vendor1099Report {
+        year,
+        threshold,
+        vendors,
+    }
+}

crates/ledger-core/src/journal.rs

@@ -4,7 +4,7 @@
 //! total credits. Entries are born as drafts, validated, then posted. Posting
 //! is one-way; a posted entry can only be corrected by a reversing entry.
 
-use crate::{AccountId, ChartOfAccounts, Currency, LedgerError, Money, Side};
+use crate::{AccountId, ChartOfAccounts, ClassId, Currency, LedgerError, Money, Side};
 use chrono::NaiveDate;
 use rust_decimal::Decimal;
 use serde::{Deserialize, Serialize};
@@ -29,8 +29,24 @@ pub struct JournalLine {
     pub account: AccountId,
     /// Which side of the entry this line is on.
     pub side: Side,
-    /// The exact amount. Never zero (rejected at validation).
+    /// The exact amount, in the ledger's base currency. Never zero (rejected
+    /// at validation).
     pub amount: Money,
+    /// For foreign-currency lines: the original currency. `None` for base-
+    /// currency lines. When set, `amount` is the base-currency equivalent
+    /// converted at the line's rate.
+    #[serde(default, skip_serializing_if = "Option::is_none")]
+    pub foreign_currency: Option<Currency>,
+    /// For foreign-currency lines: the original foreign amount. `None` for
+    /// base-currency lines.
+    #[serde(default, skip_serializing_if = "Option::is_none")]
+    pub foreign_amount: Option<Decimal>,
+    /// Divisional tracking: which class (department, location, job) this
+    /// line belongs to. `None` means unclassified. Set on drafts only via
+    /// [`crate::Ledger::set_line_class`]; posted lines are immutable, so
+    /// their classes are frozen.
+    #[serde(default, skip_serializing_if = "Option::is_none")]
+    pub class_id: Option<ClassId>,
 }
 
 /// A balanced set of journal lines with a date and a description.
@@ -93,6 +109,12 @@ impl JournalEntry {
         self.lines.push(line);
     }
 
+    /// Tag a line with a class (or clear it). Only while drafted; only via
+    /// [`crate::Ledger::set_line_class`].
+    pub(crate) fn set_line_class(&mut self, index: usize, class_id: Option<ClassId>) {
+        self.lines[index].class_id = class_id;
+    }
+
     /// Mark posted. Only via [`crate::Ledger`], after [`Self::validate`].
     pub(crate) fn mark_posted(&mut self) {
         self.status = EntryStatus::Posted;

crates/ledger-core/src/lib.rs

@@ -17,15 +17,48 @@
 //!   (`docs/oracle.md`) possible.
 
 pub mod account;
+pub mod arap;
+pub mod assets;
+pub mod classes;
 pub mod error;
+pub mod form1099;
 pub mod journal;
 pub mod ledger;
 pub mod money;
+pub mod payouts;
+pub mod payroll;
+pub mod periods;
 pub mod reports;
+pub mod schedules;
+pub mod tax;
 
 pub use account::{Account, AccountId, AccountType, ChartOfAccounts, Side};
+pub use arap::{
+    AgingRow, Bill, BillId, Customer, CustomerId, DocumentLine, DocumentStatus, Invoice, InvoiceId,
+    Vendor, VendorId,
+};
+pub use assets::{
+    Asset, AssetId, AssetStatus, DepreciationMethod, DisposalAmounts, NewAsset, ScheduleLine,
+    accumulated_depreciation, book_value, depreciation_schedule, disposal_amounts,
+};
+pub use classes::{Class, ClassId};
 pub use error::LedgerError;
+pub use form1099::{Form1099, Vendor1099Line, Vendor1099Report, vendor_1099_report};
 pub use journal::{EntryId, EntryStatus, JournalEntry, JournalLine};
-pub use ledger::Ledger;
+pub use ledger::{Ledger, ReconciliationReport, UnclearedLine};
 pub use money::{Currency, Money};
-pub use reports::{BalanceSheet, ProfitAndLoss, TrialBalance, TrialBalanceLine};
+pub use payouts::{Payout, PayoutAdjustment, PayoutLine, PayoutTotals, payout_plan};
+pub use payroll::{PayrollLine, PayrollRun, PayrollRunId};
+pub use periods::{CloseTo, MemberClose, Period, PeriodId, PeriodStatus, RETAINED_EARNINGS_CODE};
+pub use reports::{
+    BalanceSheet, BalanceSheetStatement, CashFlowLine, CashFlowParams, CashFlowStatement,
+    ClassProfitAndLoss, GeneralLedger, LedgerAccount, LedgerPosting, MemberCapital,
+    MemberEquityColumn, MembersEquityStatement, ProfitAndLoss, ProfitAndLossStatement,
+    StatementLine, TrialBalance, TrialBalanceLine, balance_sheet_as_of, cash_flow, general_ledger,
+    members_equity, profit_and_loss_for_period, trial_balance_as_of,
+};
+pub use schedules::{
+    AmortizationSchedule, Frequency, NewRecurring, NewSchedule, RecurringEntry, RecurringId,
+    ScheduleId, ScheduleKind, TemplateLine,
+};
+pub use tax::{TaxCategory, TaxForm, TaxKind, TaxSummary, TaxSummaryLine, tax_summary};

crates/ledger-core/src/money.rs

@@ -15,15 +15,15 @@ pub struct Currency([u8; 3]);
 
 impl Currency {
     /// US dollar.
-    pub const USD: Currency = Currency([b'U', b'S', b'D']);
+    pub const USD: Currency = Currency(*b"USD");
     /// Euro.
-    pub const EUR: Currency = Currency([b'E', b'U', b'R']);
+    pub const EUR: Currency = Currency(*b"EUR");
     /// British pound.
-    pub const GBP: Currency = Currency([b'G', b'B', b'P']);
+    pub const GBP: Currency = Currency(*b"GBP");
     /// Swiss franc.
-    pub const CHF: Currency = Currency([b'C', b'H', b'F']);
+    pub const CHF: Currency = Currency(*b"CHF");
     /// Japanese yen.
-    pub const JPY: Currency = Currency([b'J', b'P', b'Y']);
+    pub const JPY: Currency = Currency(*b"JPY");
 
     /// Parse and validate a three-letter code. Input is uppercased, so
     /// `"usd"` and `"USD"` both work; `"US"` or `"USDD"` fail.
@@ -123,3 +123,40 @@ impl fmt::Display for Money {
         write!(f, "{} {}", self.amount, self.currency)
     }
 }
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    fn usd(amount: Decimal) -> Money {
+        Money::new(amount, Currency::USD)
+    }
+
+    fn d(cents: i64) -> Decimal {
+        Decimal::new(cents, 2)
+    }
+
+    #[test]
+    fn checked_arithmetic() {
+        assert_eq!(
+            usd(d(1050)).checked_add(usd(d(425))).unwrap().amount,
+            d(1475)
+        );
+        assert_eq!(
+            usd(d(1050)).checked_sub(usd(d(425))).unwrap().amount,
+            d(625)
+        );
+        // Subtraction is not division, and not addition.
+        assert_ne!(
+            usd(d(1000)).checked_sub(usd(d(200))).unwrap().amount,
+            d(500)
+        );
+    }
+
+    #[test]
+    fn checked_arithmetic_rejects_currency_mismatch() {
+        let eur = Money::new(d(100), Currency::EUR);
+        assert!(usd(d(100)).checked_add(eur).is_err());
+        assert!(usd(d(100)).checked_sub(eur).is_err());
+    }
+}

crates/ledger-core/src/payouts.rs

@@ -0,0 +1,204 @@
+//! Payouts: a platform deposit grossed up into what really happened.
+//!
+//! App stores, payment processors, and marketplaces collect revenue, keep
+//! their fees, and deposit the difference. Booking only the deposit as
+//! revenue understates income and hides the fees; the correct entry grosses
+//! it up:
+//!
+//! ```text
+//! Dr  bank            net deposit
+//! Dr  platform fees   fees withheld
+//! Dr/Cr adjustments   refunds, chargebacks, reserves, tax withheld, ...
+//!     Cr  revenue     gross sales (one line per product or class)
+//! ```
+//!
+//! [`payout_plan`] builds those lines and refuses unless gross − fees ±
+//! adjustments equals the deposit exactly, naming the difference. It knows
+//! no platform: callers (or a format-specific parser) supply the numbers
+//! from the payout statement, which is the entry's receipt.
+
+use crate::{AccountId, AccountType, ChartOfAccounts, ClassId, LedgerError, Side};
+use rust_decimal::Decimal;
+
+/// A revenue or fee line of a payout.
+#[derive(Clone, Debug, PartialEq)]
+pub struct PayoutLine {
+    /// The account.
+    pub account: AccountId,
+    /// Positive amount.
+    pub amount: Decimal,
+    /// Optional class (product line, app, store).
+    pub class: Option<ClassId>,
+}
+
+/// Anything else on the statement: refunds, chargebacks, reserves held or
+/// released, taxes withheld, currency conversion. A debit reduces the
+/// deposit; a credit increases it.
+#[derive(Clone, Debug, PartialEq)]
+pub struct PayoutAdjustment {
+    /// The account.
+    pub account: AccountId,
+    /// Debit (reduces the deposit) or credit (increases it).
+    pub side: Side,
+    /// Positive amount.
+    pub amount: Decimal,
+    /// Optional class.
+    pub class: Option<ClassId>,
+}
+
+/// A payout to gross up.
+#[derive(Clone, Debug, PartialEq)]
+pub struct Payout {
+    /// Where the money landed.
+    pub deposit_account: AccountId,
+    /// The net deposit. Negative when the platform debited the account
+    /// (fees and refunds exceeded sales).
+    pub deposit: Decimal,
+    /// Gross revenue, credited.
+    pub revenue: Vec<PayoutLine>,
+    /// Fees withheld, debited.
+    pub fees: Vec<PayoutLine>,
+    /// Everything else.
+    pub adjustments: Vec<PayoutAdjustment>,
+}
+
+/// The payout's totals.
+#[derive(Clone, Debug, PartialEq, Eq)]
+pub struct PayoutTotals {
+    /// Sum of revenue lines.
+    pub gross: Decimal,
+    /// Sum of fee lines.
+    pub fees: Decimal,
+    /// Net effect of adjustments on the deposit (credits − debits).
+    pub adjustments: Decimal,
+    /// The deposit.
+    pub deposit: Decimal,
+}
+
+/// One planned line: account, side, amount, class.
+pub type PayoutPlanLine = (AccountId, Side, Decimal, Option<ClassId>);
+
+/// Validate a payout and build its entry's lines: the deposit first, then
+/// fees, adjustments, and revenue. Errors unless every amount is positive,
+/// every account is postable and fits its role (revenue lines credit
+/// revenue or liability accounts, e.g. deferred revenue or sales tax
+/// collected; fees debit expense accounts), and the payout reconciles to
+/// the cent.
+pub fn payout_plan(
+    payout: &Payout,
+    chart: &ChartOfAccounts,
+) -> Result<(Vec<PayoutPlanLine>, PayoutTotals), LedgerError> {
+    let bad = |m: String| Err(LedgerError::InvalidPayout(m));
+    if payout.revenue.is_empty() {
+        return bad("a payout needs at least one revenue line".into());
+    }
+    let check = |account: AccountId,
+                 amount: Decimal,
+                 role: &str,
+                 allowed: &[AccountType]|
+     -> Result<(), LedgerError> {
+        let a = chart
+            .get(account)
+            .ok_or(LedgerError::UnknownAccount(account))?;
+        if a.placeholder {
+            return Err(LedgerError::InvalidPayout(format!(
+                "{role} account {} is a placeholder",
+                a.code
+            )));
+        }
+        if !allowed.is_empty() && !allowed.contains(&a.account_type) {
+            return Err(LedgerError::InvalidPayout(format!(
+                "{role} account {} is {:?}; expected {}",
+                a.code,
+                a.account_type,
+                allowed
+                    .iter()
+                    .map(|t| format!("{t:?}"))
+                    .collect::<Vec<_>>()
+                    .join(" or ")
+            )));
+        }
+        if amount <= Decimal::ZERO {
+            return Err(LedgerError::InvalidPayout(format!(
+                "{role} amounts must be positive, got {amount} on {}",
+                a.code
+            )));
+        }
+        Ok(())
+    };
+    let deposit_account = chart
+        .get(payout.deposit_account)
+        .ok_or(LedgerError::UnknownAccount(payout.deposit_account))?;
+    if deposit_account.placeholder || deposit_account.account_type != AccountType::Asset {
+        return bad(format!(
+            "deposit account {} must be a postable asset account",
+            deposit_account.code
+        ));
+    }
+    for l in &payout.revenue {
+        check(
+            l.account,
+            l.amount,
+            "revenue",
+            &[AccountType::Revenue, AccountType::Liability],
+        )?;
+    }
+    for l in &payout.fees {
+        check(l.account, l.amount, "fee", &[AccountType::Expense])?;
+    }
+    for a in &payout.adjustments {
+        check(a.account, a.amount, "adjustment", &[])?;
+    }
+    let gross: Decimal = payout.revenue.iter().map(|l| l.amount).sum();
+    let fees: Decimal = payout.fees.iter().map(|l| l.amount).sum();
+    let adjustments: Decimal = payout
+        .adjustments
+        .iter()
+        .map(|a| match a.side {
+            Side::Credit => a.amount,
+            Side::Debit => -a.amount,
+        })
+        .sum();
+    let expected = gross - fees + adjustments;
+    if expected != payout.deposit {
+        return bad(format!(
+            "payout doesn't reconcile: gross {gross} − fees {fees} + adjustments \
+             {adjustments} = {expected}, but the deposit is {} (off by {})",
+            payout.deposit,
+            payout.deposit - expected
+        ));
+    }
+    let mut plan = Vec::new();
+    if payout.deposit > Decimal::ZERO {
+        plan.push((payout.deposit_account, Side::Debit, payout.deposit, None));
+    } else if payout.deposit < Decimal::ZERO {
+        plan.push((payout.deposit_account, Side::Credit, -payout.deposit, None));
+    }
+    plan.extend(
+        payout
+            .fees
+            .iter()
+            .map(|l| (l.account, Side::Debit, l.amount, l.class)),
+    );
+    plan.extend(
+        payout
+            .adjustments
+            .iter()
+            .map(|a| (a.account, a.side, a.amount, a.class)),
+    );
+    plan.extend(
+        payout
+            .revenue
+            .iter()
+            .map(|l| (l.account, Side::Credit, l.amount, l.class)),
+    );
+    Ok((
+        plan,
+        PayoutTotals {
+            gross,
+            fees,
+            adjustments,
+            deposit: payout.deposit,
+        },
+    ))
+}

crates/ledger-core/src/payroll.rs

@@ -0,0 +1,421 @@
+//! Payroll: accounting-only payroll runs (no tax tables).
+//!
+//! A payroll run posts one balanced entry: gross wages hit Salary & Wage
+//! Expense, the employer share of FICA hits Payroll Tax Expense, employee
+//! withholdings and deductions accumulate in the 2110–2150 payable accounts,
+//! and net pay leaves cash. A later [`crate::Ledger::remit_payroll_taxes`]
+//! clears the payables when the tax payments go out.
+//!
+//! There is no tax law here: every withholding number is supplied by the
+//! caller. All amounts are exact [`rust_decimal::Decimal`], never floats.
+
+use crate::{AccountId, Currency, EntryId, LedgerError, Money, Side};
+use chrono::NaiveDate;
+use rust_decimal::Decimal;
+use serde::{Deserialize, Serialize};
+
+/// Opaque payroll run handle. Created by [`crate::Ledger`]; never forged.
+pub type PayrollRunId = u64;
+
+/// One employee's payroll line: gross pay and every withholding and
+/// deduction. All amounts must be non-negative; the engine rejects
+/// negatives, and rejects the line when withholdings exceed gross.
+#[derive(Clone, Debug, PartialEq, Eq, Serialize, Deserialize)]
+pub struct PayrollLine {
+    /// Employee name, for the run record.
+    pub employee_name: String,
+    /// Gross pay for the period.
+    pub gross_pay: Decimal,
+    /// Federal income tax withheld.
+    pub federal_withholding: Decimal,
+    /// State income tax withheld.
+    pub state_withholding: Decimal,
+    /// Employee share of Social Security tax.
+    pub ss_employee: Decimal,
+    /// Employee share of Medicare tax.
+    pub medicare_employee: Decimal,
+    /// Employer share of Social Security tax.
+    pub ss_employer: Decimal,
+    /// Employer share of Medicare tax.
+    pub medicare_employer: Decimal,
+    /// Other deductions (retirement, insurance, garnishments, ...).
+    pub other_deductions: Decimal,
+}
+
+impl PayrollLine {
+    /// Gross minus all employee withholdings and deductions. Must be >= 0:
+    /// you cannot withhold more than the employee earned.
+    pub fn net_pay(&self) -> Decimal {
+        self.gross_pay
+            - self.federal_withholding
+            - self.state_withholding
+            - self.ss_employee
+            - self.medicare_employee
+            - self.other_deductions
+    }
+}
+
+/// A posted payroll run: the inputs plus the journal entry it posted.
+#[derive(Clone, Debug, PartialEq, Eq, Serialize, Deserialize)]
+pub struct PayrollRun {
+    /// Run id (the allocator's).
+    pub id: PayrollRunId,
+    /// Pay date: the date of the posted entry.
+    pub date: NaiveDate,
+    /// One line per employee.
+    pub lines: Vec<PayrollLine>,
+    /// The posted journal entry.
+    pub entry_id: EntryId,
+}
+
+/// The chart accounts a payroll run posts to, resolved by code.
+#[derive(Clone, Copy, Debug)]
+pub struct PayrollAccounts {
+    /// `6100` Salary & Wage Expense.
+    pub salary_expense: AccountId,
+    /// `6110` Payroll Tax Expense.
+    pub payroll_tax_expense: AccountId,
+    /// `2110` Federal Withholding Payable.
+    pub federal_payable: AccountId,
+    /// `2120` State Withholding Payable.
+    pub state_payable: AccountId,
+    /// `2130` SS Tax Payable.
+    pub ss_payable: AccountId,
+    /// `2140` Medicare Tax Payable.
+    pub medicare_payable: AccountId,
+    /// `2150` Other Deductions Payable.
+    pub other_payable: AccountId,
+}
+
+/// Validate a payroll run's lines without mutating: non-empty, no negative
+/// amounts, no negative net pay. Journaling stores run this before writing
+/// anything, so a doomed run never leaves journal lines behind.
+pub fn validate_payroll_lines(lines: &[PayrollLine]) -> Result<(), LedgerError> {
+    if lines.is_empty() {
+        return Err(LedgerError::EmptyPayroll);
+    }
+    for line in lines {
+        for amount in [
+            line.gross_pay,
+            line.federal_withholding,
+            line.state_withholding,
+            line.ss_employee,
+            line.medicare_employee,
+            line.ss_employer,
+            line.medicare_employer,
+            line.other_deductions,
+        ] {
+            if amount < Decimal::ZERO {
+                return Err(LedgerError::NegativePayrollAmount(amount));
+            }
+        }
+        if line.net_pay() < Decimal::ZERO {
+            return Err(LedgerError::NegativeNetPay(line.employee_name.clone()));
+        }
+    }
+    Ok(())
+}
+
+/// The auto-posted payroll entry's lines, in posting order: Dr 6100 gross,
+/// Dr 6110 the employer FICA share, Cr 2110–2150 the payables, Cr cash net
+/// pay. Zero totals are skipped — the engine rejects zero-amount lines.
+///
+/// Shared by [`crate::Ledger::run_payroll`] and the journaling store, so the
+/// journaled entry and the posted entry are built from the same math. The
+/// plan always balances: debits are gross + employer FICA, credits are the
+/// payables + net, and net is defined as gross minus employee withholdings.
+pub fn payroll_entry_plan(
+    lines: &[PayrollLine],
+    accounts: PayrollAccounts,
+    cash_account: AccountId,
+    base: Currency,
+) -> Vec<(AccountId, Side, Money)> {
+    let sum = |f: fn(&PayrollLine) -> Decimal| lines.iter().map(f).sum::<Decimal>();
+    let gross = sum(|l| l.gross_pay);
+    let employer = sum(|l| l.ss_employer + l.medicare_employer);
+    let federal = sum(|l| l.federal_withholding);
+    let state = sum(|l| l.state_withholding);
+    let ss = sum(|l| l.ss_employee + l.ss_employer);
+    let medicare = sum(|l| l.medicare_employee + l.medicare_employer);
+    let other = sum(|l| l.other_deductions);
+    let net = sum(|l| l.net_pay());
+    let mut plan = Vec::new();
+    let mut push = |account: AccountId, side: Side, amount: Decimal| {
+        if !amount.is_zero() {
+            plan.push((account, side, Money::new(amount, base)));
+        }
+    };
+    push(accounts.salary_expense, Side::Debit, gross);
+    push(accounts.payroll_tax_expense, Side::Debit, employer);
+    push(accounts.federal_payable, Side::Credit, federal);
+    push(accounts.state_payable, Side::Credit, state);
+    push(accounts.ss_payable, Side::Credit, ss);
+    push(accounts.medicare_payable, Side::Credit, medicare);
+    push(accounts.other_payable, Side::Credit, other);
+    push(cash_account, Side::Credit, net);
+    plan
+}
+
+/// The remittance entry's lines: Dr each payable with a non-zero balance,
+/// Cr cash for the total. Balances are normal-side (positive = owed), so
+/// the plan balances by construction.
+pub fn payroll_remit_plan(
+    payables: &[(AccountId, Decimal)],
+    cash_account: AccountId,
+    base: Currency,
+) -> Vec<(AccountId, Side, Money)> {
+    let mut plan = Vec::new();
+    let mut total = Decimal::ZERO;
+    for (account, balance) in payables {
+        if balance.is_zero() {
+            continue;
+        }
+        plan.push((*account, Side::Debit, Money::new(*balance, base)));
+        total += *balance;
+    }
+    if !total.is_zero() {
+        plan.push((cash_account, Side::Credit, Money::new(total, base)));
+    }
+    plan
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use crate::{AccountType, Ledger};
+
+    fn d(cents: i64) -> Decimal {
+        Decimal::new(cents, 2)
+    }
+
+    fn line(name: &str) -> PayrollLine {
+        PayrollLine {
+            employee_name: name.to_string(),
+            gross_pay: d(500_000),          // 5000.00
+            federal_withholding: d(75_000), // 750.00
+            state_withholding: d(25_000),   // 250.00
+            ss_employee: d(31_000),         // 310.00
+            medicare_employee: d(7_250),    // 72.50
+            ss_employer: d(31_000),
+            medicare_employer: d(7_250),
+            other_deductions: d(10_000), // 100.00
+        }
+    }
+
+    fn ledger_with_cash() -> (Ledger, AccountId) {
+        let mut ledger = Ledger::new(Currency::USD);
+        let cash = ledger
+            .add_account("1000", "Cash", AccountType::Asset, None, false)
+            .unwrap();
+        (ledger, cash)
+    }
+
+    #[test]
+    fn net_pay_math() {
+        let l = line("Ada");
+        // 5000 - 750 - 250 - 310 - 72.50 - 100 = 3517.50
+        assert_eq!(l.net_pay(), d(351_750));
+    }
+
+    #[test]
+    fn validation_rejects_empty_negative_and_overwithheld() {
+        assert_eq!(validate_payroll_lines(&[]), Err(LedgerError::EmptyPayroll));
+        let mut bad = line("Bob");
+        bad.ss_employee = d(-1);
+        assert_eq!(
+            validate_payroll_lines(std::slice::from_ref(&bad)),
+            Err(LedgerError::NegativePayrollAmount(d(-1)))
+        );
+        let mut over = line("Cat");
+        over.other_deductions = d(99_999_999);
+        assert!(over.net_pay() < Decimal::ZERO);
+        assert_eq!(
+            validate_payroll_lines(std::slice::from_ref(&over)),
+            Err(LedgerError::NegativeNetPay("Cat".to_string()))
+        );
+        assert!(validate_payroll_lines(&[line("Ada")]).is_ok());
+    }
+
+    #[test]
+    fn entry_plan_balances_and_skips_zeros() {
+        let cash = ledger_with_cash().1;
+        let accounts = PayrollAccounts {
+            salary_expense: 101,
+            payroll_tax_expense: 102,
+            federal_payable: 103,
+            state_payable: 104,
+            ss_payable: 105,
+            medicare_payable: 106,
+            other_payable: 107,
+        };
+        // No state withholding and no other deductions: those credits vanish.
+        let mut l = line("Ada");
+        l.state_withholding = Decimal::ZERO;
+        l.other_deductions = Decimal::ZERO;
+        let plan = payroll_entry_plan(&[l], accounts, cash, Currency::USD);
+        assert_eq!(plan.len(), 6); // gross, employer tax, fed, ss, medicare, cash
+        let mut debits = Decimal::ZERO;
+        let mut credits = Decimal::ZERO;
+        for (_, side, amount) in &plan {
+            match side {
+                Side::Debit => debits += amount.amount,
+                Side::Credit => credits += amount.amount,
+            }
+        }
+        assert_eq!(debits, credits);
+        assert!(debits > Decimal::ZERO);
+        for (_, _, amount) in &plan {
+            assert!(!amount.amount.is_zero());
+        }
+    }
+
+    #[test]
+    fn run_payroll_posts_balanced_entry_and_records_run() {
+        let (mut ledger, cash) = ledger_with_cash();
+        let date = NaiveDate::from_ymd_opt(2026, 10, 9).unwrap();
+        let id = ledger
+            .run_payroll(date, vec![line("Ada"), line("Bob")], cash)
+            .unwrap();
+        assert_eq!(id, 1);
+        assert_eq!(ledger.next_payroll_run_id(), 2);
+        let run = ledger.get_payroll_run(id).unwrap();
+        assert_eq!(run.date, date);
+        assert_eq!(run.lines.len(), 2);
+        let entry = ledger.get_entry(run.entry_id).unwrap();
+        assert_eq!(entry.status(), crate::EntryStatus::Posted);
+        // Debits equal credits, exactly.
+        let mut debits = Decimal::ZERO;
+        let mut credits = Decimal::ZERO;
+        for l in entry.lines() {
+            match l.side {
+                Side::Debit => debits += l.amount.amount,
+                Side::Credit => credits += l.amount.amount,
+            }
+        }
+        assert_eq!(debits, credits);
+        // Gross x2 = 10000 hits Salary & Wage Expense (debit-normal).
+        let salary = ledger.chart().find_by_code("6100").unwrap().id;
+        assert_eq!(ledger.account_balance(salary).unwrap(), d(1_000_000));
+        // Net x2 = 7035 leaves cash (debit-normal): -7035.
+        assert_eq!(ledger.account_balance(cash).unwrap(), -d(703_500));
+        // The seven payroll accounts were auto-created.
+        for code in ["6100", "6110", "2110", "2120", "2130", "2140", "2150"] {
+            assert!(
+                ledger.chart().find_by_code(code).is_some(),
+                "missing {code}"
+            );
+        }
+        // Runs list in id order.
+        let id2 = ledger.run_payroll(date, vec![line("Cat")], cash).unwrap();
+        let ids: Vec<_> = ledger.list_payroll_runs().iter().map(|r| r.id).collect();
+        assert_eq!(ids, vec![id, id2]);
+    }
+
+    #[test]
+    fn run_payroll_rejects_closed_period() {
+        let (mut ledger, cash) = ledger_with_cash();
+        let date = NaiveDate::from_ymd_opt(2026, 9, 30).unwrap();
+        let pid = ledger
+            .create_period("Sep", NaiveDate::from_ymd_opt(2026, 9, 1).unwrap(), date)
+            .unwrap();
+        ledger.close_period(pid).unwrap();
+        let err = ledger.run_payroll(date, vec![line("Ada")], cash);
+        assert_eq!(err, Err(LedgerError::ClosedPeriod(pid, date.to_string())));
+    }
+
+    #[test]
+    fn run_payroll_rejects_bad_inputs() {
+        let (mut ledger, cash) = ledger_with_cash();
+        let date = NaiveDate::from_ymd_opt(2026, 10, 9).unwrap();
+        assert_eq!(
+            ledger.run_payroll(date, vec![], cash),
+            Err(LedgerError::EmptyPayroll)
+        );
+        let mut bad = line("Ada");
+        bad.gross_pay = d(-100);
+        assert_eq!(
+            ledger.run_payroll(date, vec![bad], cash),
+            Err(LedgerError::NegativePayrollAmount(d(-100)))
+        );
+        assert_eq!(
+            ledger.run_payroll(date, vec![line("Ada")], 999),
+            Err(LedgerError::UnknownAccount(999))
+        );
+    }
+
+    #[test]
+    fn remit_clears_payables() {
+        let (mut ledger, cash) = ledger_with_cash();
+        let date = NaiveDate::from_ymd_opt(2026, 10, 9).unwrap();
+        ledger.run_payroll(date, vec![line("Ada")], cash).unwrap();
+        // Withholdings owed: 750 + 250 + (310+310) + (72.50+72.50) + 100 = 1865.
+        let fed = ledger.chart().find_by_code("2110").unwrap().id;
+        assert_eq!(ledger.account_balance(fed).unwrap(), d(75_000));
+        // Nothing owed before any payroll: fresh ledger remits nothing.
+        let (mut fresh, fresh_cash) = ledger_with_cash();
+        assert_eq!(
+            fresh.remit_payroll_taxes(date, fresh_cash),
+            Err(LedgerError::NothingToRemit)
+        );
+        // Remit: payables go to zero, cash drops by the total.
+        let cash_before = ledger.account_balance(cash).unwrap();
+        let entry = ledger.remit_payroll_taxes(date, cash).unwrap();
+        let posted = ledger.get_entry(entry).unwrap();
+        assert_eq!(posted.status(), crate::EntryStatus::Posted);
+        for code in ["2110", "2120", "2130", "2140", "2150"] {
+            let id = ledger.chart().find_by_code(code).unwrap().id;
+            assert_eq!(
+                ledger.account_balance(id).unwrap(),
+                Decimal::ZERO,
+                "payable {code} not cleared"
+            );
+        }
+        assert_eq!(
+            ledger.account_balance(cash).unwrap(),
+            cash_before - d(186_500)
+        );
+        // Second remit finds nothing left.
+        assert_eq!(
+            ledger.remit_payroll_taxes(date, cash),
+            Err(LedgerError::NothingToRemit)
+        );
+    }
+
+    #[test]
+    fn remit_rejects_closed_period() {
+        let (mut ledger, cash) = ledger_with_cash();
+        let date = NaiveDate::from_ymd_opt(2026, 9, 30).unwrap();
+        ledger
+            .run_payroll(
+                NaiveDate::from_ymd_opt(2026, 9, 15).unwrap(),
+                vec![line("Ada")],
+                cash,
+            )
+            .unwrap();
+        let pid = ledger
+            .create_period("Sep", NaiveDate::from_ymd_opt(2026, 9, 1).unwrap(), date)
+            .unwrap();
+        ledger.close_period(pid).unwrap();
+        assert_eq!(
+            ledger.remit_payroll_taxes(date, cash),
+            Err(LedgerError::ClosedPeriod(pid, date.to_string()))
+        );
+    }
+
+    #[test]
+    fn replay_payroll_run_checks_id() {
+        let (mut ledger, _cash) = ledger_with_cash();
+        let date = NaiveDate::from_ymd_opt(2026, 10, 9).unwrap();
+        let entry = ledger.create_entry(date, "x");
+        let err = ledger.replay_payroll_run(7, date, vec![line("Ada")], entry);
+        assert_eq!(err, Err(LedgerError::ReplayIdMismatch(7, 1)));
+        // The allocator did not move on failure.
+        assert_eq!(ledger.next_payroll_run_id(), 1);
+        ledger
+            .replay_payroll_run(1, date, vec![line("Ada")], entry)
+            .unwrap();
+        assert_eq!(ledger.next_payroll_run_id(), 2);
+        assert!(ledger.get_payroll_run(1).is_some());
+        assert!(ledger.get_payroll_run(2).is_none());
+    }
+}

crates/ledger-core/src/periods.rs

@@ -0,0 +1,261 @@
+//! Accounting periods and period close.
+//!
+//! A [`Period`] is a named date range (a month, a quarter, a year). Periods
+//! start open; closing one is a one-way operation that:
+//!
+//! 1. Rejects the close if any draft entries have dates inside the period.
+//! 2. Posts a closing entry dated at period end: revenue accounts are
+//!    debited to zero, expense accounts are credited to zero, and the net
+//!    difference lands in Retained Earnings (created as `3999` if missing).
+//! 3. Marks the period closed.
+//!
+//! Once closed, [`Ledger::create_entry`] and [`Ledger::post_entry`] reject
+//! any entry dated inside the period. Corrections to closed periods go
+//! through the *next* open period (or a reversal dated in an open period).
+
+use crate::LedgerError;
+use chrono::NaiveDate;
+use serde::{Deserialize, Serialize};
+
+/// Opaque period handle. Created by [`crate::Ledger`]; never forged.
+pub type PeriodId = u64;
+
+/// Lifecycle of an accounting period. `Open -> Closed` is one-way.
+#[derive(Clone, Copy, PartialEq, Eq, Debug, Serialize, Deserialize)]
+pub enum PeriodStatus {
+    /// Accepting entries.
+    Open,
+    /// Closed. Entries dated inside are rejected.
+    Closed,
+}
+
+/// Where a period close puts the period's net income, and which owner
+/// accounts (draws, distributions, dividends) it zeroes into equity too.
+#[derive(Clone, Debug, PartialEq)]
+pub enum CloseTo {
+    /// The Retained Earnings account ([`RETAINED_EARNINGS_CODE`], created if
+    /// missing): the corporate convention. `sweep` lists dividend or
+    /// distribution accounts to close into it.
+    RetainedEarnings {
+        /// Equity accounts zeroed into Retained Earnings.
+        sweep: Vec<crate::AccountId>,
+    },
+    /// One equity account, e.g. a sole proprietor's capital, with `sweep`
+    /// (e.g. the owner's draws) zeroed into it.
+    Account {
+        /// The equity account receiving the net.
+        into: crate::AccountId,
+        /// Equity accounts zeroed into it.
+        sweep: Vec<crate::AccountId>,
+    },
+    /// Members' capital accounts by share (shares sum to 1): the
+    /// partnership convention, where each member's capital account carries
+    /// their allocated earnings and absorbs their distributions.
+    Members(Vec<MemberClose>),
+}
+
+/// One member in a partnership close.
+#[derive(Clone, Debug, PartialEq)]
+pub struct MemberClose {
+    /// The member's capital account.
+    pub capital: crate::AccountId,
+    /// Their share of net income.
+    pub share: rust_decimal::Decimal,
+    /// Their distributions account, zeroed into their capital, if they
+    /// have one.
+    pub distributions: Option<crate::AccountId>,
+}
+
+/// Split `amount` by `shares` to the cent; the last share absorbs rounding,
+/// so the parts always sum to `amount` exactly.
+pub fn allocate(
+    amount: rust_decimal::Decimal,
+    shares: &[rust_decimal::Decimal],
+) -> Vec<rust_decimal::Decimal> {
+    use rust_decimal::RoundingStrategy::MidpointAwayFromZero;
+    let mut parts: Vec<_> = shares
+        .iter()
+        .map(|s| (amount * s).round_dp_with_strategy(2, MidpointAwayFromZero))
+        .collect();
+    if let Some((last, rest)) = parts.split_last_mut() {
+        *last = amount - rest.iter().copied().sum::<rust_decimal::Decimal>();
+    }
+    parts
+}
+
+/// Code of the Retained Earnings account that closing entries credit (or
+/// debit), created on the first close if the chart lacks it.
+pub const RETAINED_EARNINGS_CODE: &str = "3999";
+
+/// A named accounting period: a month, quarter, or year.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct Period {
+    /// Opaque handle.
+    pub id: PeriodId,
+    /// Human name, e.g. `"2026-10"` or `"Q4 2026"`.
+    pub name: String,
+    /// First date in the period (inclusive).
+    pub start: NaiveDate,
+    /// Last date in the period (inclusive).
+    pub end: NaiveDate,
+    /// Open or closed.
+    pub status: PeriodStatus,
+    /// The closing entry's id, once closed.
+    pub closing_entry: Option<u64>,
+}
+
+impl Period {
+    /// True when `date` falls inside the period (inclusive).
+    pub fn contains(&self, date: NaiveDate) -> bool {
+        date >= self.start && date <= self.end
+    }
+}
+
+/// Validate a period's date range before creation.
+pub fn validate_period_range(start: NaiveDate, end: NaiveDate) -> Result<(), LedgerError> {
+    if end < start {
+        return Err(LedgerError::InvalidPeriodRange {
+            start: start.to_string(),
+            end: end.to_string(),
+        });
+    }
+    Ok(())
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use crate::{Currency, Ledger};
+
+    fn period_ledger() -> Ledger {
+        let mut l = Ledger::new(Currency::USD);
+        l.add_account("4000", "Revenue", crate::AccountType::Revenue, None, false)
+            .unwrap();
+        l.add_account("6000", "Expenses", crate::AccountType::Expense, None, false)
+            .unwrap();
+        l.add_account("1000", "Cash", crate::AccountType::Asset, None, false)
+            .unwrap();
+        l
+    }
+
+    fn post_sale(l: &mut Ledger, date: NaiveDate, amount: &str) {
+        let e = l.create_entry(date, "sale");
+        let rev = l.chart().find_by_code("4000").unwrap().id;
+        let cash = l.chart().find_by_code("1000").unwrap().id;
+        l.add_line(
+            e,
+            cash,
+            crate::Side::Debit,
+            crate::Money::new(amount.parse().unwrap(), Currency::USD),
+        )
+        .unwrap();
+        l.add_line(
+            e,
+            rev,
+            crate::Side::Credit,
+            crate::Money::new(amount.parse().unwrap(), Currency::USD),
+        )
+        .unwrap();
+        l.post_entry(e).unwrap();
+    }
+
+    #[test]
+    fn close_zeroes_revenue_and_expense_to_retained_earnings() {
+        let mut l = period_ledger();
+        let start = NaiveDate::from_ymd_opt(2026, 10, 1).unwrap();
+        let end = NaiveDate::from_ymd_opt(2026, 10, 31).unwrap();
+        let pid = l.create_period("2026-10", start, end).unwrap();
+
+        post_sale(
+            &mut l,
+            NaiveDate::from_ymd_opt(2026, 10, 15).unwrap(),
+            "1000.00",
+        );
+        // An expense: debit expense, credit cash.
+        let e = l.create_entry(NaiveDate::from_ymd_opt(2026, 10, 20).unwrap(), "rent");
+        let exp = l.chart().find_by_code("6000").unwrap().id;
+        let cash = l.chart().find_by_code("1000").unwrap().id;
+        let m = crate::Money::new("400.00".parse().unwrap(), Currency::USD);
+        l.add_line(e, exp, crate::Side::Debit, m).unwrap();
+        l.add_line(e, cash, crate::Side::Credit, m).unwrap();
+        l.post_entry(e).unwrap();
+
+        l.close_period(pid).unwrap();
+
+        // Revenue and expense are zeroed.
+        let rev = l.chart().find_by_code("4000").unwrap().id;
+        let exp = l.chart().find_by_code("6000").unwrap().id;
+        assert_eq!(l.account_balance(rev).unwrap(), rust_decimal::Decimal::ZERO);
+        assert_eq!(l.account_balance(exp).unwrap(), rust_decimal::Decimal::ZERO);
+        // Retained earnings holds the net: 1000 - 400 = 600 (credit-normal).
+        let re = l.chart().find_by_code(RETAINED_EARNINGS_CODE).unwrap().id;
+        assert_eq!(
+            l.account_balance(re).unwrap(),
+            "600".parse::<rust_decimal::Decimal>().unwrap()
+        );
+        // Period is closed.
+        assert_eq!(l.get_period(pid).unwrap().status, PeriodStatus::Closed);
+    }
+
+    #[test]
+    fn close_rejects_when_already_closed() {
+        let mut l = period_ledger();
+        let pid = l
+            .create_period(
+                "2026-10",
+                NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+                NaiveDate::from_ymd_opt(2026, 10, 31).unwrap(),
+            )
+            .unwrap();
+        l.close_period(pid).unwrap();
+        assert_eq!(
+            l.close_period(pid).unwrap_err(),
+            LedgerError::PeriodAlreadyClosed(pid)
+        );
+    }
+
+    #[test]
+    fn close_rejects_with_drafts_in_period() {
+        let mut l = period_ledger();
+        let pid = l
+            .create_period(
+                "2026-10",
+                NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+                NaiveDate::from_ymd_opt(2026, 10, 31).unwrap(),
+            )
+            .unwrap();
+        // A draft dated inside the period blocks the close.
+        l.create_entry(NaiveDate::from_ymd_opt(2026, 10, 15).unwrap(), "draft");
+        assert_eq!(
+            l.close_period(pid).unwrap_err(),
+            LedgerError::DraftsInPeriod(pid)
+        );
+    }
+
+    #[test]
+    fn closed_period_rejects_new_entries() {
+        let mut l = period_ledger();
+        let pid = l
+            .create_period(
+                "2026-10",
+                NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+                NaiveDate::from_ymd_opt(2026, 10, 31).unwrap(),
+            )
+            .unwrap();
+        l.close_period(pid).unwrap();
+        // create_entry with a date in the closed period fails.
+        let err = l.try_create_entry(NaiveDate::from_ymd_opt(2026, 10, 15).unwrap(), "late");
+        assert!(matches!(err, Err(LedgerError::ClosedPeriod(_, _))));
+    }
+
+    #[test]
+    fn invalid_range_rejected() {
+        let mut l = period_ledger();
+        let err = l.create_period(
+            "bad",
+            NaiveDate::from_ymd_opt(2026, 10, 31).unwrap(),
+            NaiveDate::from_ymd_opt(2026, 10, 1).unwrap(),
+        );
+        assert!(matches!(err, Err(LedgerError::InvalidPeriodRange { .. })));
+    }
+}

crates/ledger-core/src/schedules.rs

@@ -0,0 +1,341 @@
+//! Things that happen on a schedule.
+//!
+//! Two kinds, both master data owned by [`crate::Ledger`] and journaled:
+//!
+//! - **Amortization schedules** spread a prepaid expense or deferred revenue
+//!   evenly over the months it covers: a year of insurance paid up front is
+//!   an asset expensed 1/12 a month; a year of subscription revenue
+//!   collected up front is a liability earned 1/12 a month. Like
+//!   depreciation, the schedule is the evidence for its postings, so they
+//!   need no receipts. Each month posts once (idempotent runs).
+//! - **Recurring entries** (rent, subscriptions, payroll) generate *drafts*
+//!   on their dates, never posted entries: the agent attaches the actual
+//!   receipt and posts through the normal preview, so the receipt policy is
+//!   never bypassed.
+
+use crate::{AccountId, AccountType, ChartOfAccounts, LedgerError, Money, Side};
+use chrono::{Datelike, Days, Months, NaiveDate};
+use rust_decimal::Decimal;
+use serde::{Deserialize, Serialize};
+use std::collections::BTreeSet;
+
+/// Opaque handle for an amortization schedule.
+pub type ScheduleId = u64;
+/// Opaque handle for a recurring entry.
+pub type RecurringId = u64;
+/// One line of a template entry: account, side, amount.
+pub type TemplateLine = (AccountId, Side, Money);
+
+/// What an amortization schedule recognizes.
+#[derive(Clone, Copy, Debug, PartialEq, Eq, Serialize, Deserialize)]
+#[serde(rename_all = "snake_case")]
+pub enum ScheduleKind {
+    /// A prepaid expense: each month debits the expense account and
+    /// credits the prepaid (asset) account.
+    PrepaidExpense,
+    /// Deferred (unearned) revenue: each month debits the deferred revenue
+    /// (liability) account and credits the revenue account.
+    DeferredRevenue,
+}
+
+/// An amortization schedule.
+#[derive(Clone, Debug, PartialEq, Serialize, Deserialize)]
+pub struct AmortizationSchedule {
+    /// Opaque handle.
+    pub id: ScheduleId,
+    /// What it is, e.g. "2027 general liability insurance".
+    pub description: String,
+    /// Prepaid expense or deferred revenue.
+    pub kind: ScheduleKind,
+    /// The amount to spread.
+    pub total: Money,
+    /// Any date in the first month covered.
+    pub start: NaiveDate,
+    /// Months covered.
+    pub months: u32,
+    /// The balance-sheet account: prepaid (asset) or deferred revenue
+    /// (liability).
+    pub balance_account: AccountId,
+    /// The P&L account: expense or revenue.
+    pub pl_account: AccountId,
+    /// Months already posted, as their month-end dates.
+    pub posted: BTreeSet<NaiveDate>,
+}
+
+/// Parameters for a new schedule.
+#[derive(Clone, Debug)]
+pub struct NewSchedule {
+    /// What it is.
+    pub description: String,
+    /// Prepaid expense or deferred revenue.
+    pub kind: ScheduleKind,
+    /// The amount to spread (positive).
+    pub total: Money,
+    /// Any date in the first month covered.
+    pub start: NaiveDate,
+    /// Months covered (at least 1).
+    pub months: u32,
+    /// Prepaid (asset) or deferred revenue (liability) account.
+    pub balance_account: AccountId,
+    /// Expense or revenue account.
+    pub pl_account: AccountId,
+}
+
+/// The last day of `d`'s month.
+pub fn month_end(d: NaiveDate) -> NaiveDate {
+    let first = NaiveDate::from_ymd_opt(d.year(), d.month(), 1).expect("valid");
+    first + Months::new(1) - Days::new(1)
+}
+
+/// The schedule's monthly postings: (month-end date, amount). Equal
+/// amounts to the cent, the last month absorbing rounding, so they sum to
+/// the total exactly.
+pub fn amortization_plan(
+    total: Decimal,
+    start: NaiveDate,
+    months: u32,
+) -> Vec<(NaiveDate, Decimal)> {
+    let each = (total / Decimal::from(months)).round_dp(2);
+    let first = NaiveDate::from_ymd_opt(start.year(), start.month(), 1).expect("valid");
+    (0..months)
+        .map(|i| {
+            let date = month_end(first + Months::new(i));
+            let amount = if i + 1 == months {
+                total - each * Decimal::from(months - 1)
+            } else {
+                each
+            };
+            (date, amount)
+        })
+        .collect()
+}
+
+/// Validate a new schedule against the chart.
+pub fn validate_schedule(new: &NewSchedule, chart: &ChartOfAccounts) -> Result<(), LedgerError> {
+    let bad = |m: String| Err(LedgerError::InvalidSchedule(m));
+    if new.description.trim().is_empty() {
+        return bad("description is required".into());
+    }
+    if new.total.amount <= Decimal::ZERO {
+        return bad(format!("total must be positive, got {}", new.total.amount));
+    }
+    if new.months == 0 || new.months > 600 {
+        return bad(format!("months must be 1 to 600, got {}", new.months));
+    }
+    let (want_balance, want_pl) = match new.kind {
+        ScheduleKind::PrepaidExpense => (AccountType::Asset, AccountType::Expense),
+        ScheduleKind::DeferredRevenue => (AccountType::Liability, AccountType::Revenue),
+    };
+    for (id, want) in [
+        (new.balance_account, want_balance),
+        (new.pl_account, want_pl),
+    ] {
+        let a = chart.get(id).ok_or(LedgerError::UnknownAccount(id))?;
+        if a.account_type != want || a.placeholder {
+            return bad(format!(
+                "account {} must be a postable {want:?} account for a {:?} schedule",
+                a.code, new.kind
+            ));
+        }
+    }
+    Ok(())
+}
+
+impl AmortizationSchedule {
+    /// The postings for one month: (debit account, credit account).
+    pub fn accounts(&self) -> (AccountId, AccountId) {
+        match self.kind {
+            ScheduleKind::PrepaidExpense => (self.pl_account, self.balance_account),
+            ScheduleKind::DeferredRevenue => (self.balance_account, self.pl_account),
+        }
+    }
+
+    /// Months due through `through` and not yet posted.
+    pub fn due(&self, through: NaiveDate) -> Vec<(NaiveDate, Decimal)> {
+        amortization_plan(self.total.amount, self.start, self.months)
+            .into_iter()
+            .filter(|(d, _)| *d <= through && !self.posted.contains(d))
+            .collect()
+    }
+
+    /// The amount not yet recognized.
+    pub fn remaining(&self) -> Decimal {
+        amortization_plan(self.total.amount, self.start, self.months)
+            .into_iter()
+            .filter(|(d, _)| !self.posted.contains(d))
+            .map(|(_, a)| a)
+            .sum()
+    }
+}
+
+/// How often a recurring entry happens.
+#[derive(Clone, Copy, Debug, PartialEq, Eq, Serialize, Deserialize)]
+#[serde(rename_all = "snake_case")]
+pub enum Frequency {
+    /// Every 7 days.
+    Weekly,
+    /// Every month, on the start date's day (clamped to month end).
+    Monthly,
+    /// Every three months.
+    Quarterly,
+    /// Every year.
+    Yearly,
+}
+
+impl Frequency {
+    /// Parse "weekly", "monthly", "quarterly", "yearly" ("annually").
+    pub fn parse(s: &str) -> Option<Frequency> {
+        match s.trim().to_lowercase().as_str() {
+            "weekly" => Some(Frequency::Weekly),
+            "monthly" => Some(Frequency::Monthly),
+            "quarterly" => Some(Frequency::Quarterly),
+            "yearly" | "annually" | "annual" => Some(Frequency::Yearly),
+            _ => None,
+        }
+    }
+
+    /// The `k`th occurrence from `start`, computed from the start each
+    /// time so month-end dates don't drift (Jan 31 → Feb 28 → Mar 31).
+    pub fn nth(&self, start: NaiveDate, k: u32) -> Option<NaiveDate> {
+        match self {
+            Frequency::Weekly => start.checked_add_days(Days::new(7 * k as u64)),
+            Frequency::Monthly => start.checked_add_months(Months::new(k)),
+            Frequency::Quarterly => start.checked_add_months(Months::new(3 * k)),
+            Frequency::Yearly => start.checked_add_months(Months::new(12 * k)),
+        }
+    }
+}
+
+/// A recurring entry: a balanced template and when it happens.
+#[derive(Clone, Debug, PartialEq, Serialize, Deserialize)]
+pub struct RecurringEntry {
+    /// Opaque handle.
+    pub id: RecurringId,
+    /// Description for each generated entry.
+    pub description: String,
+    /// The balanced lines.
+    pub lines: Vec<TemplateLine>,
+    /// How often.
+    pub frequency: Frequency,
+    /// First occurrence.
+    pub start: NaiveDate,
+    /// Last date an occurrence may fall on, if it ends.
+    pub end: Option<NaiveDate>,
+    /// Occurrences already generated, by date.
+    pub generated: BTreeSet<NaiveDate>,
+}
+
+/// Parameters for a new recurring entry.
+#[derive(Clone, Debug)]
+pub struct NewRecurring {
+    /// Description for each generated entry.
+    pub description: String,
+    /// The balanced lines.
+    pub lines: Vec<TemplateLine>,
+    /// How often.
+    pub frequency: Frequency,
+    /// First occurrence.
+    pub start: NaiveDate,
+    /// Optional last date.
+    pub end: Option<NaiveDate>,
+}
+
+/// Validate a new recurring entry: at least two lines, positive amounts,
+/// postable accounts, balanced, and an end not before the start.
+pub fn validate_recurring(new: &NewRecurring, chart: &ChartOfAccounts) -> Result<(), LedgerError> {
+    let bad = |m: String| Err(LedgerError::InvalidSchedule(m));
+    if new.description.trim().is_empty() {
+        return bad("description is required".into());
+    }
+    if new.lines.len() < 2 {
+        return bad("a recurring entry needs at least two lines".into());
+    }
+    if new.end.is_some_and(|e| e < new.start) {
+        return bad("end is before start".into());
+    }
+    let (mut debits, mut credits) = (Decimal::ZERO, Decimal::ZERO);
+    for (account, side, money) in &new.lines {
+        let a = chart
+            .get(*account)
+            .ok_or(LedgerError::UnknownAccount(*account))?;
+        if a.placeholder {
+            return bad(format!("account {} is a placeholder", a.code));
+        }
+        if money.amount <= Decimal::ZERO {
+            return bad(format!(
+                "line amounts must be positive, got {}",
+                money.amount
+            ));
+        }
+        match side {
+            Side::Debit => debits += money.amount,
+            Side::Credit => credits += money.amount,
+        }
+    }
+    if debits != credits {
+        return bad(format!(
+            "lines don't balance: debits {debits}, credits {credits}"
+        ));
+    }
+    Ok(())
+}
+
+impl RecurringEntry {
+    /// Occurrences on or before `through` (and the end), not yet generated.
+    pub fn due(&self, through: NaiveDate) -> Vec<NaiveDate> {
+        let last = self.end.map_or(through, |e| e.min(through));
+        (0..)
+            .map_while(|k| self.frequency.nth(self.start, k).filter(|d| *d <= last))
+            .filter(|d| !self.generated.contains(d))
+            .collect()
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    fn d(y: i32, m: u32, day: u32) -> NaiveDate {
+        NaiveDate::from_ymd_opt(y, m, day).unwrap()
+    }
+
+    #[test]
+    fn plans_sum_exactly_and_land_on_month_ends() {
+        let plan = amortization_plan(Decimal::new(100_000, 2), d(2026, 11, 15), 3);
+        // 1,000.00 / 3 = 333.33, 333.33, 333.34.
+        assert_eq!(
+            plan,
+            [
+                (d(2026, 11, 30), Decimal::new(33_333, 2)),
+                (d(2026, 12, 31), Decimal::new(33_333, 2)),
+                (d(2027, 1, 31), Decimal::new(33_334, 2)),
+            ]
+        );
+        let leap = amortization_plan(Decimal::new(1200, 0), d(2028, 2, 1), 1);
+        assert_eq!(leap, [(d(2028, 2, 29), Decimal::new(1200, 0))]);
+    }
+
+    #[test]
+    fn monthly_occurrences_do_not_drift() {
+        let f = Frequency::Monthly;
+        let dates: Vec<NaiveDate> = (0..4).map(|k| f.nth(d(2026, 1, 31), k).unwrap()).collect();
+        assert_eq!(
+            dates,
+            [
+                d(2026, 1, 31),
+                d(2026, 2, 28),
+                d(2026, 3, 31),
+                d(2026, 4, 30)
+            ]
+        );
+        assert_eq!(
+            Frequency::Quarterly.nth(d(2026, 1, 15), 3),
+            Some(d(2026, 10, 15))
+        );
+        assert_eq!(
+            Frequency::Weekly.nth(d(2026, 1, 1), 2),
+            Some(d(2026, 1, 15))
+        );
+        assert_eq!(Frequency::parse("Annually"), Some(Frequency::Yearly));
+    }
+}

crates/ledger-core/src/tax.rs

@@ -0,0 +1,513 @@
+//! Tax categories: where each revenue and expense account lands on the
+//! business's income tax return, and how much of it is deductible.
+//!
+//! The books stay book-basis; this is the bridge a CPA (or tax software)
+//! walks across. Categories are *stable semantic keys* ("meals",
+//! "guaranteed_payments") rather than form line numbers, which move from
+//! year to year; each category says which returns it applies to. A
+//! deductible percentage (meals 50%, penalties 0%) turns book amounts into
+//! deductible amounts and surfaces the book-to-tax differences (Schedule
+//! M-1 items) instead of hiding them.
+//!
+//! Scope is deliberate, like fixed assets: no tax depreciation (MACRS,
+//! Section 179, bonus), no basis computations, no filing. Not tax advice.
+
+use crate::{AccountType, Ledger, LedgerError};
+use chrono::NaiveDate;
+use rust_decimal::Decimal;
+use serde::{Deserialize, Serialize};
+use std::collections::BTreeMap;
+
+/// The federal income tax return a business files.
+#[derive(Clone, Copy, Debug, PartialEq, Eq, Serialize, Deserialize, PartialOrd, Ord)]
+#[serde(rename_all = "snake_case")]
+pub enum TaxForm {
+    /// Sole proprietorship or single-member LLC: Schedule C (Form 1040).
+    ScheduleC,
+    /// Partnership or multi-member LLC: Form 1065.
+    Form1065,
+    /// S corporation: Form 1120-S.
+    Form1120S,
+    /// C corporation: Form 1120.
+    Form1120,
+}
+
+impl TaxForm {
+    /// Every form.
+    pub const ALL: [TaxForm; 4] = [
+        TaxForm::ScheduleC,
+        TaxForm::Form1065,
+        TaxForm::Form1120S,
+        TaxForm::Form1120,
+    ];
+
+    /// "Form 1065", "Schedule C", ...
+    pub fn label(&self) -> &'static str {
+        match self {
+            TaxForm::ScheduleC => "Schedule C",
+            TaxForm::Form1065 => "Form 1065",
+            TaxForm::Form1120S => "Form 1120-S",
+            TaxForm::Form1120 => "Form 1120",
+        }
+    }
+
+    /// Parse "schedule_c", "1065", "1120s", "1120" (and their labels).
+    pub fn parse(s: &str) -> Option<TaxForm> {
+        let k: String = s
+            .to_lowercase()
+            .chars()
+            .filter(|c| c.is_ascii_alphanumeric())
+            .collect();
+        match k.as_str() {
+            "schedulec" | "c" => Some(TaxForm::ScheduleC),
+            "1065" | "form1065" => Some(TaxForm::Form1065),
+            "1120s" | "form1120s" => Some(TaxForm::Form1120S),
+            "1120" | "form1120" => Some(TaxForm::Form1120),
+            _ => None,
+        }
+    }
+}
+
+/// Where a category sits on the return.
+#[derive(Clone, Copy, Debug, PartialEq, Eq, Serialize, Deserialize)]
+#[serde(rename_all = "snake_case")]
+pub enum TaxKind {
+    /// Income (revenue accounts).
+    Income,
+    /// Cost of goods sold (expense accounts).
+    CostOfGoods,
+    /// A deduction (expense accounts).
+    Deduction,
+}
+
+/// One tax category.
+#[derive(Clone, Copy, Debug, Serialize)]
+pub struct TaxCategory {
+    /// Stable key, e.g. `"meals"`.
+    pub key: &'static str,
+    /// Human label, e.g. `"Meals"`.
+    pub label: &'static str,
+    /// Income, COGS, or deduction.
+    pub kind: TaxKind,
+    /// The returns it appears on.
+    pub forms: &'static [TaxForm],
+    /// Percent deductible by default (100 for most; meals 50).
+    pub default_deductible_percent: u32,
+    /// What to know about it, for the agent and the CPA.
+    pub note: &'static str,
+}
+
+const ALL: &[TaxForm] = &TaxForm::ALL;
+const CORPS: &[TaxForm] = &[TaxForm::Form1120S, TaxForm::Form1120];
+
+const fn cat(
+    key: &'static str,
+    label: &'static str,
+    kind: TaxKind,
+    forms: &'static [TaxForm],
+    pct: u32,
+    note: &'static str,
+) -> TaxCategory {
+    TaxCategory {
+        key,
+        label,
+        kind,
+        forms,
+        default_deductible_percent: pct,
+        note,
+    }
+}
+
+use TaxKind::{CostOfGoods, Deduction, Income};
+
+/// The catalog.
+pub const CATEGORIES: &[TaxCategory] = &[
+    cat(
+        "gross_receipts",
+        "Gross receipts or sales",
+        Income,
+        ALL,
+        100,
+        "Sales recorded gross (platform and processor fees are a separate deduction).",
+    ),
+    cat(
+        "returns_allowances",
+        "Returns and allowances",
+        Income,
+        ALL,
+        100,
+        "Refunds and allowances; reduces gross receipts.",
+    ),
+    cat(
+        "interest_income",
+        "Interest income",
+        Income,
+        ALL,
+        100,
+        "Pass-throughs report it separately to owners (portfolio income).",
+    ),
+    cat("other_income", "Other income", Income, ALL, 100, ""),
+    cat(
+        "cost_of_goods_sold",
+        "Cost of goods sold",
+        CostOfGoods,
+        ALL,
+        100,
+        "Inventory and direct costs of what was sold.",
+    ),
+    cat("advertising", "Advertising", Deduction, ALL, 100, ""),
+    cat(
+        "bad_debts",
+        "Bad debts",
+        Deduction,
+        ALL,
+        100,
+        "Only debts previously included in income (accrual basis).",
+    ),
+    cat(
+        "car_truck",
+        "Car and truck expenses",
+        Deduction,
+        ALL,
+        100,
+        "Actual costs or the standard mileage rate, not both.",
+    ),
+    cat(
+        "charitable_contributions",
+        "Charitable contributions",
+        Deduction,
+        ALL,
+        100,
+        "Separately stated to owners for partnerships and S corps; limited for C corps; not a Schedule C deduction.",
+    ),
+    cat(
+        "commissions_fees",
+        "Commissions and fees",
+        Deduction,
+        ALL,
+        100,
+        "Includes app store, marketplace, and payment processor fees.",
+    ),
+    cat(
+        "contract_labor",
+        "Contract labor",
+        Deduction,
+        ALL,
+        100,
+        "Payments to non-employees; see 1099 reporting.",
+    ),
+    cat(
+        "depreciation",
+        "Depreciation (book)",
+        Deduction,
+        ALL,
+        100,
+        "Book depreciation; tax depreciation (MACRS, Section 179, bonus) is computed separately by the CPA.",
+    ),
+    cat(
+        "employee_benefits",
+        "Employee benefit programs",
+        Deduction,
+        ALL,
+        100,
+        "",
+    ),
+    cat(
+        "guaranteed_payments",
+        "Guaranteed payments to partners",
+        Deduction,
+        &[TaxForm::Form1065],
+        100,
+        "Payments to partners for services or capital, regardless of profit; reported on each partner's K-1.",
+    ),
+    cat(
+        "insurance",
+        "Insurance (other than health)",
+        Deduction,
+        ALL,
+        100,
+        "",
+    ),
+    cat("interest_expense", "Interest", Deduction, ALL, 100, ""),
+    cat(
+        "legal_professional",
+        "Legal and professional services",
+        Deduction,
+        ALL,
+        100,
+        "Attorneys, accountants, consultants.",
+    ),
+    cat(
+        "meals",
+        "Meals",
+        Deduction,
+        ALL,
+        50,
+        "Generally 50% deductible; the other half is a book-to-tax difference.",
+    ),
+    cat("office_expense", "Office expense", Deduction, ALL, 100, ""),
+    cat(
+        "officer_compensation",
+        "Compensation of officers",
+        Deduction,
+        CORPS,
+        100,
+        "Wages paid to officer-shareholders through payroll.",
+    ),
+    cat(
+        "organization_startup",
+        "Organizational and start-up costs",
+        Deduction,
+        ALL,
+        100,
+        "Tax: up to $5,000 each deductible in the first year, the rest amortized over 180 months; the CPA computes it.",
+    ),
+    cat(
+        "pension_profit_sharing",
+        "Pension and profit-sharing plans",
+        Deduction,
+        ALL,
+        100,
+        "",
+    ),
+    cat(
+        "rent_equipment",
+        "Rent or lease: vehicles, machinery, equipment",
+        Deduction,
+        ALL,
+        100,
+        "",
+    ),
+    cat(
+        "rent_property",
+        "Rent or lease: other business property",
+        Deduction,
+        ALL,
+        100,
+        "",
+    ),
+    cat(
+        "repairs",
+        "Repairs and maintenance",
+        Deduction,
+        ALL,
+        100,
+        "",
+    ),
+    cat(
+        "salaries_wages",
+        "Salaries and wages",
+        Deduction,
+        ALL,
+        100,
+        "Employees (not owners of a partnership, whose pay is guaranteed payments).",
+    ),
+    cat("supplies", "Supplies", Deduction, ALL, 100, ""),
+    cat(
+        "taxes_licenses",
+        "Taxes and licenses",
+        Deduction,
+        ALL,
+        100,
+        "Payroll taxes, business licenses, state fees; not federal income tax.",
+    ),
+    cat(
+        "travel",
+        "Travel",
+        Deduction,
+        ALL,
+        100,
+        "Lodging and transportation away from home; meals go under Meals.",
+    ),
+    cat("utilities", "Utilities", Deduction, ALL, 100, ""),
+    cat(
+        "other_deductions",
+        "Other deductions",
+        Deduction,
+        ALL,
+        100,
+        "Software, subscriptions, bank fees, dues, and the rest; the CPA itemizes.",
+    ),
+    cat(
+        "nondeductible",
+        "Nondeductible expenses",
+        Deduction,
+        ALL,
+        0,
+        "Fines, penalties, political contributions, federal income tax: a book expense with no deduction.",
+    ),
+];
+
+/// Look up a category by key.
+pub fn category(key: &str) -> Option<&'static TaxCategory> {
+    CATEGORIES.iter().find(|c| c.key == key)
+}
+
+/// Check that `key` can tag an account of `account_type` and, when a form
+/// is known, that it appears on that form.
+pub fn check_category(
+    key: &str,
+    account_type: AccountType,
+    form: Option<TaxForm>,
+) -> Result<&'static TaxCategory, LedgerError> {
+    let c = category(key)
+        .ok_or_else(|| LedgerError::InvalidTaxCategory(format!("unknown tax category {key:?}")))?;
+    let fits = match c.kind {
+        TaxKind::Income => matches!(account_type, AccountType::Revenue | AccountType::Expense),
+        TaxKind::CostOfGoods | TaxKind::Deduction => account_type == AccountType::Expense,
+    };
+    if !fits {
+        return Err(LedgerError::InvalidTaxCategory(format!(
+            "{key} is for {} accounts, not {account_type:?}",
+            if c.kind == TaxKind::Income {
+                "revenue"
+            } else {
+                "expense"
+            }
+        )));
+    }
+    if let Some(f) = form
+        && !c.forms.contains(&f)
+    {
+        return Err(LedgerError::InvalidTaxCategory(format!(
+            "{key} does not appear on {}",
+            f.label()
+        )));
+    }
+    Ok(c)
+}
+
+/// One category's line on the tax summary.
+#[derive(Clone, Debug, Serialize, Deserialize, PartialEq)]
+pub struct TaxSummaryLine {
+    /// Category key.
+    pub category: String,
+    /// Category label.
+    pub label: String,
+    /// The accounts that roll into it, `"CODE Name"`.
+    pub accounts: Vec<String>,
+    /// Book amount: revenue for income, expense for COGS and deductions.
+    pub book: Decimal,
+    /// Deductible (or taxable) amount after the deductible percentage.
+    pub tax: Decimal,
+}
+
+/// An account with P&L activity and no tax category.
+#[derive(Clone, Debug, Serialize, Deserialize, PartialEq)]
+pub struct Uncategorized {
+    /// `"CODE Name"`.
+    pub account: String,
+    /// Revenue or Expense.
+    pub account_type: AccountType,
+    /// Book amount (normal side).
+    pub book: Decimal,
+}
+
+/// The tax summary for a period: book amounts by tax category, deductible
+/// amounts, and every account still needing a category.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct TaxSummary {
+    /// First date, inclusive.
+    pub start: NaiveDate,
+    /// Last date, inclusive.
+    pub end: NaiveDate,
+    /// The return, when known.
+    pub form: Option<TaxForm>,
+    /// Income categories.
+    pub income: Vec<TaxSummaryLine>,
+    /// Cost of goods sold.
+    pub cost_of_goods: Vec<TaxSummaryLine>,
+    /// Deductions.
+    pub deductions: Vec<TaxSummaryLine>,
+    /// P&L accounts with activity and no category.
+    pub uncategorized: Vec<Uncategorized>,
+}
+
+impl TaxSummary {
+    /// Book net income of the categorized accounts.
+    pub fn book_net(&self) -> Decimal {
+        sum(&self.income, |l| l.book)
+            - sum(&self.cost_of_goods, |l| l.book)
+            - sum(&self.deductions, |l| l.book)
+    }
+
+    /// Income less deductible amounts, before the CPA's other adjustments.
+    pub fn tax_net(&self) -> Decimal {
+        sum(&self.income, |l| l.tax)
+            - sum(&self.cost_of_goods, |l| l.tax)
+            - sum(&self.deductions, |l| l.tax)
+    }
+}
+
+fn sum(lines: &[TaxSummaryLine], f: fn(&TaxSummaryLine) -> Decimal) -> Decimal {
+    lines.iter().map(f).sum()
+}
+
+/// Build the tax summary for `[start, end]`, closing entries excluded (like
+/// the P&L). Deductible amounts round to the cent, half away from zero.
+pub fn tax_summary(
+    ledger: &Ledger,
+    start: NaiveDate,
+    end: NaiveDate,
+    form: Option<TaxForm>,
+) -> Result<TaxSummary, LedgerError> {
+    let pl = crate::reports::profit_and_loss_for_period(ledger, start, end, None)?;
+    let mut by_cat: BTreeMap<&'static str, TaxSummaryLine> = BTreeMap::new();
+    let mut uncategorized = Vec::new();
+    for line in pl.revenue.iter().chain(pl.expenses.iter()) {
+        let account = ledger.chart().find_by_code(&line.code).ok_or_else(|| {
+            LedgerError::InvalidTaxCategory(format!("unknown account {}", line.code))
+        })?;
+        let name = format!("{} {}", account.code, account.name);
+        let Some(c) = account.tax_category.as_deref().and_then(category) else {
+            uncategorized.push(Uncategorized {
+                account: name,
+                account_type: account.account_type,
+                book: line.amount,
+            });
+            continue;
+        };
+        // Income from an expense-type account (e.g. a contra) counts with
+        // its sign flipped, so returns reduce receipts.
+        let book = if c.kind == TaxKind::Income && account.account_type == AccountType::Expense {
+            -line.amount
+        } else {
+            line.amount
+        };
+        let pct = account
+            .deductible_percent
+            .unwrap_or_else(|| Decimal::from(c.default_deductible_percent));
+        let tax = (book * pct / Decimal::from(100))
+            .round_dp_with_strategy(2, rust_decimal::RoundingStrategy::MidpointAwayFromZero);
+        let entry = by_cat.entry(c.key).or_insert_with(|| TaxSummaryLine {
+            category: c.key.to_string(),
+            label: c.label.to_string(),
+            accounts: vec![],
+            book: Decimal::ZERO,
+            tax: Decimal::ZERO,
+        });
+        entry.accounts.push(name);
+        entry.book += book;
+        entry.tax += tax;
+    }
+    let mut out = TaxSummary {
+        start,
+        end,
+        form,
+        income: vec![],
+        cost_of_goods: vec![],
+        deductions: vec![],
+        uncategorized,
+    };
+    // Catalog order, so the summary reads like the return.
+    for c in CATEGORIES {
+        if let Some(line) = by_cat.remove(c.key) {
+            match c.kind {
+                TaxKind::Income => out.income.push(line),
+                TaxKind::CostOfGoods => out.cost_of_goods.push(line),
+                TaxKind::Deduction => out.deductions.push(line),
+            }
+        }
+    }
+    Ok(out)
+}

crates/ledger-core/tests/assets.rs

@@ -0,0 +1,381 @@
+//! Fixed-asset tests: the depreciation math must be exact to the penny.
+
+use chrono::NaiveDate;
+use ledger_core::{
+    AccountType, AssetStatus, Currency, DepreciationMethod, Ledger, Money, NewAsset,
+    accumulated_depreciation, book_value, depreciation_schedule, disposal_amounts,
+};
+use rust_decimal::Decimal;
+
+fn usd(amount: &str) -> Money {
+    Money::new(amount.parse().unwrap(), Currency::USD)
+}
+
+fn date(y: i32, m: u32, d: u32) -> NaiveDate {
+    NaiveDate::from_ymd_opt(y, m, d).unwrap()
+}
+
+fn test_ledger() -> (Ledger, u64, u64, u64) {
+    let mut ledger = Ledger::new(Currency::USD);
+    let cost = ledger
+        .add_account("1500", "Equipment", AccountType::Asset, None, false)
+        .unwrap();
+    let accum = ledger
+        .add_account(
+            "1501",
+            "Accumulated Depreciation",
+            AccountType::Asset,
+            None,
+            false,
+        )
+        .unwrap();
+    let expense = ledger
+        .add_account(
+            "6100",
+            "Depreciation Expense",
+            AccountType::Expense,
+            None,
+            false,
+        )
+        .unwrap();
+    (ledger, cost, accum, expense)
+}
+
+/// Register the standard test asset: bought 2026-01-15, 60-month life,
+/// zero salvage, straight-line.
+fn van_asset(
+    ledger: &mut Ledger,
+    dollars: u64,
+    cost_acct: u64,
+    accum_acct: u64,
+    expense_acct: u64,
+) -> u64 {
+    ledger
+        .register_asset(NewAsset {
+            description: "Sprinter van".to_string(),
+            purchase_date: date(2026, 1, 15),
+            cost: usd(&dollars.to_string()),
+            salvage_value: usd("0"),
+            useful_life_months: 60,
+            cost_account: cost_acct,
+            accum_depr_account: accum_acct,
+            expense_account: expense_acct,
+        })
+        .unwrap()
+}
+
+#[test]
+fn schedule_sums_exactly_to_depreciable_amount() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    // Odd numbers chosen to not divide evenly: 100000 / 60.
+    let id = van_asset(&mut ledger, 100_000, cost, accum, expense);
+    let asset = ledger.get_asset(id).unwrap();
+    let sched = depreciation_schedule(asset, date(2031, 12, 31));
+    // 61 calendar months touched (partial first and last), 60 months' worth.
+    assert_eq!(sched.len(), 61);
+    let total: Decimal = sched.iter().map(|l| l.amount).sum();
+    assert_eq!(
+        total,
+        Decimal::from(100_000),
+        "lifetime total must be exact"
+    );
+    assert_eq!(sched.last().unwrap().accumulated, Decimal::from(100_000));
+    assert_eq!(sched.last().unwrap().book_value, Decimal::ZERO);
+    // First month prorated: 17 of 31 days → 100000/60 * 17/31 = 913.98.
+    let first = &sched[0];
+    assert_eq!(first.period, "2026-01");
+    assert_eq!(first.amount, Decimal::new(91398, 2));
+    // Last month is the complement: 14 of 31 days.
+    assert_eq!(sched[60].period, "2031-01");
+}
+
+#[test]
+fn partial_months_complement_to_whole() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = van_asset(&mut ledger, 100_000, cost, accum, expense);
+    let asset = ledger.get_asset(id).unwrap();
+    let sched = depreciation_schedule(asset, date(2031, 12, 31));
+    // Jan 2026 (17/31) + Jan 2031 (14/31) = exactly one month's charge.
+    let monthly = Decimal::from(100_000) / Decimal::from(60);
+    let monthly_rounded =
+        monthly.round_dp_with_strategy(2, rust_decimal::RoundingStrategy::MidpointAwayFromZero);
+    let pair = sched[0].amount + sched[60].amount;
+    assert!(
+        (pair - monthly_rounded).abs() <= Decimal::new(1, 2),
+        "partial months should complement: {pair} vs {monthly_rounded}"
+    );
+}
+
+#[test]
+fn salvage_value_is_never_depreciated() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = ledger
+        .register_asset(NewAsset {
+            description: "Machine".to_string(),
+            purchase_date: date(2026, 3, 1),
+            cost: usd("50000"),
+            salvage_value: usd("5000"),
+            useful_life_months: 36,
+            cost_account: cost,
+            accum_depr_account: accum,
+            expense_account: expense,
+        })
+        .unwrap();
+    let asset = ledger.get_asset(id).unwrap();
+    let sched = depreciation_schedule(asset, date(2030, 12, 31));
+    let total: Decimal = sched.iter().map(|l| l.amount).sum();
+    assert_eq!(total, Decimal::from(45_000));
+    assert_eq!(sched.last().unwrap().book_value, Decimal::from(5_000));
+}
+
+#[test]
+fn book_value_tracks_accumulated() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = van_asset(&mut ledger, 60_000, cost, accum, expense);
+    let asset = ledger.get_asset(id).unwrap();
+    let acc = accumulated_depreciation(asset, date(2026, 12, 31));
+    // Jan 2026 prorated 17/31 of 1000 = 548.39, then 11 full months of 1000.
+    assert_eq!(acc, Decimal::new(54839, 2) + Decimal::from(11_000));
+    assert_eq!(
+        book_value(asset, date(2026, 12, 31)),
+        Decimal::from(60_000) - acc
+    );
+}
+
+#[test]
+fn disposal_math() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = van_asset(&mut ledger, 60_000, cost, accum, expense);
+    let asset = ledger.get_asset(id).unwrap();
+    // Sell after one year for 55,000. Book value is 60000 − 11548.39 =
+    // 48451.61, so this is a gain of 6548.39.
+    let d = disposal_amounts(asset, date(2026, 12, 31), usd("55000")).unwrap();
+    assert_eq!(d.book_value, Decimal::new(4845161, 2));
+    assert_eq!(d.accumulated, Decimal::new(1154839, 2));
+    assert_eq!(d.gain_loss, Decimal::new(654839, 2));
+    // Disposing twice fails.
+    ledger
+        .dispose_asset(id, date(2026, 12, 31), usd("55000"))
+        .unwrap();
+    assert!(
+        ledger
+            .dispose_asset(id, date(2027, 1, 1), usd("1"))
+            .is_err()
+    );
+    let asset = ledger.get_asset(id).unwrap();
+    assert!(matches!(asset.status, AssetStatus::Disposed { .. }));
+}
+
+#[test]
+fn registration_validation() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let liability = ledger
+        .add_account("2000", "Payable", AccountType::Liability, None, false)
+        .unwrap();
+    let base = NewAsset {
+        description: "X".to_string(),
+        purchase_date: date(2026, 1, 1),
+        cost: usd("1000"),
+        salvage_value: usd("0"),
+        useful_life_months: 12,
+        cost_account: cost,
+        accum_depr_account: accum,
+        expense_account: expense,
+    };
+    // Wrong account type for the expense link.
+    let mut bad = base.clone();
+    bad.expense_account = liability;
+    assert!(ledger.register_asset(bad).is_err());
+    // Salvage >= cost.
+    let mut bad = base.clone();
+    bad.salvage_value = usd("1000");
+    assert!(ledger.register_asset(bad).is_err());
+    // Zero life.
+    let mut bad = base.clone();
+    bad.useful_life_months = 0;
+    assert!(ledger.register_asset(bad).is_err());
+    // Duplicate account links.
+    let mut bad = base.clone();
+    bad.accum_depr_account = cost;
+    assert!(ledger.register_asset(bad).is_err());
+    // Unknown account.
+    let mut bad = base.clone();
+    bad.cost_account = 999;
+    assert!(ledger.register_asset(bad).is_err());
+    // The good one works.
+    assert!(ledger.register_asset(base).is_ok());
+}
+
+#[test]
+fn method_is_straight_line() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = van_asset(&mut ledger, 12_000, cost, accum, expense);
+    let asset = ledger.get_asset(id).unwrap();
+    assert_eq!(asset.method, DepreciationMethod::StraightLine);
+}
+
+#[test]
+fn registration_rejects_date_overflow() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    // A purchase date near the end of the calendar with a long life would
+    // overflow the schedule's month arithmetic; registration must refuse.
+    let err = ledger
+        .register_asset(NewAsset {
+            description: "Time machine".to_string(),
+            purchase_date: NaiveDate::MAX,
+            cost: usd("1000"),
+            salvage_value: usd("0"),
+            useful_life_months: 12,
+            cost_account: cost,
+            accum_depr_account: accum,
+            expense_account: expense,
+        })
+        .unwrap_err();
+    assert!(matches!(err, ledger_core::LedgerError::AssetDateOverflow));
+}
+
+#[test]
+fn schedule_through_purchase_date_covers_one_day() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = ledger
+        .register_asset(NewAsset {
+            description: "X".to_string(),
+            purchase_date: date(2026, 1, 15),
+            cost: usd("62000"),
+            salvage_value: usd("0"),
+            useful_life_months: 62,
+            cost_account: cost,
+            accum_depr_account: accum,
+            expense_account: expense,
+        })
+        .unwrap();
+    let asset = ledger.get_asset(id).unwrap();
+    // Through the day before purchase: nothing.
+    assert!(depreciation_schedule(asset, date(2026, 1, 14)).is_empty());
+    // Through the purchase date itself: one day of the first month.
+    let one_day = depreciation_schedule(asset, date(2026, 1, 15));
+    assert_eq!(one_day.len(), 1);
+    assert_eq!(one_day[0].period, "2026-01");
+    // 62000/62 = 1000/month; 1/31 of that = 32.26.
+    assert_eq!(one_day[0].amount, Decimal::new(3226, 2));
+}
+
+#[test]
+fn golden_van_depreciation_schedule() {
+    // The canonical van's month-by-month schedule, pinned byte-for-value.
+    // Hand-verified: 61 months, first 548.39 = 1000 x 17/31, last 451.61 =
+    // 1000 x 14/31, lifetime total exactly 60000.00.
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = van_asset(&mut ledger, 60_000, cost, accum, expense);
+    let asset = ledger.get_asset(id).unwrap();
+    let sched = depreciation_schedule(asset, date(2032, 1, 1));
+    let got = serde_json::to_value(&sched).unwrap();
+    let golden: serde_json::Value =
+        serde_json::from_str(include_str!("golden/van_schedule.json")).unwrap();
+    assert_eq!(got, golden);
+}
+
+#[test]
+fn registration_rejects_wrong_typed_accounts() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let base = || NewAsset {
+        description: "X".to_string(),
+        purchase_date: date(2026, 1, 15),
+        cost: usd("1000"),
+        salvage_value: usd("0"),
+        useful_life_months: 12,
+        cost_account: cost,
+        accum_depr_account: accum,
+        expense_account: expense,
+    };
+    // An expense account cannot hold the cost.
+    let err = ledger
+        .register_asset(NewAsset {
+            cost_account: expense,
+            ..base()
+        })
+        .unwrap_err();
+    assert!(matches!(
+        err,
+        ledger_core::LedgerError::AssetAccountWrongType { .. }
+    ));
+    // An asset account cannot be the depreciation expense.
+    let err = ledger
+        .register_asset(NewAsset {
+            expense_account: cost,
+            ..base()
+        })
+        .unwrap_err();
+    assert!(matches!(
+        err,
+        ledger_core::LedgerError::AssetAccountWrongType { .. }
+    ));
+    // The three links must be distinct accounts.
+    let err = ledger
+        .register_asset(NewAsset {
+            accum_depr_account: cost,
+            ..base()
+        })
+        .unwrap_err();
+    assert!(matches!(
+        err,
+        ledger_core::LedgerError::DuplicateAssetAccount(_)
+    ));
+    // Unknown accounts are rejected.
+    let err = ledger
+        .register_asset(NewAsset {
+            cost_account: 999,
+            ..base()
+        })
+        .unwrap_err();
+    assert!(matches!(err, ledger_core::LedgerError::UnknownAccount(999)));
+}
+
+#[test]
+fn disposal_accepts_zero_proceeds() {
+    // Scrapping an asset for nothing is legitimate: full loss.
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = van_asset(&mut ledger, 60_000, cost, accum, expense);
+    let asset = ledger.get_asset(id).unwrap().clone();
+    let d = disposal_amounts(&asset, date(2026, 6, 30), usd("0")).unwrap();
+    assert!(d.gain_loss < Decimal::ZERO);
+    assert_eq!(d.book_value + d.gain_loss, Decimal::ZERO);
+}
+
+#[test]
+fn two_assets_get_distinct_ids_and_list() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id1 = van_asset(&mut ledger, 60_000, cost, accum, expense);
+    let id2 = van_asset(&mut ledger, 30_000, cost, accum, expense);
+    assert_ne!(id1, id2);
+    let listed: Vec<_> = ledger.registered_assets().collect();
+    assert_eq!(listed.len(), 2);
+    assert!(listed.iter().any(|a| a.id == id1));
+    assert!(listed.iter().any(|a| a.id == id2));
+}
+
+#[test]
+fn one_month_useful_life_is_valid() {
+    let (mut ledger, cost, accum, expense) = test_ledger();
+    let id = ledger
+        .register_asset(NewAsset {
+            description: "Cheap tool".to_string(),
+            purchase_date: date(2026, 3, 10),
+            cost: usd("300"),
+            salvage_value: usd("0"),
+            useful_life_months: 1,
+            cost_account: cost,
+            accum_depr_account: accum,
+            expense_account: expense,
+        })
+        .unwrap();
+    let asset = ledger.get_asset(id).unwrap();
+    let sched = depreciation_schedule(asset, date(2026, 12, 31));
+    // A one-month life starting Mar 10 spans two calendar months.
+    assert_eq!(sched.len(), 2);
+    // March: 22/31 of 300 = 212.90.
+    assert_eq!(sched[0].amount, Decimal::new(21290, 2));
+    // Lifetime total is exactly 300.00.
+    let total: Decimal = sched.iter().map(|l| l.amount).sum();
+    assert_eq!(total, Decimal::new(30000, 2));
+}

crates/ledger-core/tests/form1099.rs

@@ -0,0 +1,147 @@
+//! 1099 tracking. Numbers computed by hand.
+//!
+//! 2026 payments:
+//! - Dana (1099-NEC, W-9): bill 1,500 paid by check + 700 direct = 2,200,
+//!   over the 2,000 threshold. A 300 payment on 2025-12-30 counts in 2025.
+//! - Ace Rentals (1099-MISC): 1,200 twice, one reversed = 1,200, under.
+//! - Sam (1099-NEC): 5,000 by credit card = 0 cash: the card processor's
+//!   1099-K covers it.
+//! - Bigco (no 1099): 9,000, listed but never reportable.
+
+use chrono::NaiveDate;
+use ledger_core::arap::DocumentLine;
+use ledger_core::form1099::default_threshold;
+use ledger_core::{
+    AccountType, Currency, Form1099, Ledger, LedgerError, Money, Side, vendor_1099_report,
+};
+use rust_decimal::Decimal;
+use std::str::FromStr;
+
+fn dec(s: &str) -> Decimal {
+    Decimal::from_str(s).unwrap()
+}
+
+fn d(y: i32, m: u32, day: u32) -> NaiveDate {
+    NaiveDate::from_ymd_opt(y, m, day).unwrap()
+}
+
+fn books() -> Ledger {
+    let mut l = Ledger::new(Currency::USD);
+    let bank = l
+        .add_account("1000", "Bank", AccountType::Asset, None, false)
+        .unwrap();
+    let card = l
+        .add_account("2100", "Credit Card", AccountType::Liability, None, false)
+        .unwrap();
+    let contract = l
+        .add_account("6000", "Contract Labor", AccountType::Expense, None, false)
+        .unwrap();
+    let rent = l
+        .add_account("6600", "Rent", AccountType::Expense, None, false)
+        .unwrap();
+    let dana = l.add_vendor("Dana").unwrap();
+    let ace = l.add_vendor("Ace Rentals").unwrap();
+    let sam = l.add_vendor("Sam").unwrap();
+    let bigco = l.add_vendor("Bigco").unwrap();
+    l.set_vendor_1099(dana, Some(Form1099::Nec), true).unwrap();
+    l.set_vendor_1099(ace, Some(Form1099::Misc), false).unwrap();
+    l.set_vendor_1099(sam, Some(Form1099::Nec), true).unwrap();
+    let pay = |l: &mut Ledger, date, vendor, dr, cr, amt: &str| {
+        let e = l.create_entry(date, "payment");
+        let m = Money::new(dec(amt), Currency::USD);
+        l.add_line(e, dr, Side::Debit, m).unwrap();
+        l.add_line(e, cr, Side::Credit, m).unwrap();
+        l.post_entry(e).unwrap();
+        l.set_entry_vendor(e, Some(vendor)).unwrap();
+        e
+    };
+    let bill = l
+        .create_bill(
+            dana,
+            d(2026, 3, 1),
+            d(2026, 3, 31),
+            vec![DocumentLine {
+                description: "Design work".into(),
+                amount: dec("1500"),
+            }],
+        )
+        .unwrap();
+    l.pay_bill(bill, d(2026, 3, 20), dec("1500"), bank).unwrap();
+    pay(&mut l, d(2026, 6, 1), dana, contract, bank, "700");
+    pay(&mut l, d(2025, 12, 30), dana, contract, bank, "300");
+    pay(&mut l, d(2026, 1, 1), ace, rent, bank, "1200");
+    let wrong = pay(&mut l, d(2026, 2, 1), ace, rent, bank, "1200");
+    l.reverse_entry(wrong, d(2026, 2, 2), "duplicate").unwrap();
+    pay(&mut l, d(2026, 4, 1), sam, contract, card, "5000");
+    pay(&mut l, d(2026, 5, 1), bigco, contract, bank, "9000");
+    // Untagged spending is not anyone's 1099.
+    let e = l.create_entry(d(2026, 7, 1), "untagged");
+    let m = Money::new(dec("50"), Currency::USD);
+    l.add_line(e, contract, Side::Debit, m).unwrap();
+    l.add_line(e, bank, Side::Credit, m).unwrap();
+    l.post_entry(e).unwrap();
+    l
+}
+
+#[test]
+fn cash_paid_per_vendor_and_who_is_reportable() {
+    let l = books();
+    let r = vendor_1099_report(&l, 2026, None);
+    assert_eq!(r.threshold, dec("2000"));
+    let rows: Vec<(&str, Decimal, bool)> = r
+        .vendors
+        .iter()
+        .map(|v| (v.name.as_str(), v.paid, v.reportable))
+        .collect();
+    assert_eq!(
+        rows,
+        [
+            ("Ace Rentals", dec("1200"), false),
+            ("Bigco", dec("9000"), false),
+            ("Dana", dec("2200"), true),
+            ("Sam", dec("0"), false),
+        ]
+    );
+    let ace = &r.vendors[0];
+    assert_eq!(ace.form, Some(Form1099::Misc));
+    assert!(!ace.tin_on_file);
+}
+
+#[test]
+fn years_and_thresholds() {
+    let l = books();
+    assert_eq!(default_threshold(2025), dec("600"));
+    assert_eq!(default_threshold(2026), dec("2000"));
+    let y2025 = vendor_1099_report(&l, 2025, None);
+    let dana = y2025.vendors.iter().find(|v| v.name == "Dana").unwrap();
+    assert_eq!(dana.paid, dec("300"));
+    assert!(!dana.reportable, "300 < 600");
+    // An override: at 1,000, Ace's 1,200 is reportable.
+    let r = vendor_1099_report(&l, 2026, Some(dec("1000")));
+    assert!(
+        r.vendors
+            .iter()
+            .any(|v| v.name == "Ace Rentals" && v.reportable)
+    );
+}
+
+#[test]
+fn tags_need_real_entries_and_vendors() {
+    let mut l = books();
+    assert!(matches!(
+        l.set_entry_vendor(999, Some(1)),
+        Err(LedgerError::UnknownEntry(999))
+    ));
+    assert!(matches!(
+        l.set_entry_vendor(1, Some(999)),
+        Err(LedgerError::UnknownVendor(999))
+    ));
+    // The bill and its payment were tagged automatically.
+    assert_eq!(l.entry_vendor(1), Some(1));
+    assert_eq!(l.entry_vendor(2), Some(1));
+    l.set_entry_vendor(2, None).unwrap();
+    assert_eq!(l.entry_vendor(2), None);
+    assert_eq!(Form1099::parse("1099-NEC"), Some(Form1099::Nec));
+    assert_eq!(Form1099::parse("misc"), Some(Form1099::Misc));
+    assert_eq!(Form1099::parse("K"), None);
+}

crates/ledger-core/tests/golden/van_schedule.json

@@ -0,0 +1,368 @@
+[
+  {
+    "accumulated": "548.39",
+    "amount": "548.39",
+    "book_value": "59451.61",
+    "period": "2026-01"
+  },
+  {
+    "accumulated": "1548.39",
+    "amount": "1000.00",
+    "book_value": "58451.61",
+    "period": "2026-02"
+  },
+  {
+    "accumulated": "2548.39",
+    "amount": "1000.00",
+    "book_value": "57451.61",
+    "period": "2026-03"
+  },
+  {
+    "accumulated": "3548.39",
+    "amount": "1000.00",
+    "book_value": "56451.61",
+    "period": "2026-04"
+  },
+  {
+    "accumulated": "4548.39",
+    "amount": "1000.00",
+    "book_value": "55451.61",
+    "period": "2026-05"
+  },
+  {
+    "accumulated": "5548.39",
+    "amount": "1000.00",
+    "book_value": "54451.61",
+    "period": "2026-06"
+  },
+  {
+    "accumulated": "6548.39",
+    "amount": "1000.00",
+    "book_value": "53451.61",
+    "period": "2026-07"
+  },
+  {
+    "accumulated": "7548.39",
+    "amount": "1000.00",
+    "book_value": "52451.61",
+    "period": "2026-08"
+  },
+  {
+    "accumulated": "8548.39",
+    "amount": "1000.00",
+    "book_value": "51451.61",
+    "period": "2026-09"
+  },
+  {
+    "accumulated": "9548.39",
+    "amount": "1000.00",
+    "book_value": "50451.61",
+    "period": "2026-10"
+  },
+  {
+    "accumulated": "10548.39",
+    "amount": "1000.00",
+    "book_value": "49451.61",
+    "period": "2026-11"
+  },
+  {
+    "accumulated": "11548.39",
+    "amount": "1000.00",
+    "book_value": "48451.61",
+    "period": "2026-12"
+  },
+  {
+    "accumulated": "12548.39",
+    "amount": "1000.00",
+    "book_value": "47451.61",
+    "period": "2027-01"
+  },
+  {
+    "accumulated": "13548.39",
+    "amount": "1000.00",
+    "book_value": "46451.61",
+    "period": "2027-02"
+  },
+  {
+    "accumulated": "14548.39",
+    "amount": "1000.00",
+    "book_value": "45451.61",
+    "period": "2027-03"
+  },
+  {
+    "accumulated": "15548.39",
+    "amount": "1000.00",
+    "book_value": "44451.61",
+    "period": "2027-04"
+  },
+  {
+    "accumulated": "16548.39",
+    "amount": "1000.00",
+    "book_value": "43451.61",
+    "period": "2027-05"
+  },
+  {
+    "accumulated": "17548.39",
+    "amount": "1000.00",
+    "book_value": "42451.61",
+    "period": "2027-06"
+  },
+  {
+    "accumulated": "18548.39",
+    "amount": "1000.00",
+    "book_value": "41451.61",
+    "period": "2027-07"
+  },
+  {
+    "accumulated": "19548.39",
+    "amount": "1000.00",
+    "book_value": "40451.61",
+    "period": "2027-08"
+  },
+  {
+    "accumulated": "20548.39",
+    "amount": "1000.00",
+    "book_value": "39451.61",
+    "period": "2027-09"
+  },
+  {
+    "accumulated": "21548.39",
+    "amount": "1000.00",
+    "book_value": "38451.61",
+    "period": "2027-10"
+  },
+  {
+    "accumulated": "22548.39",
+    "amount": "1000.00",
+    "book_value": "37451.61",
+    "period": "2027-11"
+  },
+  {
+    "accumulated": "23548.39",
+    "amount": "1000.00",
+    "book_value": "36451.61",
+    "period": "2027-12"
+  },
+  {
+    "accumulated": "24548.39",
+    "amount": "1000.00",
+    "book_value": "35451.61",
+    "period": "2028-01"
+  },
+  {
+    "accumulated": "25548.39",
+    "amount": "1000.00",
+    "book_value": "34451.61",
+    "period": "2028-02"
+  },
+  {
+    "accumulated": "26548.39",
+    "amount": "1000.00",
+    "book_value": "33451.61",
+    "period": "2028-03"
+  },
+  {
+    "accumulated": "27548.39",
+    "amount": "1000.00",
+    "book_value": "32451.61",
+    "period": "2028-04"
+  },
+  {
+    "accumulated": "28548.39",
+    "amount": "1000.00",
+    "book_value": "31451.61",
+    "period": "2028-05"
+  },
+  {
+    "accumulated": "29548.39",
+    "amount": "1000.00",
+    "book_value": "30451.61",
+    "period": "2028-06"
+  },
+  {
+    "accumulated": "30548.39",
+    "amount": "1000.00",
+    "book_value": "29451.61",
+    "period": "2028-07"
+  },
+  {
+    "accumulated": "31548.39",
+    "amount": "1000.00",
+    "book_value": "28451.61",
+    "period": "2028-08"
+  },
+  {
+    "accumulated": "32548.39",
+    "amount": "1000.00",
+    "book_value": "27451.61",
+    "period": "2028-09"
+  },
+  {
+    "accumulated": "33548.39",
+    "amount": "1000.00",
+    "book_value": "26451.61",
+    "period": "2028-10"
+  },
+  {
+    "accumulated": "34548.39",
+    "amount": "1000.00",
+    "book_value": "25451.61",
+    "period": "2028-11"
+  },
+  {
+    "accumulated": "35548.39",
+    "amount": "1000.00",
+    "book_value": "24451.61",
+    "period": "2028-12"
+  },
+  {
+    "accumulated": "36548.39",
+    "amount": "1000.00",
+    "book_value": "23451.61",
+    "period": "2029-01"
+  },
+  {
+    "accumulated": "37548.39",
+    "amount": "1000.00",
+    "book_value": "22451.61",
+    "period": "2029-02"
+  },
+  {
+    "accumulated": "38548.39",
+    "amount": "1000.00",
+    "book_value": "21451.61",
+    "period": "2029-03"
+  },
+  {
+    "accumulated": "39548.39",
+    "amount": "1000.00",
+    "book_value": "20451.61",
+    "period": "2029-04"
+  },
+  {
+    "accumulated": "40548.39",
+    "amount": "1000.00",
+    "book_value": "19451.61",
+    "period": "2029-05"
+  },
+  {
+    "accumulated": "41548.39",
+    "amount": "1000.00",
+    "book_value": "18451.61",
+    "period": "2029-06"
+  },
+  {
+    "accumulated": "42548.39",
+    "amount": "1000.00",
+    "book_value": "17451.61",
+    "period": "2029-07"
+  },
+  {
+    "accumulated": "43548.39",
+    "amount": "1000.00",
+    "book_value": "16451.61",
+    "period": "2029-08"
+  },
+  {
+    "accumulated": "44548.39",
+    "amount": "1000.00",
+    "book_value": "15451.61",
+    "period": "2029-09"
+  },
+  {
+    "accumulated": "45548.39",
+    "amount": "1000.00",
+    "book_value": "14451.61",
+    "period": "2029-10"
+  },
+  {
+    "accumulated": "46548.39",
+    "amount": "1000.00",
+    "book_value": "13451.61",
+    "period": "2029-11"
+  },
+  {
+    "accumulated": "47548.39",
+    "amount": "1000.00",
+    "book_value": "12451.61",
+    "period": "2029-12"
+  },
+  {
+    "accumulated": "48548.39",
+    "amount": "1000.00",
+    "book_value": "11451.61",
+    "period": "2030-01"
+  },
+  {
+    "accumulated": "49548.39",
+    "amount": "1000.00",
+    "book_value": "10451.61",
+    "period": "2030-02"
+  },
+  {
+    "accumulated": "50548.39",
+    "amount": "1000.00",
+    "book_value": "9451.61",
+    "period": "2030-03"
+  },
+  {
+    "accumulated": "51548.39",
+    "amount": "1000.00",
+    "book_value": "8451.61",
+    "period": "2030-04"
+  },
+  {
+    "accumulated": "52548.39",
+    "amount": "1000.00",
+    "book_value": "7451.61",
+    "period": "2030-05"
+  },
+  {
+    "accumulated": "53548.39",
+    "amount": "1000.00",
+    "book_value": "6451.61",
+    "period": "2030-06"
+  },
+  {
+    "accumulated": "54548.39",
+    "amount": "1000.00",
+    "book_value": "5451.61",
+    "period": "2030-07"
+  },
+  {
+    "accumulated": "55548.39",
+    "amount": "1000.00",
+    "book_value": "4451.61",
+    "period": "2030-08"
+  },
+  {
+    "accumulated": "56548.39",
+    "amount": "1000.00",
+    "book_value": "3451.61",
+    "period": "2030-09"
+  },
+  {
+    "accumulated": "57548.39",
+    "amount": "1000.00",
+    "book_value": "2451.61",
+    "period": "2030-10"
+  },
+  {
+    "accumulated": "58548.39",
+    "amount": "1000.00",
+    "book_value": "1451.61",
+    "period": "2030-11"
+  },
+  {
+    "accumulated": "59548.39",
+    "amount": "1000.00",
+    "book_value": "451.61",
+    "period": "2030-12"
+  },
+  {
+    "accumulated": "60000",
+    "amount": "451.61",
+    "book_value": "0",
+    "period": "2031-01"
+  }
+]

crates/ledger-core/tests/invariants.rs

@@ -11,7 +11,9 @@
 
 use chrono::NaiveDate;
 use ledger_core::reports::{balance_sheet, profit_and_loss, snapshot, trial_balance};
-use ledger_core::{AccountId, AccountType, Currency, EntryStatus, Ledger, LedgerError, Money, Side};
+use ledger_core::{
+    AccountId, AccountType, Currency, EntryStatus, Ledger, LedgerError, Money, Side,
+};
 use rust_decimal::Decimal;
 
 // ---------------------------------------------------------------------------
@@ -49,15 +51,29 @@ struct Company {
 
 fn fixture_company() -> Company {
     let mut ledger = Ledger::new(Currency::USD);
-    let cash = ledger.add_account("1000", "Cash", AccountType::Asset, None, false).unwrap();
+    let cash = ledger
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
     let ar = ledger
-        .add_account("1200", "Accounts Receivable", AccountType::Asset, None, false)
+        .add_account(
+            "1200",
+            "Accounts Receivable",
+            AccountType::Asset,
+            None,
+            false,
+        )
         .unwrap();
     let equipment = ledger
         .add_account("1500", "Equipment", AccountType::Asset, None, false)
         .unwrap();
     let ap = ledger
-        .add_account("2000", "Accounts Payable", AccountType::Liability, None, false)
+        .add_account(
+            "2000",
+            "Accounts Payable",
+            AccountType::Liability,
+            None,
+            false,
+        )
         .unwrap();
     let equity = ledger
         .add_account("3000", "Owner's Equity", AccountType::Equity, None, false)
@@ -70,32 +86,51 @@ fn fixture_company() -> Company {
         .unwrap();
 
     // Owner invests $10,000 cash.
-    post(&mut ledger, date(2), "Owner investment", &[
-        (cash, Side::Debit, 10_000),
-        (equity, Side::Credit, 10_000),
-    ]);
+    post(
+        &mut ledger,
+        date(2),
+        "Owner investment",
+        &[(cash, Side::Debit, 10_000), (equity, Side::Credit, 10_000)],
+    );
     // Buy equipment for $2,500 cash.
-    post(&mut ledger, date(5), "Buy equipment", &[
-        (equipment, Side::Debit, 2_500),
-        (cash, Side::Credit, 2_500),
-    ]);
+    post(
+        &mut ledger,
+        date(5),
+        "Buy equipment",
+        &[(equipment, Side::Debit, 2_500), (cash, Side::Credit, 2_500)],
+    );
     // Bill a client $4,000.
-    post(&mut ledger, date(10), "Invoice client", &[
-        (ar, Side::Debit, 4_000),
-        (revenue, Side::Credit, 4_000),
-    ]);
+    post(
+        &mut ledger,
+        date(10),
+        "Invoice client",
+        &[(ar, Side::Debit, 4_000), (revenue, Side::Credit, 4_000)],
+    );
     // Pay January rent, $800.
-    post(&mut ledger, date(15), "January rent", &[
-        (rent, Side::Debit, 800),
-        (cash, Side::Credit, 800),
-    ]);
+    post(
+        &mut ledger,
+        date(15),
+        "January rent",
+        &[(rent, Side::Debit, 800), (cash, Side::Credit, 800)],
+    );
     // Collect $1,500 of receivables.
-    post(&mut ledger, date(20), "Client payment", &[
-        (cash, Side::Debit, 1_500),
-        (ar, Side::Credit, 1_500),
-    ]);
+    post(
+        &mut ledger,
+        date(20),
+        "Client payment",
+        &[(cash, Side::Debit, 1_500), (ar, Side::Credit, 1_500)],
+    );
 
-    Company { ledger, cash, ar, equipment, _ap: ap, equity, revenue, rent }
+    Company {
+        ledger,
+        cash,
+        ar,
+        equipment,
+        _ap: ap,
+        equity,
+        revenue,
+        rent,
+    }
 }
 
 // ---------------------------------------------------------------------------
@@ -108,7 +143,9 @@ fn unbalanced_entry_is_rejected() {
     let mut ledger = c.ledger;
     let id = ledger.create_entry(date(21), "Bad entry");
     ledger.add_line(id, c.cash, Side::Debit, usd(100)).unwrap();
-    ledger.add_line(id, c.equity, Side::Credit, usd(99)).unwrap();
+    ledger
+        .add_line(id, c.equity, Side::Credit, usd(99))
+        .unwrap();
     let err = ledger.post_entry(id).unwrap_err();
     assert_eq!(
         err,
@@ -135,7 +172,9 @@ fn zero_amount_line_is_rejected() {
     let id = ledger.create_entry(date(21), "Zero line");
     ledger.add_line(id, c.cash, Side::Debit, usd(100)).unwrap();
     ledger.add_line(id, c.cash, Side::Debit, usd(0)).unwrap();
-    ledger.add_line(id, c.equity, Side::Credit, usd(100)).unwrap();
+    ledger
+        .add_line(id, c.equity, Side::Credit, usd(100))
+        .unwrap();
     assert_eq!(
         ledger.post_entry(id).unwrap_err(),
         LedgerError::ZeroAmountLine
@@ -148,7 +187,9 @@ fn unknown_account_is_rejected() {
     let mut ledger = c.ledger;
     let id = ledger.create_entry(date(21), "Ghost account");
     ledger.add_line(id, c.cash, Side::Debit, usd(100)).unwrap();
-    ledger.add_line(id, 999_999, Side::Credit, usd(100)).unwrap();
+    ledger
+        .add_line(id, 999_999, Side::Credit, usd(100))
+        .unwrap();
     assert_eq!(
         ledger.post_entry(id).unwrap_err(),
         LedgerError::UnknownAccount(999_999)
@@ -164,7 +205,9 @@ fn placeholder_account_is_rejected() {
         .unwrap();
     let id = ledger.create_entry(date(21), "Post to header");
     ledger.add_line(id, header, Side::Debit, usd(100)).unwrap();
-    ledger.add_line(id, c.equity, Side::Credit, usd(100)).unwrap();
+    ledger
+        .add_line(id, c.equity, Side::Credit, usd(100))
+        .unwrap();
     assert_eq!(
         ledger.post_entry(id).unwrap_err(),
         LedgerError::PlaceholderAccount("100".to_string())
@@ -207,12 +250,16 @@ fn posted_entry_is_immutable() {
     let mut ledger = c.ledger;
     let id = ledger.create_entry(date(21), "To post");
     ledger.add_line(id, c.cash, Side::Debit, usd(50)).unwrap();
-    ledger.add_line(id, c.equity, Side::Credit, usd(50)).unwrap();
+    ledger
+        .add_line(id, c.equity, Side::Credit, usd(50))
+        .unwrap();
     ledger.post_entry(id).unwrap();
 
     // Cannot add lines after posting.
     assert_eq!(
-        ledger.add_line(id, c.cash, Side::Debit, usd(1)).unwrap_err(),
+        ledger
+            .add_line(id, c.cash, Side::Debit, usd(1))
+            .unwrap_err(),
         LedgerError::PostedEntryImmutable
     );
     // Cannot post twice.
@@ -233,7 +280,9 @@ fn reversal_nets_to_zero_and_links_back() {
     ledger.post_entry(id).unwrap();
     assert_eq!(ledger.account_movement(c.rent), Decimal::from(1300));
 
-    let rev = ledger.reverse_entry(id, date(22), "Reverse mistake").unwrap();
+    let rev = ledger
+        .reverse_entry(id, date(22), "Reverse mistake")
+        .unwrap();
     let rev_entry = ledger.get_entry(rev).unwrap();
     assert_eq!(rev_entry.reversal_of(), Some(id));
     assert_eq!(rev_entry.status(), EntryStatus::Posted);
@@ -319,7 +368,15 @@ fn random_balanced_journals_preserve_invariants() {
     let mut rng = Lcg(0x1234_5678_9abc_def0);
     let c = fixture_company();
     let mut ledger = c.ledger;
-    let accounts = [c.cash, c.ar, c.equipment, c._ap, c.equity, c.revenue, c.rent];
+    let accounts = [
+        c.cash,
+        c.ar,
+        c.equipment,
+        c._ap,
+        c.equity,
+        c.revenue,
+        c.rent,
+    ];
 
     for i in 0..300u32 {
         let total = rng.next(100_000) + 100;
@@ -362,3 +419,217 @@ fn golden_fixture_company_reports() {
         serde_json::from_str(include_str!("golden/fixture_company.json")).unwrap();
     assert_eq!(snap, golden);
 }
+
+#[test]
+fn parent_account_validation() {
+    let mut ledger = Ledger::new(Currency::USD);
+    // Unknown parent is rejected.
+    let err = ledger
+        .add_account("1100", "Child", AccountType::Asset, Some(999), false)
+        .unwrap_err();
+    assert_eq!(err, LedgerError::UnknownParentAccount(999));
+    // A real parent works, and the child records it.
+    let parent = ledger
+        .add_account("1000", "Parent", AccountType::Asset, None, true)
+        .unwrap();
+    let child = ledger
+        .add_account("1100", "Child", AccountType::Asset, Some(parent), false)
+        .unwrap();
+    assert_eq!(ledger.chart().get(child).unwrap().parent, Some(parent));
+    // Chart accessors report honestly.
+    assert!(Ledger::new(Currency::USD).chart().is_empty());
+    assert!(!ledger.chart().is_empty());
+    assert_eq!(ledger.chart().len(), 2);
+    assert!(ledger.chart().find_by_code("1000").is_some());
+    assert!(ledger.chart().find_by_code("nope").is_none());
+}
+
+#[test]
+fn account_type_balance_sheet_predicate() {
+    assert!(AccountType::Asset.is_balance_sheet());
+    assert!(AccountType::Liability.is_balance_sheet());
+    assert!(AccountType::Equity.is_balance_sheet());
+    assert!(!AccountType::Revenue.is_balance_sheet());
+    assert!(!AccountType::Expense.is_balance_sheet());
+}
+
+#[test]
+fn entry_movements_sum_to_zero() {
+    let mut c = fixture_company();
+    let cash = c.cash;
+    let revenue = c.revenue;
+    let id = c.ledger.create_entry(date(15), "sale");
+    c.ledger.add_line(id, cash, Side::Debit, usd(1000)).unwrap();
+    c.ledger
+        .add_line(id, revenue, Side::Credit, usd(1000))
+        .unwrap();
+    c.ledger.post_entry(id).unwrap();
+    let entry = c.ledger.get_entry(id).unwrap();
+    let m = entry.movements();
+    assert_eq!(m[&cash], Decimal::new(100000, 2));
+    assert_eq!(m[&revenue], Decimal::new(-100000, 2));
+    let total: Decimal = m.values().copied().sum();
+    assert_eq!(total, Decimal::ZERO);
+}
+
+// ---------------------------------------------------------------------------
+// Cash flow statement (indirect method).
+// ---------------------------------------------------------------------------
+
+use ledger_core::NewAsset;
+use ledger_core::reports::{CashFlowParams, cash_flow};
+
+fn cash_flow_params(cash: AccountId) -> CashFlowParams {
+    CashFlowParams {
+        start: date(1),
+        end: date(31),
+        cash_accounts: vec![cash],
+        financing_accounts: vec![],
+    }
+}
+
+#[test]
+fn cash_flow_reconciles_to_change_in_cash() {
+    let c = fixture_company();
+    let cf = cash_flow(&c.ledger, &cash_flow_params(c.cash)).unwrap();
+
+    // The three sections must sum to the net change in cash. This is the
+    // accounting law the statement exists to uphold.
+    let sections = cf.cash_from_operations + cf.cash_from_investing + cf.cash_from_financing;
+    assert_eq!(sections, cf.net_change_in_cash);
+    assert_eq!(cf.cash_ending - cf.cash_beginning, cf.net_change_in_cash);
+
+    // Hand-computed from the fixture:
+    // Cash: +10,000 (invest) - 2,500 (equipment) - 800 (rent) + 1,500 (collect)
+    //     = 8,200. Beginning 0.
+    assert_eq!(cf.cash_beginning, Decimal::ZERO);
+    assert_eq!(cf.cash_ending, Decimal::new(820000, 2));
+    assert_eq!(cf.net_change_in_cash, Decimal::new(820000, 2));
+
+    // Net income: 4,000 revenue - 800 rent = 3,200.
+    assert_eq!(cf.net_income, Decimal::new(320000, 2));
+    // No depreciation: the fixture's equipment is not a registered asset.
+    assert_eq!(cf.depreciation, Decimal::ZERO);
+
+    // Operating: 3,200 net income
+    //   - 2,500 increase in AR (4,000 billed - 1,500 collected)
+    //   - 2,500 equipment purchase (not a registered asset: working capital)
+    //   + 10,000 owner investment is equity -> financing, not operating.
+    // Financing: +10,000 owner contribution.
+    // => operating = 3,200 - 2,500 - 2,500 = -1,800
+    // => investing = 0, financing = 10,000. Sum = 8,200. Reconciles.
+    assert_eq!(cf.cash_from_operations, Decimal::new(-180000, 2));
+    assert_eq!(cf.cash_from_investing, Decimal::ZERO);
+    assert_eq!(cf.cash_from_financing, Decimal::new(1000000, 2));
+}
+
+#[test]
+fn cash_flow_with_registered_asset_and_disposal() {
+    let mut ledger = Ledger::new(Currency::USD);
+    let cash = ledger
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let cost = ledger
+        .add_account("1500", "Equipment at cost", AccountType::Asset, None, false)
+        .unwrap();
+    let accum = ledger
+        .add_account(
+            "1501",
+            "Accum. depr. — equip.",
+            AccountType::Asset,
+            None,
+            false,
+        )
+        .unwrap();
+    let depr_exp = ledger
+        .add_account(
+            "6000",
+            "Depreciation expense",
+            AccountType::Expense,
+            None,
+            false,
+        )
+        .unwrap();
+    ledger
+        .add_account("4000", "Service Revenue", AccountType::Revenue, None, false)
+        .unwrap();
+    let gain = ledger
+        .add_account("4100", "Gain on sale", AccountType::Revenue, None, false)
+        .unwrap();
+    let equity = ledger
+        .add_account("3000", "Owner's Equity", AccountType::Equity, None, false)
+        .unwrap();
+
+    // Owner invests $100,000.
+    post(
+        &mut ledger,
+        date(2),
+        "Owner investment",
+        &[
+            (cash, Side::Debit, 100_000),
+            (equity, Side::Credit, 100_000),
+        ],
+    );
+    // Register a $60,000 van, 60-month life, bought Jan 15.
+    let asset = ledger
+        .register_asset(NewAsset {
+            description: "Van".to_string(),
+            purchase_date: NaiveDate::from_ymd_opt(2026, 1, 15).unwrap(),
+            cost: usd(60_000),
+            salvage_value: usd(0),
+            useful_life_months: 60,
+            cost_account: cost,
+            accum_depr_account: accum,
+            expense_account: depr_exp,
+        })
+        .unwrap();
+    // Buy the van for cash.
+    post(
+        &mut ledger,
+        date(15),
+        "Buy van",
+        &[(cost, Side::Debit, 60_000), (cash, Side::Credit, 60_000)],
+    );
+    // January depreciation: $1,000 * 17/31 = $548.39.
+    post(
+        &mut ledger,
+        date(31),
+        "January depreciation",
+        &[(depr_exp, Side::Debit, 548), (accum, Side::Credit, 548)],
+    );
+    // Sell the van Jan 31 for $59,600 cash. Book value 60,000 - 548 = 59,452.
+    // Gain = 59,600 - 59,452 = 148.
+    // Note: amounts are whole dollars here to keep the fixture simple.
+    let _ = asset;
+    post(
+        &mut ledger,
+        date(31),
+        "Sell van",
+        &[
+            (cash, Side::Debit, 59_600),
+            (accum, Side::Debit, 548),
+            (cost, Side::Credit, 60_000),
+            (gain, Side::Credit, 148),
+        ],
+    );
+
+    let cf = cash_flow(&ledger, &cash_flow_params(cash)).unwrap();
+
+    // Reconciliation is the law.
+    let sections = cf.cash_from_operations + cf.cash_from_investing + cf.cash_from_financing;
+    assert_eq!(sections, cf.net_change_in_cash);
+
+    // Cash: 100,000 - 60,000 + 59,600 = 99,600.
+    assert_eq!(cf.cash_ending, Decimal::new(9960000, 2));
+    // Net income: 148 gain - 548 depreciation = -400.
+    assert_eq!(cf.net_income, Decimal::new(-40000, 2));
+    // Depreciation added back: 548.
+    assert_eq!(cf.depreciation, Decimal::new(54800, 2));
+    // Operating: -400 + 548 - 148 (gain removed) = 0.
+    assert_eq!(cf.cash_from_operations, Decimal::ZERO);
+    // Investing: -60,000 purchase + 59,600 proceeds = -400.
+    assert_eq!(cf.cash_from_investing, Decimal::new(-40000, 2));
+    // Financing: +100,000 owner investment.
+    assert_eq!(cf.cash_from_financing, Decimal::new(10000000, 2));
+    // Sum: 0 - 400 + 100,000 = 99,600. Matches cash.
+}

crates/ledger-core/tests/payouts.rs

@@ -0,0 +1,155 @@
+//! Payout gross-up. Numbers computed by hand.
+//!
+//! An app-store month: App A sold 1,000.00, App B 500.00; the store kept
+//! 15% (225.00) and clawed back a 9.99 refund. Deposit: 1,500.00 − 225.00
+//! − 9.99 = 1,265.01.
+
+use chrono::NaiveDate;
+use ledger_core::reports::profit_and_loss_for_period;
+use ledger_core::{
+    AccountType, Currency, Ledger, LedgerError, Money, Payout, PayoutAdjustment, PayoutLine, Side,
+    payout_plan,
+};
+use rust_decimal::Decimal;
+use std::str::FromStr;
+
+fn dec(s: &str) -> Decimal {
+    Decimal::from_str(s).unwrap()
+}
+
+fn d(day: u32) -> NaiveDate {
+    NaiveDate::from_ymd_opt(2026, 11, day).unwrap()
+}
+
+struct Books {
+    l: Ledger,
+    bank: u64,
+    sales: u64,
+    fees: u64,
+    refunds: u64,
+}
+
+fn books() -> Books {
+    let mut l = Ledger::new(Currency::USD);
+    let mut a = |code: &str, name: &str, t| l.add_account(code, name, t, None, false).unwrap();
+    let bank = a("1000", "Bank", AccountType::Asset);
+    let sales = a("4000", "App Sales", AccountType::Revenue);
+    let fees = a("6000", "Platform Fees", AccountType::Expense);
+    let refunds = a("4100", "Refunds", AccountType::Expense);
+    Books {
+        l,
+        bank,
+        sales,
+        fees,
+        refunds,
+    }
+}
+
+fn line(account: u64, amount: &str) -> PayoutLine {
+    PayoutLine {
+        account,
+        amount: dec(amount),
+        class: None,
+    }
+}
+
+fn month(b: &Books, deposit: &str) -> Payout {
+    Payout {
+        deposit_account: b.bank,
+        deposit: dec(deposit),
+        revenue: vec![line(b.sales, "1000.00"), line(b.sales, "500.00")],
+        fees: vec![line(b.fees, "225.00")],
+        adjustments: vec![PayoutAdjustment {
+            account: b.refunds,
+            side: Side::Debit,
+            amount: dec("9.99"),
+            class: None,
+        }],
+    }
+}
+
+#[test]
+fn a_payout_is_grossed_up_to_revenue_and_fees() {
+    let mut b = books();
+    let (plan, totals) = payout_plan(&month(&b, "1265.01"), b.l.chart()).unwrap();
+    assert_eq!(totals.gross, dec("1500.00"));
+    assert_eq!(totals.fees, dec("225.00"));
+    assert_eq!(totals.adjustments, dec("-9.99"));
+    assert_eq!(
+        plan.iter()
+            .map(|(a, s, m, _)| (*a, *s, *m))
+            .collect::<Vec<_>>(),
+        [
+            (b.bank, Side::Debit, dec("1265.01")),
+            (b.fees, Side::Debit, dec("225.00")),
+            (b.refunds, Side::Debit, dec("9.99")),
+            (b.sales, Side::Credit, dec("1000.00")),
+            (b.sales, Side::Credit, dec("500.00")),
+        ]
+    );
+    let e = b.l.create_entry(d(30), "App store payout");
+    for (a, s, m, _) in plan {
+        b.l.add_line(e, a, s, Money::new(m, Currency::USD)).unwrap();
+    }
+    b.l.post_entry(e).unwrap();
+    let pl = profit_and_loss_for_period(&b.l, d(1), d(30), None).unwrap();
+    assert_eq!(pl.total_revenue, dec("1500.00"));
+    assert_eq!(pl.total_expenses, dec("234.99"));
+}
+
+#[test]
+fn a_payout_must_reconcile_to_the_cent() {
+    let b = books();
+    let err = payout_plan(&month(&b, "1265.00"), b.l.chart()).unwrap_err();
+    let LedgerError::InvalidPayout(msg) = err else {
+        panic!("{err:?}")
+    };
+    assert!(msg.contains("= 1265.01"), "{msg}");
+    assert!(msg.contains("off by -0.01"), "{msg}");
+}
+
+#[test]
+fn a_negative_payout_credits_the_bank() {
+    let b = books();
+    // 10.00 of sales, 3.00 of fees, a 50.00 refund: the store debits 43.00.
+    let p = Payout {
+        deposit_account: b.bank,
+        deposit: dec("-43.00"),
+        revenue: vec![line(b.sales, "10.00")],
+        fees: vec![line(b.fees, "3.00")],
+        adjustments: vec![PayoutAdjustment {
+            account: b.refunds,
+            side: Side::Debit,
+            amount: dec("50.00"),
+            class: None,
+        }],
+    };
+    let (plan, _) = payout_plan(&p, b.l.chart()).unwrap();
+    assert_eq!(plan[0], (b.bank, Side::Credit, dec("43.00"), None));
+}
+
+#[test]
+fn accounts_must_fit_their_roles() {
+    let b = books();
+    let invalid = |p: Payout| {
+        matches!(
+            payout_plan(&p, b.l.chart()),
+            Err(LedgerError::InvalidPayout(_))
+        )
+    };
+    let mut p = month(&b, "1265.01");
+    p.fees[0].account = b.sales;
+    assert!(invalid(p), "fees must be expenses");
+    let mut p = month(&b, "1265.01");
+    p.revenue[0].account = b.fees;
+    assert!(invalid(p), "revenue must be revenue or a liability");
+    let mut p = month(&b, "1265.01");
+    p.deposit_account = b.sales;
+    assert!(invalid(p), "deposits land in an asset");
+    let mut p = month(&b, "1265.01");
+    p.fees[0].amount = dec("-225.00");
+    assert!(invalid(p), "amounts are positive");
+    let mut p = month(&b, "1265.01");
+    p.revenue.clear();
+    assert!(invalid(p), "needs revenue");
+}

crates/ledger-core/tests/properties.rs

@@ -0,0 +1,321 @@
+//! Property tests for the ledger engine: invariants that must hold for
+//! *every* input, not just the hand-picked examples in `invariants.rs`.
+//!
+//! These are the properties mutation testing will try to break: if a
+//! mutant survives the example tests but breaks a property, the property
+//! catches it.
+
+use chrono::NaiveDate;
+use ledger_core::{
+    AccountType, Currency, Ledger, Money, NewAsset, Side, accumulated_depreciation, book_value,
+    depreciation_schedule,
+    reports::{
+        balance_sheet, balance_sheet_as_of, profit_and_loss, profit_and_loss_for_period,
+        trial_balance,
+    },
+};
+use proptest::prelude::*;
+use rust_decimal::Decimal;
+
+fn arb_account_type() -> impl Strategy<Value = AccountType> {
+    prop_oneof![
+        Just(AccountType::Asset),
+        Just(AccountType::Liability),
+        Just(AccountType::Equity),
+        Just(AccountType::Revenue),
+        Just(AccountType::Expense),
+    ]
+}
+
+/// A random chart: 2..=6 accounts with unique codes, no placeholders.
+fn arb_chart() -> impl Strategy<Value = Vec<(String, String, AccountType)>> {
+    prop::collection::vec((1u32..9999u32, arb_account_type()), 2..=6).prop_map(|v| {
+        v.into_iter()
+            .enumerate()
+            .map(|(i, (_, t))| (format!("{:04}", 1000 + i), format!("Account {i}"), t))
+            .collect()
+    })
+}
+
+#[derive(Clone, Debug)]
+struct GenEntry {
+    lines: Vec<(u64, Side, Decimal)>,
+    date: NaiveDate,
+}
+
+/// A random *balanced* entry over `num_accounts` (1-based ids): 2..=4
+/// random lines plus a plug line for the imbalance. Amounts are whole
+/// cents, so the plug is always exact.
+fn arb_entry(num_accounts: usize) -> impl Strategy<Value = GenEntry> {
+    (
+        prop::collection::vec(
+            (
+                1u64..=(num_accounts as u64),
+                prop_oneof![Just(Side::Debit), Just(Side::Credit)],
+                1u32..1_000_000u32,
+            ),
+            2..=4,
+        ),
+        1u32..=12u32,
+        1u32..=28u32,
+    )
+        .prop_map(|(raw, month, day)| {
+            let mut lines: Vec<(u64, Side, Decimal)> = raw
+                .into_iter()
+                .map(|(a, s, cents)| (a, s, Decimal::new(cents as i64, 2)))
+                .collect();
+            let net: Decimal = lines
+                .iter()
+                .map(|(_, s, amt)| match s {
+                    Side::Debit => *amt,
+                    Side::Credit => -*amt,
+                })
+                .sum();
+            if net != Decimal::ZERO {
+                let (side, amt) = if net > Decimal::ZERO {
+                    (Side::Credit, net)
+                } else {
+                    (Side::Debit, -net)
+                };
+                lines.push((1, side, amt));
+            }
+            GenEntry {
+                lines,
+                date: NaiveDate::from_ymd_opt(2026, month, day).unwrap(),
+            }
+        })
+}
+
+fn arb_ops() -> impl Strategy<Value = (Vec<(String, String, AccountType)>, Vec<GenEntry>)> {
+    arb_chart().prop_flat_map(|chart| {
+        let n = chart.len();
+        (Just(chart), prop::collection::vec(arb_entry(n), 0..=10))
+    })
+}
+
+fn build_ledger(
+    chart: &[(String, String, AccountType)],
+    entries: &[GenEntry],
+) -> (Ledger, Vec<u64>) {
+    let mut ledger = Ledger::new(Currency::USD);
+    for (code, name, typ) in chart {
+        ledger.add_account(code, name, *typ, None, false).unwrap();
+    }
+    let mut ids = Vec::new();
+    for e in entries {
+        let id = ledger.create_entry(e.date, "prop");
+        for (a, s, amt) in &e.lines {
+            ledger
+                .add_line(id, *a, *s, Money::new(*amt, Currency::USD))
+                .unwrap();
+        }
+        ledger.post_entry(id).unwrap();
+        ids.push(id);
+    }
+    (ledger, ids)
+}
+
+proptest! {
+    #![proptest_config(ProptestConfig::with_cases(256))]
+
+    /// The trial balance always balances, no matter the operations.
+    #[test]
+    fn prop_trial_balance_balances((chart, entries) in arb_ops()) {
+        let (ledger, _) = build_ledger(&chart, &entries);
+        let tb = trial_balance(&ledger);
+        prop_assert_eq!(tb.total_debits, tb.total_credits);
+        let debit_sum: Decimal = tb.lines.iter().map(|l| l.debit).sum();
+        let credit_sum: Decimal = tb.lines.iter().map(|l| l.credit).sum();
+        prop_assert_eq!(debit_sum, tb.total_debits);
+        prop_assert_eq!(credit_sum, tb.total_credits);
+    }
+
+    /// The accounting equation holds for every ledger state:
+    /// assets == liabilities + equity (with current earnings folded in).
+    #[test]
+    fn prop_balance_sheet_balances((chart, entries) in arb_ops()) {
+        let (ledger, _) = build_ledger(&chart, &entries);
+        let bs = balance_sheet(&ledger).unwrap();
+        prop_assert_eq!(bs.assets, bs.liabilities + bs.equity);
+    }
+
+    /// Period P&Ls partition the year: split anywhere, the two halves sum
+    /// to the whole, and the whole is the life-of-ledger P&L.
+    #[test]
+    fn prop_period_pnl_partitions((chart, entries) in arb_ops(), split in 0u32..365) {
+        let (ledger, _) = build_ledger(&chart, &entries);
+        let jan1 = NaiveDate::from_ymd_opt(2026, 1, 1).unwrap();
+        let dec31 = NaiveDate::from_ymd_opt(2026, 12, 31).unwrap();
+        let cut = jan1 + chrono::Days::new(split as u64);
+        let first = profit_and_loss_for_period(&ledger, jan1, cut, None).unwrap();
+        let rest = if cut < dec31 {
+            Some(profit_and_loss_for_period(&ledger, cut.succ_opt().unwrap(), dec31, None).unwrap())
+        } else {
+            None
+        };
+        let whole = profit_and_loss_for_period(&ledger, jan1, dec31, None).unwrap();
+        let (r2, e2) = rest.map_or((Decimal::ZERO, Decimal::ZERO), |p| (p.total_revenue, p.total_expenses));
+        prop_assert_eq!(first.total_revenue + r2, whole.total_revenue);
+        prop_assert_eq!(first.total_expenses + e2, whole.total_expenses);
+        let all = profit_and_loss(&ledger).unwrap();
+        prop_assert_eq!((whole.total_revenue, whole.total_expenses), (all.revenue, all.expenses));
+    }
+
+    /// The accounting equation holds as of every date, and a period's net
+    /// income is exactly the change in current earnings across it.
+    #[test]
+    fn prop_balance_sheet_as_of_balances((chart, entries) in arb_ops(), a in 0u32..365, b in 0u32..365) {
+        let (ledger, _) = build_ledger(&chart, &entries);
+        let jan1 = NaiveDate::from_ymd_opt(2026, 1, 1).unwrap();
+        let (lo, hi) = (a.min(b), a.max(b));
+        let start = jan1 + chrono::Days::new(lo as u64);
+        let end = jan1 + chrono::Days::new(hi as u64);
+        let before = balance_sheet_as_of(&ledger, start.pred_opt().unwrap()).unwrap();
+        let after = balance_sheet_as_of(&ledger, end).unwrap();
+        prop_assert!(before.balanced());
+        prop_assert!(after.balanced());
+        let pnl = profit_and_loss_for_period(&ledger, start, end, None).unwrap();
+        prop_assert_eq!(after.current_earnings - before.current_earnings, pnl.net_income());
+        // Past the last entry, as-of agrees with the life-of-ledger sheet.
+        let all = balance_sheet(&ledger).unwrap();
+        let last = balance_sheet_as_of(&ledger, NaiveDate::from_ymd_opt(2026, 12, 31).unwrap()).unwrap();
+        prop_assert_eq!(
+            (last.total_assets, last.total_liabilities, last.total_equity),
+            (all.assets, all.liabilities, all.equity)
+        );
+    }
+
+    /// Every posted entry balances on its own, exactly.
+    #[test]
+    fn prop_posted_entries_balance((chart, entries) in arb_ops()) {
+        let (ledger, ids) = build_ledger(&chart, &entries);
+        for id in ids {
+            let e = ledger.get_entry(id).unwrap();
+            let debits: Decimal = e.lines().iter()
+                .filter(|l| l.side == Side::Debit)
+                .map(|l| l.amount.amount).sum();
+            let credits: Decimal = e.lines().iter()
+                .filter(|l| l.side == Side::Credit)
+                .map(|l| l.amount.amount).sum();
+            prop_assert_eq!(debits, credits);
+        }
+    }
+
+    /// Reversing every entry returns the trial balance to zero:
+    /// reversals are exact inverses.
+    #[test]
+    fn prop_reversals_restore_zero((chart, entries) in arb_ops()) {
+        let (mut ledger, ids) = build_ledger(&chart, &entries);
+        for id in &ids {
+            ledger.reverse_entry(*id, NaiveDate::from_ymd_opt(2026, 12, 31).unwrap(), "reversal").unwrap();
+        }
+        let tb = trial_balance(&ledger);
+        prop_assert_eq!(tb.total_debits, Decimal::ZERO);
+        prop_assert_eq!(tb.total_credits, Decimal::ZERO);
+    }
+
+    /// Posted entries are immutable: serializing them before and after
+    /// further operations yields identical bytes.
+    #[test]
+    fn prop_posted_entries_immutable((chart, entries) in arb_ops(), extra in prop::collection::vec(arb_entry(2), 0..=5)) {
+        prop_assume!(chart.len() >= 2);
+        let (mut ledger, ids) = build_ledger(&chart, &entries);
+        let before: Vec<String> = ids.iter().map(|id| {
+            serde_json::to_string(&serde_json::to_value(ledger.get_entry(*id).unwrap()).unwrap()).unwrap()
+        }).collect();
+        // More operations: entries sized for a 2-account chart would break
+        // on bigger charts, so rebuild them against this chart.
+        let n = chart.len();
+        let extra_entries: Vec<GenEntry> = extra.into_iter().map(|mut e| {
+            for (a, _, _) in e.lines.iter_mut() {
+                *a = (*a % n as u64) + 1;
+            }
+            // Rebalance after remapping accounts (net may have changed).
+            let net: Decimal = e.lines.iter().map(|(_, s, amt)| match s {
+                Side::Debit => *amt, Side::Credit => -*amt,
+            }).sum();
+            if net != Decimal::ZERO {
+                let (side, amt) = if net > Decimal::ZERO { (Side::Credit, net) } else { (Side::Debit, -net) };
+                e.lines.push((1, side, amt));
+            }
+            e
+        }).collect();
+        for e in &extra_entries {
+            let id = ledger.create_entry(e.date, "extra");
+            for (a, s, amt) in &e.lines {
+                ledger.add_line(id, *a, *s, Money::new(*amt, Currency::USD)).unwrap();
+            }
+            ledger.post_entry(id).unwrap();
+        }
+        for id in &ids {
+            ledger.reverse_entry(*id, NaiveDate::from_ymd_opt(2026, 12, 31).unwrap(), "rev").unwrap();
+        }
+        let after: Vec<String> = ids.iter().map(|id| {
+            serde_json::to_string(&serde_json::to_value(ledger.get_entry(*id).unwrap()).unwrap()).unwrap()
+        }).collect();
+        prop_assert_eq!(before, after);
+    }
+
+    /// A journal entry survives a JSON round-trip unchanged.
+    #[test]
+    fn prop_entry_json_roundtrip((chart, entries) in arb_ops()) {
+        let (ledger, ids) = build_ledger(&chart, &entries);
+        for id in ids {
+            let e = ledger.get_entry(id).unwrap();
+            let v = serde_json::to_value(e).unwrap();
+            let s = serde_json::to_string(&v).unwrap();
+            let v2: serde_json::Value = serde_json::from_str(&s).unwrap();
+            prop_assert_eq!(v, v2);
+        }
+    }
+
+    /// Depreciation schedules are exact: the lifetime total is precisely
+    /// cost minus salvage, book value plus accumulated always equals cost,
+    /// and amounts are never negative.
+    #[test]
+    fn prop_depreciation_schedule_exact(
+        cost_cents in 100u64..10_000_000u64,
+        salvage_cents in 0u64..5_000_000u64,
+        life in 1u32..360u32,
+        y in 2000i32..2027i32,
+        m in 1u32..=12u32,
+        d in 1u32..=28u32,
+    ) {
+        let cost_cents = cost_cents.max(salvage_cents + 1);
+        let cost = Decimal::new(cost_cents as i64, 2);
+        let salvage = Decimal::new(salvage_cents as i64, 2);
+        let mut ledger = Ledger::new(Currency::USD);
+        let ca = ledger.add_account("1500", "Equipment", AccountType::Asset, None, false).unwrap();
+        let aa = ledger.add_account("1501", "Accum", AccountType::Asset, None, false).unwrap();
+        let ex = ledger.add_account("6100", "Depr", AccountType::Expense, None, false).unwrap();
+        let id = ledger.register_asset(NewAsset {
+            description: "prop".to_string(),
+            purchase_date: NaiveDate::from_ymd_opt(y, m, d).unwrap(),
+            cost: Money::new(cost, Currency::USD),
+            salvage_value: Money::new(salvage, Currency::USD),
+            useful_life_months: life,
+            cost_account: ca,
+            accum_depr_account: aa,
+            expense_account: ex,
+        }).unwrap();
+        let asset = ledger.get_asset(id).unwrap();
+        let far = asset.purchase_date.checked_add_months(chrono::Months::new(life + 24)).unwrap();
+        let sched = depreciation_schedule(asset, far);
+        // The lifetime total is exactly cost minus salvage: never a penny off.
+        let total: Decimal = sched.iter().map(|l| l.amount).sum();
+        prop_assert_eq!(total, cost - salvage);
+        for l in &sched {
+            prop_assert!(l.amount >= Decimal::ZERO);
+            prop_assert_eq!(l.book_value + l.accumulated, cost);
+        }
+        // Accumulated is monotone non-decreasing.
+        for w in sched.windows(2) {
+            prop_assert!(w[1].accumulated >= w[0].accumulated);
+        }
+        // Book value at any date matches the schedule.
+        if let Some(last) = sched.last() {
+            prop_assert_eq!(book_value(asset, far), last.book_value);
+            prop_assert_eq!(accumulated_depreciation(asset, far), last.accumulated);
+        }
+    }
+}

crates/ledger-core/tests/schedules.rs

@@ -0,0 +1,226 @@
+//! Amortization schedules and recurring entries. Numbers computed by hand.
+
+use chrono::NaiveDate;
+use ledger_core::reports::{balance_sheet_as_of, profit_and_loss_for_period};
+use ledger_core::{
+    AccountType, Currency, EntryStatus, Frequency, Ledger, LedgerError, Money, NewRecurring,
+    NewSchedule, ScheduleKind, Side,
+};
+use rust_decimal::Decimal;
+use std::str::FromStr;
+
+fn d(m: u32, day: u32) -> NaiveDate {
+    NaiveDate::from_ymd_opt(2026, m, day).unwrap()
+}
+
+fn dec(s: &str) -> Decimal {
+    Decimal::from_str(s).unwrap()
+}
+
+fn usd(s: &str) -> Money {
+    Money::new(dec(s), Currency::USD)
+}
+
+struct Books {
+    l: Ledger,
+    cash: u64,
+    prepaid: u64,
+    deferred: u64,
+    insurance: u64,
+    revenue: u64,
+    rent: u64,
+}
+
+fn books() -> Books {
+    let mut l = Ledger::new(Currency::USD);
+    let mut a = |code: &str, name: &str, t| l.add_account(code, name, t, None, false).unwrap();
+    let cash = a("1000", "Cash", AccountType::Asset);
+    let prepaid = a("1300", "Prepaid Expenses", AccountType::Asset);
+    let deferred = a("2400", "Deferred Revenue", AccountType::Liability);
+    let insurance = a("6300", "Insurance", AccountType::Expense);
+    let revenue = a("4000", "Subscription Revenue", AccountType::Revenue);
+    let rent = a("6600", "Rent", AccountType::Expense);
+    Books {
+        l,
+        cash,
+        prepaid,
+        deferred,
+        insurance,
+        revenue,
+        rent,
+    }
+}
+
+fn post(l: &mut Ledger, date: NaiveDate, dr: u64, cr: u64, amt: &str) {
+    let e = l.create_entry(date, "x");
+    l.add_line(e, dr, Side::Debit, usd(amt)).unwrap();
+    l.add_line(e, cr, Side::Credit, usd(amt)).unwrap();
+    l.post_entry(e).unwrap();
+}
+
+#[test]
+fn a_prepaid_expense_is_expensed_month_by_month() {
+    let mut b = books();
+    // A year of insurance, paid March 15: an asset, not an expense yet.
+    post(&mut b.l, d(3, 15), b.prepaid, b.cash, "1200");
+    let id =
+        b.l.register_schedule(NewSchedule {
+            description: "Liability insurance".into(),
+            kind: ScheduleKind::PrepaidExpense,
+            total: usd("1200"),
+            start: d(3, 15),
+            months: 12,
+            balance_account: b.prepaid,
+            pl_account: b.insurance,
+        })
+        .unwrap();
+    // Through May: March, April, May, at month end, 100 each.
+    let due: Vec<_> = b.l.get_schedule(id).unwrap().due(d(5, 31));
+    assert_eq!(
+        due,
+        [
+            (d(3, 31), dec("100")),
+            (d(4, 30), dec("100")),
+            (d(5, 31), dec("100"))
+        ]
+    );
+    for (month, _) in due {
+        b.l.post_schedule_month(id, month).unwrap();
+    }
+    assert!(
+        b.l.get_schedule(id).unwrap().due(d(5, 31)).is_empty(),
+        "idempotent"
+    );
+    assert!(matches!(
+        b.l.post_schedule_month(id, d(4, 30)),
+        Err(LedgerError::InvalidSchedule(_))
+    ));
+    assert_eq!(b.l.get_schedule(id).unwrap().remaining(), dec("900"));
+    let bs = balance_sheet_as_of(&b.l, d(5, 31)).unwrap();
+    let prepaid = bs.assets.iter().find(|a| a.code == "1300").unwrap();
+    assert_eq!(prepaid.amount, dec("900"));
+    let pl = profit_and_loss_for_period(&b.l, d(3, 1), d(5, 31), None).unwrap();
+    assert_eq!(pl.total_expenses, dec("300"));
+}
+
+#[test]
+fn deferred_revenue_is_earned_to_the_cent() {
+    let mut b = books();
+    // Three months of a subscription collected up front.
+    post(&mut b.l, d(1, 5), b.cash, b.deferred, "1000");
+    let id =
+        b.l.register_schedule(NewSchedule {
+            description: "Quarterly plan, Acme".into(),
+            kind: ScheduleKind::DeferredRevenue,
+            total: usd("1000"),
+            start: d(1, 5),
+            months: 3,
+            balance_account: b.deferred,
+            pl_account: b.revenue,
+        })
+        .unwrap();
+    let plan: Vec<Decimal> =
+        b.l.get_schedule(id)
+            .unwrap()
+            .due(d(12, 31))
+            .into_iter()
+            .map(|(_, a)| a)
+            .collect();
+    assert_eq!(plan, [dec("333.33"), dec("333.33"), dec("333.34")]);
+    for (m, _) in b.l.get_schedule(id).unwrap().due(d(12, 31)) {
+        b.l.post_schedule_month(id, m).unwrap();
+    }
+    let pl = profit_and_loss_for_period(&b.l, d(1, 1), d(3, 31), None).unwrap();
+    assert_eq!(pl.total_revenue, dec("1000"));
+    let bs = balance_sheet_as_of(&b.l, d(3, 31)).unwrap();
+    assert!(bs.liabilities.is_empty(), "fully earned");
+}
+
+#[test]
+fn schedules_respect_closed_periods_and_account_types() {
+    let mut b = books();
+    let jan = b.l.create_period("2026-01", d(1, 1), d(1, 31)).unwrap();
+    b.l.close_period(jan).unwrap();
+    let id =
+        b.l.register_schedule(NewSchedule {
+            description: "Insurance".into(),
+            kind: ScheduleKind::PrepaidExpense,
+            total: usd("120"),
+            start: d(1, 1),
+            months: 12,
+            balance_account: b.prepaid,
+            pl_account: b.insurance,
+        })
+        .unwrap();
+    assert!(matches!(
+        b.l.post_schedule_month(id, d(1, 31)),
+        Err(LedgerError::ClosedPeriod(..))
+    ));
+    b.l.post_schedule_month(id, d(2, 28)).unwrap();
+    // A prepaid schedule needs an asset and an expense, not a liability.
+    let bad = b.l.register_schedule(NewSchedule {
+        description: "x".into(),
+        kind: ScheduleKind::PrepaidExpense,
+        total: usd("120"),
+        start: d(1, 1),
+        months: 12,
+        balance_account: b.deferred,
+        pl_account: b.insurance,
+    });
+    assert!(matches!(bad, Err(LedgerError::InvalidSchedule(_))));
+}
+
+#[test]
+fn recurring_entries_generate_drafts_never_posts() {
+    let mut b = books();
+    let id =
+        b.l.register_recurring(NewRecurring {
+            description: "Office rent".into(),
+            lines: vec![
+                (b.rent, Side::Debit, usd("2000")),
+                (b.cash, Side::Credit, usd("2000")),
+            ],
+            frequency: Frequency::Monthly,
+            start: d(1, 31),
+            end: Some(d(4, 30)),
+        })
+        .unwrap();
+    // Through March: Jan 31, Feb 28, Mar 31 (month ends, no drift).
+    let due = b.l.recurring_entries().next().unwrap().due(d(3, 31));
+    assert_eq!(due, [d(1, 31), d(2, 28), d(3, 31)]);
+    let drafts: Vec<_> = due
+        .iter()
+        .map(|date| b.l.generate_recurring(id, *date).unwrap())
+        .collect();
+    for e in &drafts {
+        assert_eq!(b.l.get_entry(*e).unwrap().status(), EntryStatus::Draft);
+    }
+    // Drafts don't touch the books until posted.
+    let q1 = profit_and_loss_for_period(&b.l, d(1, 1), d(3, 31), None).unwrap();
+    assert_eq!(q1.total_expenses, Decimal::ZERO);
+    b.l.post_entry(drafts[1]).unwrap();
+    let feb = profit_and_loss_for_period(&b.l, d(2, 1), d(2, 28), None).unwrap();
+    assert_eq!(feb.total_expenses, dec("2000"));
+    // Never twice; nothing after the end date.
+    assert!(matches!(
+        b.l.generate_recurring(id, d(2, 28)),
+        Err(LedgerError::InvalidSchedule(_))
+    ));
+    assert_eq!(
+        b.l.recurring_entries().next().unwrap().due(d(12, 31)),
+        [d(4, 30)]
+    );
+    // Templates must balance.
+    let bad = b.l.register_recurring(NewRecurring {
+        description: "x".into(),
+        lines: vec![
+            (b.rent, Side::Debit, usd("2000")),
+            (b.cash, Side::Credit, usd("1999")),
+        ],
+        frequency: Frequency::Monthly,
+        start: d(1, 1),
+        end: None,
+    });
+    assert!(matches!(bad, Err(LedgerError::InvalidSchedule(_))));
+    let _ = b.revenue;
+}

crates/ledger-core/tests/statements.rs

@@ -0,0 +1,890 @@
+//! Period-scoped financial statements: profit and loss for a date range and
+//! the balance sheet as of a date, line per account.
+//!
+//! Every expected number below is computed by hand from the entries, not
+//! read off the engine. The fixture is two months of a small company:
+//!
+//! | date   | entry                         | Dr            | Cr            |
+//! |--------|-------------------------------|---------------|---------------|
+//! | Jan 2  | owner contributes 10,000      | 1000 Cash     | 3000 Capital  |
+//! | Jan 15 | client pays 2,500             | 1000 Cash     | 4000 Revenue  |
+//! | Jan 20 | rent 800                      | 6100 Rent     | 1000 Cash     |
+//! | Feb 3  | software 120 on the card      | 6000 Software | 2000 Card     |
+//! | Feb 10 | client pays 1,000             | 1000 Cash     | 4000 Revenue  |
+//! | Feb 25 | pay the card 120              | 2000 Card     | 1000 Cash     |
+
+use chrono::NaiveDate;
+use ledger_core::reports::{
+    balance_sheet, balance_sheet_as_of, profit_and_loss, profit_and_loss_for_period,
+};
+use ledger_core::{
+    AccountId, AccountType, CashFlowParams, ClassId, Currency, Ledger, LedgerError, MemberCapital,
+    Money, Side, StatementLine, cash_flow, general_ledger, members_equity, trial_balance_as_of,
+};
+use rust_decimal::Decimal;
+use std::str::FromStr;
+
+fn d(m: u32, day: u32) -> NaiveDate {
+    NaiveDate::from_ymd_opt(2026, m, day).unwrap()
+}
+
+fn usd(n: i64) -> Money {
+    Money::new(Decimal::from(n), Currency::USD)
+}
+
+fn dec(n: i64) -> Decimal {
+    Decimal::from(n)
+}
+
+struct Books {
+    ledger: Ledger,
+    cash: AccountId,
+    software_class: ClassId,
+}
+
+fn post(ledger: &mut Ledger, date: NaiveDate, desc: &str, dr: AccountId, cr: AccountId, n: i64) {
+    let e = ledger.create_entry(date, desc);
+    ledger.add_line(e, dr, Side::Debit, usd(n)).unwrap();
+    ledger.add_line(e, cr, Side::Credit, usd(n)).unwrap();
+    ledger.post_entry(e).unwrap();
+}
+
+/// The fixture. With `close_january`, January is closed before any February
+/// entry exists (the close sweeps every revenue and expense balance).
+fn books(close_january: bool) -> Books {
+    let mut l = Ledger::new(Currency::USD);
+    let cash = l
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let card = l
+        .add_account("2000", "Card", AccountType::Liability, None, false)
+        .unwrap();
+    let capital = l
+        .add_account("3000", "Capital", AccountType::Equity, None, false)
+        .unwrap();
+    let revenue = l
+        .add_account("4000", "Revenue", AccountType::Revenue, None, false)
+        .unwrap();
+    let software = l
+        .add_account("6000", "Software", AccountType::Expense, None, false)
+        .unwrap();
+    let rent = l
+        .add_account("6100", "Rent", AccountType::Expense, None, false)
+        .unwrap();
+    let software_class = l.add_class("Apps").unwrap();
+
+    post(&mut l, d(1, 2), "Owner contribution", cash, capital, 10_000);
+    post(&mut l, d(1, 15), "Client payment", cash, revenue, 2_500);
+    post(&mut l, d(1, 20), "Rent", rent, cash, 800);
+    if close_january {
+        let jan = l.create_period("2026-01", d(1, 1), d(1, 31)).unwrap();
+        l.close_period(jan).unwrap();
+    }
+    // Software on the card, tagged to the Apps class.
+    let e = l.create_entry(d(2, 3), "Software");
+    l.add_line(e, software, Side::Debit, usd(120)).unwrap();
+    l.add_line(e, card, Side::Credit, usd(120)).unwrap();
+    l.set_line_class(e, 0, Some(software_class)).unwrap();
+    l.post_entry(e).unwrap();
+    post(&mut l, d(2, 10), "Client payment", cash, revenue, 1_000);
+    post(&mut l, d(2, 25), "Pay card", card, cash, 120);
+    Books {
+        ledger: l,
+        cash,
+        software_class,
+    }
+}
+
+fn line(code: &str, name: &str, n: i64) -> StatementLine {
+    StatementLine {
+        code: code.to_string(),
+        name: name.to_string(),
+        amount: dec(n),
+    }
+}
+
+#[test]
+fn profit_and_loss_is_scoped_to_the_period() {
+    let b = books(false);
+    let jan = profit_and_loss_for_period(&b.ledger, d(1, 1), d(1, 31), None).unwrap();
+    assert_eq!(jan.revenue, vec![line("4000", "Revenue", 2_500)]);
+    assert_eq!(jan.expenses, vec![line("6100", "Rent", 800)]);
+    assert_eq!(jan.net_income(), dec(1_700));
+
+    let feb = profit_and_loss_for_period(&b.ledger, d(2, 1), d(2, 28), None).unwrap();
+    assert_eq!(feb.revenue, vec![line("4000", "Revenue", 1_000)]);
+    assert_eq!(feb.expenses, vec![line("6000", "Software", 120)]);
+    assert_eq!(feb.net_income(), dec(880));
+
+    // Both months: 3,500 revenue, 920 expenses, lines sorted by code.
+    let both = profit_and_loss_for_period(&b.ledger, d(1, 1), d(2, 28), None).unwrap();
+    assert_eq!(
+        both.expenses,
+        vec![line("6000", "Software", 120), line("6100", "Rent", 800)]
+    );
+    assert_eq!(
+        (both.total_revenue, both.total_expenses),
+        (dec(3_500), dec(920))
+    );
+    // ... which is the life-of-ledger P&L, because nothing is outside it.
+    let all = profit_and_loss(&b.ledger).unwrap();
+    assert_eq!((all.revenue, all.expenses), (dec(3_500), dec(920)));
+
+    // One class: only the tagged software line.
+    let apps =
+        profit_and_loss_for_period(&b.ledger, d(1, 1), d(12, 31), Some(b.software_class)).unwrap();
+    assert!(apps.revenue.is_empty());
+    assert_eq!(apps.expenses, vec![line("6000", "Software", 120)]);
+
+    // A backwards range is rejected, not silently empty.
+    assert!(profit_and_loss_for_period(&b.ledger, d(2, 1), d(1, 1), None).is_err());
+}
+
+#[test]
+fn balance_sheet_is_as_of_the_date() {
+    let b = books(false);
+    // Before anything happened: empty and balanced.
+    let start = balance_sheet_as_of(&b.ledger, d(1, 1)).unwrap();
+    assert!(start.assets.is_empty() && start.equity.is_empty());
+    assert!(start.balanced());
+
+    // Jan 31: cash 10,000 + 2,500 − 800 = 11,700; equity 10,000 + 1,700.
+    let jan = balance_sheet_as_of(&b.ledger, d(1, 31)).unwrap();
+    assert_eq!(jan.assets, vec![line("1000", "Cash", 11_700)]);
+    assert!(jan.liabilities.is_empty());
+    assert_eq!(jan.equity, vec![line("3000", "Capital", 10_000)]);
+    assert_eq!(jan.current_earnings, dec(1_700));
+    assert_eq!(jan.total_equity, dec(11_700));
+    assert!(jan.balanced());
+
+    // Feb 15: cash 12,700; the card owes 120; earnings 1,700 + 880.
+    let mid = balance_sheet_as_of(&b.ledger, d(2, 15)).unwrap();
+    assert_eq!(mid.total_assets, dec(12_700));
+    assert_eq!(mid.liabilities, vec![line("2000", "Card", 120)]);
+    assert_eq!(mid.current_earnings, dec(2_580));
+    assert_eq!(mid.total_liabilities + mid.total_equity, dec(12_700));
+
+    // Feb 28: card paid off, so it drops off the statement.
+    let end = balance_sheet_as_of(&b.ledger, d(2, 28)).unwrap();
+    assert_eq!(end.total_assets, dec(12_580));
+    assert!(end.liabilities.is_empty());
+    assert!(end.balanced());
+    // ... and agrees with the life-of-ledger balance sheet.
+    let all = balance_sheet(&b.ledger).unwrap();
+    assert_eq!(
+        (all.assets, all.liabilities, all.equity),
+        (end.total_assets, end.total_liabilities, end.total_equity)
+    );
+}
+
+#[test]
+fn a_closed_period_still_reports_its_earnings() {
+    let b = books(true);
+    // The close posted Dr 4000 2,500 / Cr 6100 800 / Cr 3999 1,700 on Jan
+    // 31. The January P&L must not count it: January earned 1,700.
+    let jan = profit_and_loss_for_period(&b.ledger, d(1, 1), d(1, 31), None).unwrap();
+    assert_eq!(jan.net_income(), dec(1_700));
+    assert_eq!(jan.revenue, vec![line("4000", "Revenue", 2_500)]);
+    let feb = profit_and_loss_for_period(&b.ledger, d(2, 1), d(2, 28), None).unwrap();
+    assert_eq!(feb.net_income(), dec(880));
+
+    // After the close, January's earnings sit in retained earnings, not in
+    // current earnings; February's are current.
+    let jan_bs = balance_sheet_as_of(&b.ledger, d(1, 31)).unwrap();
+    assert_eq!(
+        jan_bs.equity,
+        vec![
+            line("3000", "Capital", 10_000),
+            line("3999", "Retained Earnings", 1_700)
+        ]
+    );
+    assert_eq!(jan_bs.current_earnings, Decimal::ZERO);
+    assert!(jan_bs.balanced());
+    let feb_bs = balance_sheet_as_of(&b.ledger, d(2, 28)).unwrap();
+    assert_eq!(feb_bs.current_earnings, dec(880));
+    assert_eq!(feb_bs.total_equity, dec(12_580));
+    assert!(feb_bs.balanced());
+
+    // The cash flow for January: net income 1,700, and the only financing
+    // flow is the owner's 10,000. The close is not an owner contribution.
+    let cf = cash_flow(
+        &b.ledger,
+        &CashFlowParams {
+            start: d(1, 1),
+            end: d(1, 31),
+            cash_accounts: vec![b.cash],
+            financing_accounts: vec![],
+        },
+    )
+    .unwrap();
+    assert_eq!(cf.net_income, dec(1_700));
+    assert_eq!(cf.financing.len(), 1);
+    assert_eq!(cf.cash_from_financing, dec(10_000));
+    assert_eq!(cf.net_change_in_cash, dec(11_700));
+}
+
+/// Cash flow lines come out in account-code order, every time. (The chart
+/// iterates in hash order; the statement must not.)
+#[test]
+fn cash_flow_lines_are_in_code_order() {
+    for _ in 0..20 {
+        let mut l = Ledger::new(Currency::USD);
+        let cash = l
+            .add_account("1000", "Cash", AccountType::Asset, None, false)
+            .unwrap();
+        let mut owners = Vec::new();
+        for code in ["3005", "3001", "3009", "3000", "3003"] {
+            owners.push(
+                l.add_account(code, code, AccountType::Equity, None, false)
+                    .unwrap(),
+            );
+        }
+        for o in &owners {
+            post(&mut l, d(3, 1), "Contribution", cash, *o, 100);
+        }
+        let cf = cash_flow(
+            &l,
+            &CashFlowParams {
+                start: d(1, 1),
+                end: d(12, 31),
+                cash_accounts: vec![cash],
+                financing_accounts: vec![],
+            },
+        )
+        .unwrap();
+        // Labels read "Owner contributions — 3000 3000" (code, then name).
+        let codes: Vec<&str> = cf
+            .financing
+            .iter()
+            .map(|f| f.label.rsplit(' ').next().unwrap())
+            .collect();
+        assert_eq!(
+            codes,
+            ["3000", "3001", "3003", "3005", "3009"],
+            "{:?}",
+            cf.financing
+        );
+    }
+}
+
+fn cents(s: &str) -> Decimal {
+    Decimal::from_str(s).unwrap()
+}
+
+#[test]
+fn trial_balance_is_as_of_the_date() {
+    let b = books(false);
+    // Jan 31: Dr cash 11,700 and rent 800; Cr capital 10,000 and revenue 2,500.
+    let tb = trial_balance_as_of(&b.ledger, d(1, 31));
+    let rows: Vec<(&str, Decimal, Decimal)> = tb
+        .lines
+        .iter()
+        .map(|l| (l.code.as_str(), l.debit, l.credit))
+        .collect();
+    assert_eq!(
+        rows,
+        [
+            ("1000", dec(11_700), dec(0)),
+            ("3000", dec(0), dec(10_000)),
+            ("4000", dec(0), dec(2_500)),
+            ("6100", dec(800), dec(0)),
+        ]
+    );
+    assert_eq!(
+        (tb.total_debits, tb.total_credits),
+        (dec(12_500), dec(12_500))
+    );
+}
+
+#[test]
+fn general_ledger_runs_balances_by_account() {
+    let b = books(false);
+    let gl = general_ledger(&b.ledger, d(2, 1), d(2, 28)).unwrap();
+    let codes: Vec<&str> = gl.accounts.iter().map(|a| a.code.as_str()).collect();
+    // Every account with a beginning balance or February activity, by code.
+    assert_eq!(codes, ["1000", "2000", "3000", "4000", "6000", "6100"]);
+
+    let cash = &gl.accounts[0];
+    assert_eq!(cash.beginning_balance, dec(11_700));
+    let p: Vec<(Decimal, Decimal, &str, Decimal)> = cash
+        .postings
+        .iter()
+        .map(|p| (p.debit, p.credit, p.split.as_str(), p.balance))
+        .collect();
+    assert_eq!(
+        p,
+        [
+            (dec(1_000), dec(0), "4000 Revenue", dec(12_700)),
+            (dec(0), dec(120), "2000 Card", dec(12_580)),
+        ]
+    );
+    assert_eq!(cash.ending_balance, dec(12_580));
+
+    // The card: borrowed 120, paid 120, back to zero (credit-normal).
+    let card = &gl.accounts[1];
+    assert_eq!(card.beginning_balance, dec(0));
+    assert_eq!(card.postings[0].balance, dec(120));
+    assert_eq!(card.ending_balance, dec(0));
+    // Capital: no February activity, still listed with its balance.
+    assert!(gl.accounts[2].postings.is_empty());
+    assert_eq!(gl.accounts[2].ending_balance, dec(10_000));
+
+    // Every ending balance ties to the trial balance as of the end.
+    let tb = trial_balance_as_of(&b.ledger, d(2, 28));
+    for a in &gl.accounts {
+        let tb_line = tb.lines.iter().find(|l| l.code == a.code);
+        let tb_amount = tb_line.map_or(Decimal::ZERO, |l| l.debit - l.credit);
+        let normal = match a.account_type {
+            AccountType::Asset | AccountType::Expense => a.ending_balance,
+            _ => -a.ending_balance,
+        };
+        assert_eq!(tb_amount, normal, "account {}", a.code);
+    }
+}
+
+#[test]
+fn general_ledger_marks_compound_entries_as_split() {
+    let mut l = Ledger::new(Currency::USD);
+    let cash = l
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let card = l
+        .add_account("2000", "Card", AccountType::Liability, None, false)
+        .unwrap();
+    let soft = l
+        .add_account("6000", "Software", AccountType::Expense, None, false)
+        .unwrap();
+    // Dr software 100 / Cr cash 60 / Cr card 40: one debit, split credits.
+    let e = l.create_entry(d(3, 1), "Annual license, paid two ways");
+    l.add_line(e, soft, Side::Debit, usd(100)).unwrap();
+    l.add_line(e, cash, Side::Credit, usd(60)).unwrap();
+    l.add_line(e, card, Side::Credit, usd(40)).unwrap();
+    l.post_entry(e).unwrap();
+    let gl = general_ledger(&l, d(1, 1), d(12, 31)).unwrap();
+    let split_of = |code: &str| {
+        let a = gl.accounts.iter().find(|a| a.code == code).unwrap();
+        (a.postings[0].split.clone(), a.postings[0].entry_id)
+    };
+    // The debit side has two other accounts; each credit has one.
+    assert_eq!(split_of("6000"), ("-Split-".to_string(), e));
+    assert_eq!(split_of("1000"), ("6000 Software".to_string(), e));
+    assert_eq!(split_of("2000"), ("6000 Software".to_string(), e));
+}
+
+/// Two members, 50/50: Alice and Bob. January: Alice puts in 600, Bob 400;
+/// revenue 1,000; expense 333.33, so net income 666.67, which doesn't split
+/// evenly. February: Bob takes a 100 distribution; revenue 100.01.
+fn partnership(close_january: bool) -> (Ledger, Vec<MemberCapital>) {
+    let mut l = Ledger::new(Currency::USD);
+    let cash = l
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let alice = l
+        .add_account("3000", "Capital — Alice", AccountType::Equity, None, false)
+        .unwrap();
+    let bob = l
+        .add_account("3001", "Capital — Bob", AccountType::Equity, None, false)
+        .unwrap();
+    let rev = l
+        .add_account("4000", "Revenue", AccountType::Revenue, None, false)
+        .unwrap();
+    let exp = l
+        .add_account("6000", "Expense", AccountType::Expense, None, false)
+        .unwrap();
+    let money = |s: &str| Money::new(cents(s), Currency::USD);
+    let post = |l: &mut Ledger, date, dr, cr, amt: &str| {
+        let e = l.create_entry(date, "x");
+        l.add_line(e, dr, Side::Debit, money(amt)).unwrap();
+        l.add_line(e, cr, Side::Credit, money(amt)).unwrap();
+        l.post_entry(e).unwrap();
+    };
+    post(&mut l, d(1, 2), cash, alice, "600");
+    post(&mut l, d(1, 2), cash, bob, "400");
+    post(&mut l, d(1, 10), cash, rev, "1000");
+    post(&mut l, d(1, 20), exp, cash, "333.33");
+    if close_january {
+        let jan = l.create_period("2026-01", d(1, 1), d(1, 31)).unwrap();
+        l.close_period(jan).unwrap();
+    }
+    post(&mut l, d(2, 5), bob, cash, "100");
+    post(&mut l, d(2, 9), cash, rev, "100.01");
+    let half = cents("0.5");
+    let members = vec![
+        MemberCapital {
+            name: "Alice".into(),
+            capital_account: alice,
+            distribution_account: None,
+            share: half,
+        },
+        MemberCapital {
+            name: "Bob".into(),
+            capital_account: bob,
+            distribution_account: None,
+            share: half,
+        },
+    ];
+    (l, members)
+}
+
+#[test]
+fn members_equity_rolls_capital_forward_and_ties_to_the_balance_sheet() {
+    for close in [false, true] {
+        let (l, members) = partnership(close);
+        // January: 666.67 splits 333.34 / 333.33 (half a cent rounds up for
+        // Alice; Bob gets the remainder so the total is exact).
+        let jan = members_equity(&l, d(1, 1), d(1, 31), &members).unwrap();
+        let row = |c: &ledger_core::MemberEquityColumn| {
+            (
+                c.beginning,
+                c.contributions,
+                c.net_income,
+                c.distributions,
+                c.ending,
+            )
+        };
+        assert_eq!(
+            row(&jan.members[0]),
+            (
+                cents("0"),
+                cents("600"),
+                cents("333.34"),
+                cents("0"),
+                cents("933.34")
+            )
+        );
+        assert_eq!(
+            row(&jan.members[1]),
+            (
+                cents("0"),
+                cents("400"),
+                cents("333.33"),
+                cents("0"),
+                cents("733.33")
+            )
+        );
+        assert_eq!(jan.total.ending, cents("1666.67"));
+        assert_eq!(
+            jan.total.ending,
+            balance_sheet_as_of(&l, d(1, 31)).unwrap().total_equity
+        );
+
+        // February begins where January ended, whether or not January was
+        // closed to retained earnings. 100.01 splits 50.01 / 50.00.
+        let feb = members_equity(&l, d(2, 1), d(2, 28), &members).unwrap();
+        assert_eq!(
+            row(&feb.members[0]),
+            (
+                cents("933.34"),
+                cents("0"),
+                cents("50.01"),
+                cents("0"),
+                cents("983.35")
+            )
+        );
+        assert_eq!(
+            row(&feb.members[1]),
+            (
+                cents("733.33"),
+                cents("0"),
+                cents("50.00"),
+                cents("100"),
+                cents("683.33")
+            )
+        );
+        assert_eq!(feb.total.ending, cents("1666.68"));
+        assert_eq!(
+            feb.total.ending,
+            balance_sheet_as_of(&l, d(2, 28)).unwrap().total_equity
+        );
+        assert!(
+            feb.members.iter().all(|m| m.other.is_zero()),
+            "close={close}"
+        );
+    }
+}
+
+#[test]
+fn members_must_be_configured_correctly() {
+    let (l, mut members) = partnership(false);
+    members[1].share = cents("0.4");
+    assert!(matches!(
+        members_equity(&l, d(1, 1), d(1, 31), &members),
+        Err(LedgerError::InvalidMembers(_))
+    ));
+    members[1].share = cents("0.5");
+    members[1].capital_account = members[0].capital_account;
+    assert!(matches!(
+        members_equity(&l, d(1, 1), d(1, 31), &members),
+        Err(LedgerError::InvalidMembers(_))
+    ));
+}
+
+#[test]
+fn cash_flow_lines_name_their_account() {
+    let (l, _) = partnership(false);
+    let cf = cash_flow(
+        &l,
+        &CashFlowParams {
+            start: d(1, 1),
+            end: d(12, 31),
+            cash_accounts: vec![1],
+            financing_accounts: vec![],
+        },
+    )
+    .unwrap();
+    let accounts: Vec<Option<&str>> = cf.financing.iter().map(|f| f.account.as_deref()).collect();
+    assert_eq!(accounts, [Some("3000"), Some("3001")]);
+}
+
+#[test]
+fn a_close_sweeps_only_through_the_period_end() {
+    // February is already posted when January closes: the close must take
+    // January's 2,500 revenue and 800 rent (net 1,700) and leave
+    // February's 1,000 revenue and 120 software open.
+    let mut b = books(false);
+    let jan = b
+        .ledger
+        .create_period("2026-01", d(1, 1), d(1, 31))
+        .unwrap();
+    let closing = b.ledger.close_period(jan).unwrap().unwrap();
+    let lines: Vec<(String, Side, Decimal)> = b
+        .ledger
+        .get_entry(closing)
+        .unwrap()
+        .lines()
+        .iter()
+        .map(|l| {
+            (
+                b.ledger.chart().get(l.account).unwrap().code.clone(),
+                l.side,
+                l.amount.amount,
+            )
+        })
+        .collect();
+    assert_eq!(
+        lines,
+        [
+            ("4000".to_string(), Side::Debit, dec(2_500)),
+            ("6100".to_string(), Side::Credit, dec(800)),
+            ("3999".to_string(), Side::Credit, dec(1_700)),
+        ]
+    );
+    let feb = profit_and_loss_for_period(&b.ledger, d(2, 1), d(2, 28), None).unwrap();
+    assert_eq!(feb.net_income(), dec(880));
+    let bs = balance_sheet_as_of(&b.ledger, d(2, 28)).unwrap();
+    assert_eq!(bs.current_earnings, dec(880));
+    assert_eq!(
+        bs.equity.last().unwrap(),
+        &line("3999", "Retained Earnings", 1_700)
+    );
+    assert!(bs.balanced());
+}
+
+#[test]
+fn periods_close_in_order() {
+    let mut b = books(false);
+    let jan = b
+        .ledger
+        .create_period("2026-01", d(1, 1), d(1, 31))
+        .unwrap();
+    let feb = b
+        .ledger
+        .create_period("2026-02", d(2, 1), d(2, 28))
+        .unwrap();
+    b.ledger.close_period(feb).unwrap();
+    // February swept everything through Feb 28, January included.
+    assert!(matches!(
+        b.ledger.close_period(jan),
+        Err(LedgerError::CloseOutOfOrder(j, f)) if j == jan && f == feb
+    ));
+}
+
+#[test]
+fn a_partnership_closes_into_members_capital() {
+    let (mut l, members) = partnership(false);
+    let to = ledger_core::CloseTo::Members(
+        members
+            .iter()
+            .map(|m| ledger_core::MemberClose {
+                capital: m.capital_account,
+                share: m.share,
+                distributions: None,
+            })
+            .collect(),
+    );
+    let jan = l.create_period("2026-01", d(1, 1), d(1, 31)).unwrap();
+    l.close_period_to(jan, &to).unwrap();
+    // January earned 666.67: Alice's capital gets 333.34, Bob's 333.33,
+    // and there is no Retained Earnings account at all.
+    assert!(l.chart().find_by_code("3999").is_none());
+    let bs = balance_sheet_as_of(&l, d(1, 31)).unwrap();
+    let capital: Vec<Decimal> = bs.equity.iter().map(|e| e.amount).collect();
+    assert_eq!(capital, [cents("933.34"), cents("733.33")]);
+    assert_eq!(bs.current_earnings, Decimal::ZERO);
+
+    // The statement still reads: contributions are contributions (the
+    // close is income, not a contribution), and February starts where
+    // January ended.
+    let row = |c: &ledger_core::MemberEquityColumn| {
+        (
+            c.beginning,
+            c.contributions,
+            c.net_income,
+            c.distributions,
+            c.ending,
+        )
+    };
+    let jan_me = members_equity(&l, d(1, 1), d(1, 31), &members).unwrap();
+    assert_eq!(
+        row(&jan_me.members[0]),
+        (
+            cents("0"),
+            cents("600"),
+            cents("333.34"),
+            cents("0"),
+            cents("933.34")
+        )
+    );
+    assert_eq!(
+        row(&jan_me.members[1]),
+        (
+            cents("0"),
+            cents("400"),
+            cents("333.33"),
+            cents("0"),
+            cents("733.33")
+        )
+    );
+    let feb_me = members_equity(&l, d(2, 1), d(2, 28), &members).unwrap();
+    assert_eq!(feb_me.members[0].beginning, cents("933.34"));
+    assert_eq!(feb_me.members[1].ending, cents("683.33"));
+    assert_eq!(
+        feb_me.total.ending,
+        balance_sheet_as_of(&l, d(2, 28)).unwrap().total_equity
+    );
+
+    // Shares must still add up.
+    let feb = l.create_period("2026-02", d(2, 1), d(2, 28)).unwrap();
+    let bad = ledger_core::CloseTo::Members(vec![ledger_core::MemberClose {
+        capital: members[0].capital_account,
+        share: cents("0.5"),
+        distributions: None,
+    }]);
+    assert!(matches!(
+        l.close_period_to(feb, &bad),
+        Err(LedgerError::InvalidMembers(_))
+    ));
+}
+
+fn entry_lines(l: &Ledger, id: ledger_core::EntryId) -> Vec<(String, Side, Decimal)> {
+    l.get_entry(id)
+        .unwrap()
+        .lines()
+        .iter()
+        .map(|x| {
+            (
+                l.chart().get(x.account).unwrap().code.clone(),
+                x.side,
+                x.amount.amount,
+            )
+        })
+        .collect()
+}
+
+#[test]
+fn a_sole_proprietor_closes_net_income_and_draws_into_capital() {
+    let mut l = Ledger::new(Currency::USD);
+    let cash = l
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let capital = l
+        .add_account("3000", "Owner's Capital", AccountType::Equity, None, false)
+        .unwrap();
+    let draws = l
+        .add_account("3100", "Owner's Draws", AccountType::Equity, None, false)
+        .unwrap();
+    let sales = l
+        .add_account("4000", "Sales", AccountType::Revenue, None, false)
+        .unwrap();
+    let rent = l
+        .add_account("6000", "Rent", AccountType::Expense, None, false)
+        .unwrap();
+    post(&mut l, d(1, 2), "Owner invests", cash, capital, 5_000);
+    post(&mut l, d(1, 10), "Sales", cash, sales, 3_000);
+    post(&mut l, d(1, 15), "Rent", rent, cash, 1_000);
+    post(&mut l, d(1, 20), "Owner draw", draws, cash, 500);
+    let jan = l.create_period("2026-01", d(1, 1), d(1, 31)).unwrap();
+    let to = ledger_core::CloseTo::Account {
+        into: capital,
+        sweep: vec![draws],
+    };
+    let closing = l.close_period_to(jan, &to).unwrap().unwrap();
+    // Net 2,000 to capital; the 500 of draws zeroed into capital.
+    assert_eq!(
+        entry_lines(&l, closing),
+        [
+            ("4000".to_string(), Side::Debit, dec(3_000)),
+            ("6000".to_string(), Side::Credit, dec(1_000)),
+            ("3000".to_string(), Side::Credit, dec(2_000)),
+            ("3100".to_string(), Side::Credit, dec(500)),
+            ("3000".to_string(), Side::Debit, dec(500)),
+        ]
+    );
+    let bs = balance_sheet_as_of(&l, d(1, 31)).unwrap();
+    // 5,000 + 2,000 − 500 = 6,500, which is exactly the cash.
+    assert_eq!(bs.equity, vec![line("3000", "Owner's Capital", 6_500)]);
+    assert_eq!(bs.total_assets, dec(6_500));
+    assert_eq!(bs.current_earnings, Decimal::ZERO);
+}
+
+#[test]
+fn a_corporation_closes_dividends_into_retained_earnings() {
+    let mut l = Ledger::new(Currency::USD);
+    let cash = l
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let stock = l
+        .add_account("3000", "Common Stock", AccountType::Equity, None, false)
+        .unwrap();
+    let dividends = l
+        .add_account("3200", "Dividends Paid", AccountType::Equity, None, false)
+        .unwrap();
+    let sales = l
+        .add_account("4000", "Sales", AccountType::Revenue, None, false)
+        .unwrap();
+    post(&mut l, d(1, 2), "Stock issued", cash, stock, 1_000);
+    post(&mut l, d(1, 10), "Sales", cash, sales, 900);
+    post(&mut l, d(1, 25), "Dividend", dividends, cash, 300);
+    let jan = l.create_period("2026-01", d(1, 1), d(1, 31)).unwrap();
+    let to = ledger_core::CloseTo::RetainedEarnings {
+        sweep: vec![dividends],
+    };
+    l.close_period_to(jan, &to).unwrap();
+    let bs = balance_sheet_as_of(&l, d(1, 31)).unwrap();
+    // Retained earnings: 900 earned − 300 paid out.
+    assert_eq!(
+        bs.equity,
+        vec![
+            line("3000", "Common Stock", 1_000),
+            line("3999", "Retained Earnings", 600)
+        ]
+    );
+    assert!(bs.balanced());
+}
+
+#[test]
+fn partner_distribution_accounts_roll_into_capital() {
+    let mut l = Ledger::new(Currency::USD);
+    let cash = l
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let cap_a = l
+        .add_account("3000", "Capital — Alice", AccountType::Equity, None, false)
+        .unwrap();
+    let cap_b = l
+        .add_account("3001", "Capital — Bob", AccountType::Equity, None, false)
+        .unwrap();
+    let dist_a = l
+        .add_account(
+            "3100",
+            "Distributions — Alice",
+            AccountType::Equity,
+            None,
+            false,
+        )
+        .unwrap();
+    let dist_b = l
+        .add_account(
+            "3101",
+            "Distributions — Bob",
+            AccountType::Equity,
+            None,
+            false,
+        )
+        .unwrap();
+    let sales = l
+        .add_account("4000", "Sales", AccountType::Revenue, None, false)
+        .unwrap();
+    post(&mut l, d(1, 2), "Alice invests", cash, cap_a, 100);
+    post(&mut l, d(1, 2), "Bob invests", cash, cap_b, 100);
+    post(&mut l, d(1, 10), "Sales", cash, sales, 50);
+    post(&mut l, d(1, 20), "Bob's distribution", dist_b, cash, 20);
+    let half = cents("0.5");
+    let members = vec![
+        MemberCapital {
+            name: "Alice".into(),
+            capital_account: cap_a,
+            distribution_account: Some(dist_a),
+            share: half,
+        },
+        MemberCapital {
+            name: "Bob".into(),
+            capital_account: cap_b,
+            distribution_account: Some(dist_b),
+            share: half,
+        },
+    ];
+    // January: Bob's distribution comes from his distributions account.
+    let jan_me = members_equity(&l, d(1, 1), d(1, 31), &members).unwrap();
+    let row = |c: &ledger_core::MemberEquityColumn| {
+        (c.contributions, c.net_income, c.distributions, c.ending)
+    };
+    assert_eq!(
+        row(&jan_me.members[0]),
+        (dec(100), dec(25), dec(0), dec(125))
+    );
+    assert_eq!(
+        row(&jan_me.members[1]),
+        (dec(100), dec(25), dec(20), dec(105))
+    );
+    assert_eq!(
+        jan_me.total.ending,
+        balance_sheet_as_of(&l, d(1, 31)).unwrap().total_equity
+    );
+
+    // The close sweeps Bob's distributions into his capital.
+    let jan = l.create_period("2026-01", d(1, 1), d(1, 31)).unwrap();
+    let to = ledger_core::CloseTo::Members(
+        members
+            .iter()
+            .map(|m| ledger_core::MemberClose {
+                capital: m.capital_account,
+                share: m.share,
+                distributions: m.distribution_account,
+            })
+            .collect(),
+    );
+    l.close_period_to(jan, &to).unwrap();
+    let bs = balance_sheet_as_of(&l, d(1, 31)).unwrap();
+    assert_eq!(
+        bs.equity,
+        vec![
+            line("3000", "Capital — Alice", 125),
+            line("3001", "Capital — Bob", 105)
+        ]
+    );
+    // February starts there.
+    let feb_me = members_equity(&l, d(2, 1), d(2, 28), &members).unwrap();
+    assert_eq!(
+        (feb_me.members[0].beginning, feb_me.members[1].beginning),
+        (dec(125), dec(105))
+    );
+
+    // A sweep account must be equity.
+    let mut l2 = Ledger::new(Currency::USD);
+    let c = l2
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let e = l2
+        .add_account("3000", "Capital", AccountType::Equity, None, false)
+        .unwrap();
+    let p = l2.create_period("2026-01", d(1, 1), d(1, 31)).unwrap();
+    let bad = ledger_core::CloseTo::Account {
+        into: e,
+        sweep: vec![c],
+    };
+    assert!(matches!(
+        l2.close_period_to(p, &bad),
+        Err(LedgerError::InvalidMembers(_))
+    ));
+}

crates/ledger-core/tests/tax.rs

@@ -0,0 +1,230 @@
+//! Tax categories and the tax summary. Expected numbers computed by hand.
+//!
+//! The fixture: a partnership's first quarter.
+//!
+//! | account               | category              | % | book    | deductible |
+//! |-----------------------|-----------------------|---|---------|------------|
+//! | 4000 Sales            | gross_receipts        |   | 10,000  | 10,000     |
+//! | 4100 Refunds (exp.)   | returns_allowances    |   | 250     | (250)      |
+//! | 6000 Platform fees    | commissions_fees      |   | 1,500   | 1,500      |
+//! | 6100 Meals            | meals                 |50%| 333.33  | 166.67     |
+//! | 6200 Penalties        | nondeductible         | 0%| 40      | 0          |
+//! | 6300 Software         | other_deductions      |   | 600     | 600        |
+//! | 6400 Partner pay      | guaranteed_payments   |   | 2,000   | 2,000      |
+//! | 6500 Misc             | (none)                |   | 75      | uncategorized |
+
+use chrono::NaiveDate;
+use ledger_core::tax::{TaxForm, check_category, tax_summary};
+use ledger_core::{AccountType, Currency, Ledger, LedgerError, Money, Side};
+use rust_decimal::Decimal;
+use std::str::FromStr;
+
+fn d(m: u32, day: u32) -> NaiveDate {
+    NaiveDate::from_ymd_opt(2026, m, day).unwrap()
+}
+
+fn dec(s: &str) -> Decimal {
+    Decimal::from_str(s).unwrap()
+}
+
+fn books() -> Ledger {
+    let mut l = Ledger::new(Currency::USD);
+    let cash = l
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let mut acct =
+        |code: &str, name: &str, t: AccountType, cat: Option<&str>, pct: Option<&str>| {
+            let id = l.add_account(code, name, t, None, false).unwrap();
+            if let Some(c) = cat {
+                l.set_account_tax(id, Some(c), pct.map(dec)).unwrap();
+            }
+            id
+        };
+    let sales = acct(
+        "4000",
+        "Sales",
+        AccountType::Revenue,
+        Some("gross_receipts"),
+        None,
+    );
+    let refunds = acct(
+        "4100",
+        "Refunds",
+        AccountType::Expense,
+        Some("returns_allowances"),
+        None,
+    );
+    let fees = acct(
+        "6000",
+        "Platform fees",
+        AccountType::Expense,
+        Some("commissions_fees"),
+        None,
+    );
+    let meals = acct("6100", "Meals", AccountType::Expense, Some("meals"), None);
+    let pen = acct(
+        "6200",
+        "Penalties",
+        AccountType::Expense,
+        Some("nondeductible"),
+        None,
+    );
+    let soft = acct(
+        "6300",
+        "Software",
+        AccountType::Expense,
+        Some("other_deductions"),
+        None,
+    );
+    let gp = acct(
+        "6400",
+        "Partner pay",
+        AccountType::Expense,
+        Some("guaranteed_payments"),
+        None,
+    );
+    let misc = acct("6500", "Misc", AccountType::Expense, None, None);
+    let mut post = |dr, cr, amt: &str| {
+        let e = l.create_entry(d(2, 1), "x");
+        l.add_line(e, dr, Side::Debit, Money::new(dec(amt), Currency::USD))
+            .unwrap();
+        l.add_line(e, cr, Side::Credit, Money::new(dec(amt), Currency::USD))
+            .unwrap();
+        l.post_entry(e).unwrap();
+    };
+    post(cash, sales, "10000");
+    for (a, amt) in [
+        (refunds, "250"),
+        (fees, "1500"),
+        (meals, "333.33"),
+        (pen, "40"),
+        (soft, "600"),
+        (gp, "2000"),
+        (misc, "75"),
+    ] {
+        post(a, cash, amt);
+    }
+    l
+}
+
+#[test]
+fn the_summary_groups_by_category_and_applies_deductible_percents() {
+    let l = books();
+    let ts = tax_summary(&l, d(1, 1), d(3, 31), Some(TaxForm::Form1065)).unwrap();
+    let rows = |lines: &[ledger_core::TaxSummaryLine]| -> Vec<(String, Decimal, Decimal)> {
+        lines
+            .iter()
+            .map(|l| (l.category.clone(), l.book, l.tax))
+            .collect()
+    };
+    // Refunds (an expense account) reduce receipts as negative income.
+    assert_eq!(
+        rows(&ts.income),
+        [
+            ("gross_receipts".into(), dec("10000"), dec("10000")),
+            ("returns_allowances".into(), dec("-250"), dec("-250")),
+        ]
+    );
+    // Catalog order; meals at 50% (333.33 → 166.665 → 166.67, half away
+    // from zero); penalties at 0%.
+    assert_eq!(
+        rows(&ts.deductions),
+        [
+            ("commissions_fees".into(), dec("1500"), dec("1500")),
+            ("guaranteed_payments".into(), dec("2000"), dec("2000")),
+            ("meals".into(), dec("333.33"), dec("166.67")),
+            ("other_deductions".into(), dec("600"), dec("600")),
+            ("nondeductible".into(), dec("40"), dec("0")),
+        ]
+    );
+    assert_eq!(ts.uncategorized.len(), 1);
+    assert_eq!(ts.uncategorized[0].account, "6500 Misc");
+    assert_eq!(ts.uncategorized[0].book, dec("75"));
+    // Book: 9,750 − 4,473.33 = 5,276.67. Tax: 9,750 − 4,266.67 = 5,483.33.
+    assert_eq!(ts.book_net(), dec("5276.67"));
+    assert_eq!(ts.tax_net(), dec("5483.33"));
+}
+
+#[test]
+fn an_override_beats_the_category_default() {
+    let mut l = books();
+    let meals = l.chart().find_by_code("6100").unwrap().id;
+    // A company party is 100% deductible: override the 50% default.
+    l.set_account_tax(meals, Some("meals"), Some(dec("100")))
+        .unwrap();
+    let ts = tax_summary(&l, d(1, 1), d(3, 31), None).unwrap();
+    let m = ts
+        .deductions
+        .iter()
+        .find(|x| x.category == "meals")
+        .unwrap();
+    assert_eq!(m.tax, dec("333.33"));
+}
+
+#[test]
+fn categories_must_fit_the_account_and_the_return() {
+    let mut l = books();
+    let sales = l.chart().find_by_code("4000").unwrap().id;
+    let meals = l.chart().find_by_code("6100").unwrap().id;
+    let bad = |r: Result<(), LedgerError>| matches!(r, Err(LedgerError::InvalidTaxCategory(_)));
+    assert!(
+        bad(l.set_account_tax(sales, Some("meals"), None)),
+        "deduction on revenue"
+    );
+    assert!(
+        bad(l.set_account_tax(meals, Some("no_such"), None)),
+        "unknown key"
+    );
+    assert!(
+        bad(l.set_account_tax(meals, Some("meals"), Some(dec("101")))),
+        "over 100%"
+    );
+    assert!(
+        bad(l.set_account_tax(meals, None, Some(dec("50")))),
+        "percent without category"
+    );
+    // Guaranteed payments exist only on a partnership return.
+    assert!(
+        check_category(
+            "guaranteed_payments",
+            AccountType::Expense,
+            Some(TaxForm::Form1065)
+        )
+        .is_ok()
+    );
+    assert!(
+        check_category(
+            "guaranteed_payments",
+            AccountType::Expense,
+            Some(TaxForm::ScheduleC)
+        )
+        .is_err()
+    );
+    assert!(
+        check_category(
+            "officer_compensation",
+            AccountType::Expense,
+            Some(TaxForm::Form1120S)
+        )
+        .is_ok()
+    );
+    // Clearing works.
+    l.set_account_tax(meals, None, None).unwrap();
+    assert!(l.chart().get(meals).unwrap().tax_category.is_none());
+}
+
+#[test]
+fn forms_parse_from_common_spellings() {
+    for (s, f) in [
+        ("schedule_c", TaxForm::ScheduleC),
+        ("Schedule C", TaxForm::ScheduleC),
+        ("1065", TaxForm::Form1065),
+        ("Form 1065", TaxForm::Form1065),
+        ("1120s", TaxForm::Form1120S),
+        ("1120-S", TaxForm::Form1120S),
+        ("1120", TaxForm::Form1120),
+    ] {
+        assert_eq!(TaxForm::parse(s), Some(f), "{s}");
+    }
+    assert_eq!(TaxForm::parse("990"), None);
+}

crates/ledger-import/Cargo.toml

@@ -0,0 +1,19 @@
+[package]
+name = "ledger-import"
+version = "0.1.0"
+edition = "2024"
+license = "MIT OR Apache-2.0"
+
+[dependencies]
+ledger-core = { path = "../ledger-core" }
+csv = "1"
+rust_decimal = "1"
+chrono = "0.4"
+serde = { version = "1", features = ["derive"] }
+thiserror = "2"
+rust_xlsxwriter = "0.90"
+typst-as-lib = { version = "0.17", default-features = false }
+typst-pdf = "0.15.1"
+typst = "0.15.1"
+serde_json = "1"
+typst-layout = "0.15.1"

crates/ledger-import/fonts/Inter-LICENSE.txt

@@ -0,0 +1,92 @@
+Copyright (c) 2016 The Inter Project Authors (https://github.com/rsms/inter)
+
+This Font Software is licensed under the SIL Open Font License, Version 1.1.
+This license is copied below, and is also available with a FAQ at:
+http://scripts.sil.org/OFL
+
+-----------------------------------------------------------
+SIL OPEN FONT LICENSE Version 1.1 - 26 February 2007
+-----------------------------------------------------------
+
+PREAMBLE
+The goals of the Open Font License (OFL) are to stimulate worldwide
+development of collaborative font projects, to support the font creation
+efforts of academic and linguistic communities, and to provide a free and
+open framework in which fonts may be shared and improved in partnership
+with others.
+
+The OFL allows the licensed fonts to be used, studied, modified and
+redistributed freely as long as they are not sold by themselves. The
+fonts, including any derivative works, can be bundled, embedded,
+redistributed and/or sold with any software provided that any reserved
+names are not used by derivative works. The fonts and derivatives,
+however, cannot be released under any other type of license. The
+requirement for fonts to remain under this license does not apply
+to any document created using the fonts or their derivatives.
+
+DEFINITIONS
+"Font Software" refers to the set of files released by the Copyright
+Holder(s) under this license and clearly marked as such. This may
+include source files, build scripts and documentation.
+
+"Reserved Font Name" refers to any names specified as such after the
+copyright statement(s).
+
+"Original Version" refers to the collection of Font Software components as
+distributed by the Copyright Holder(s).
+
+"Modified Version" refers to any derivative made by adding to, deleting,
+or substituting -- in part or in whole -- any of the components of the
+Original Version, by changing formats or by porting the Font Software to a
+new environment.
+
+"Author" refers to any designer, engineer, programmer, technical
+writer or other person who contributed to the Font Software.
+
+PERMISSION AND CONDITIONS
+Permission is hereby granted, free of charge, to any person obtaining
+a copy of the Font Software, to use, study, copy, merge, embed, modify,
+redistribute, and sell modified and unmodified copies of the Font
+Software, subject to the following conditions:
+
+1) Neither the Font Software nor any of its individual components,
+in Original or Modified Versions, may be sold by itself.
+
+2) Original or Modified Versions of the Font Software may be bundled,
+redistributed and/or sold with any software, provided that each copy
+contains the above copyright notice and this license. These can be
+included either as stand-alone text files, human-readable headers or
+in the appropriate machine-readable metadata fields within text or
+binary files as long as those fields can be easily viewed by the user.
+
+3) No Modified Version of the Font Software may use the Reserved Font
+Name(s) unless explicit written permission is granted by the corresponding
+Copyright Holder. This restriction only applies to the primary font name as
+presented to the users.
+
+4) The name(s) of the Copyright Holder(s) or the Author(s) of the Font
+Software shall not be used to promote, endorse or advertise any
+Modified Version, except to acknowledge the contribution(s) of the
+Copyright Holder(s) and the Author(s) or with their explicit written
+permission.
+
+5) The Font Software, modified or unmodified, in part or in whole,
+must be distributed entirely under this license, and must not be
+distributed under any other license. The requirement for fonts to
+remain under this license does not apply to any document created
+using the Font Software.
+
+TERMINATION
+This license becomes null and void if any of the above conditions are
+not met.
+
+DISCLAIMER
+THE FONT SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND,
+EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF
+MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT
+OF COPYRIGHT, PATENT, TRADEMARK, OR OTHER RIGHT. IN NO EVENT SHALL THE
+COPYRIGHT HOLDER BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY,
+INCLUDING ANY GENERAL, SPECIAL, INDIRECT, INCIDENTAL, OR CONSEQUENTIAL
+DAMAGES, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING
+FROM, OUT OF THE USE OR INABILITY TO USE THE FONT SOFTWARE OR FROM
+OTHER DEALINGS IN THE FONT SOFTWARE.

crates/ledger-import/src/bank_csv.rs

@@ -0,0 +1,167 @@
+//! Parse QuickBooks Online bank/credit-card upload CSVs.
+//!
+//! QBO accepts two layouts:
+//!
+//! - 3 columns: `Date, Description, Amount` (positive = money in).
+//! - 4 columns: `Date, Description, Expense, Income` (or `Debit, Credit`).
+//!
+//! Headers are optional; the layout is detected from the column count.
+//! Dates accept `YYYY-MM-DD`, `MM/DD/YYYY`, and `MM/DD/YY`.
+
+use chrono::NaiveDate;
+use rust_decimal::Decimal;
+use std::str::FromStr;
+use thiserror::Error;
+
+/// One parsed bank transaction.
+#[derive(Clone, Debug, PartialEq)]
+pub struct BankTransaction {
+    /// Transaction date.
+    pub date: NaiveDate,
+    /// Bank's description.
+    pub description: String,
+    /// Signed amount: positive = money in, negative = money out.
+    pub amount: Decimal,
+}
+
+/// Parse errors.
+#[derive(Debug, Error, PartialEq)]
+pub enum BankCsvError {
+    /// The CSV has neither 3 nor 4 columns.
+    #[error("expected 3 or 4 columns, found {0}")]
+    BadColumnCount(usize),
+    /// A date did not parse.
+    #[error("bad date {0:?}")]
+    BadDate(String),
+    /// An amount did not parse.
+    #[error("bad amount {0:?}")]
+    BadAmount(String),
+    /// The CSV itself is malformed.
+    #[error("csv error: {0}")]
+    Csv(String),
+}
+
+/// Parse a QBO bank CSV. Returns transactions in file order.
+pub fn parse_bank_csv(text: &str) -> Result<Vec<BankTransaction>, BankCsvError> {
+    let mut reader = csv::ReaderBuilder::new()
+        .has_headers(false)
+        .trim(csv::Trim::All)
+        .from_reader(text.as_bytes());
+    let mut out = Vec::new();
+    for (idx, record) in reader.records().enumerate() {
+        let record = record.map_err(|e| BankCsvError::Csv(e.to_string()))?;
+        let fields: Vec<&str> = record.iter().collect();
+        if fields.iter().all(|f| f.is_empty()) {
+            continue; // skip blank lines
+        }
+        // Skip a header row.
+        if idx == 0 && fields[0].eq_ignore_ascii_case("date") {
+            continue;
+        }
+        let (date, description, amount) = match fields.len() {
+            3 => {
+                let amount = parse_amount(fields[2])?;
+                (fields[0], fields[1], amount)
+            }
+            4 => {
+                // Expense/Debit in col 2, Income/Credit in col 3. Exactly one
+                // should be non-empty; a row with both is ambiguous.
+                let out_amt = fields[2].trim();
+                let in_amt = fields[3].trim();
+                let amount = match (!out_amt.is_empty(), !in_amt.is_empty()) {
+                    (true, false) => -parse_amount(out_amt)?,
+                    (false, true) => parse_amount(in_amt)?,
+                    (false, false) => Decimal::ZERO,
+                    (true, true) => {
+                        return Err(BankCsvError::Csv(format!(
+                            "row {} has both expense and income amounts",
+                            idx + 1
+                        )));
+                    }
+                };
+                (fields[0], fields[1], amount)
+            }
+            n => return Err(BankCsvError::BadColumnCount(n)),
+        };
+        if amount.is_zero() {
+            continue; // zero-amount rows carry no money
+        }
+        out.push(BankTransaction {
+            date: parse_date(date)?,
+            description: description.to_string(),
+            amount,
+        });
+    }
+    Ok(out)
+}
+
+fn parse_date(s: &str) -> Result<NaiveDate, BankCsvError> {
+    let s = s.trim();
+    // YYYY-MM-DD
+    if let Ok(d) = NaiveDate::parse_from_str(s, "%Y-%m-%d") {
+        return Ok(d);
+    }
+    // MM/DD/YYYY
+    if let Ok(d) = NaiveDate::parse_from_str(s, "%m/%d/%Y") {
+        return Ok(d);
+    }
+    // MM/DD/YY (assume 2000s)
+    if let Ok(d) = NaiveDate::parse_from_str(s, "%m/%d/%y") {
+        return Ok(d);
+    }
+    Err(BankCsvError::BadDate(s.to_string()))
+}
+
+fn parse_amount(s: &str) -> Result<Decimal, BankCsvError> {
+    let cleaned: String = s.trim().replace(['$', ','], "");
+    // Parentheses mean negative: (123.45).
+    let (neg, inner) = match cleaned.strip_prefix('(').and_then(|t| t.strip_suffix(')')) {
+        Some(inner) => (true, inner),
+        None => (false, cleaned.as_str()),
+    };
+    let mut amount =
+        Decimal::from_str(inner).map_err(|_| BankCsvError::BadAmount(s.to_string()))?;
+    if neg {
+        amount = -amount;
+    }
+    Ok(amount)
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    #[test]
+    fn three_column_with_header() {
+        let csv =
+            "Date,Description,Amount\n2026-01-15,Whole Foods,-84.32\n01/16/2026,Paycheck,2500.00\n";
+        let txns = parse_bank_csv(csv).unwrap();
+        assert_eq!(txns.len(), 2);
+        assert_eq!(txns[0].description, "Whole Foods");
+        assert_eq!(txns[0].amount, Decimal::new(-8432, 2));
+        assert_eq!(txns[1].amount, Decimal::new(250000, 2));
+    }
+
+    #[test]
+    fn four_column_expense_income() {
+        let csv =
+            "Date,Description,Expense,Income\n2026-01-15,Coffee,4.50,\n2026-01-16,Refund,,12.00\n";
+        let txns = parse_bank_csv(csv).unwrap();
+        assert_eq!(txns.len(), 2);
+        assert_eq!(txns[0].amount, Decimal::new(-450, 2));
+        assert_eq!(txns[1].amount, Decimal::new(1200, 2));
+    }
+
+    #[test]
+    fn parenthesized_negatives_and_dollar_signs() {
+        let csv = "01/15/2026,Store,\"($1,234.56)\"\n";
+        let txns = parse_bank_csv(csv).unwrap();
+        assert_eq!(txns[0].amount, Decimal::new(-123456, 2));
+    }
+
+    #[test]
+    fn bad_column_count_rejected() {
+        let csv = "a,b\n";
+        assert_eq!(parse_bank_csv(csv), Err(BankCsvError::BadColumnCount(2)));
+    }
+}

crates/ledger-import/src/chart_csv.rs

@@ -0,0 +1,140 @@
+//! Parse chart-of-accounts CSVs.
+//!
+//! Expected layout (header row required):
+//!
+//! ```csv
+//! code,name,type,parent_code
+//! 1000,Cash,asset,
+//! 1010,Checking,asset,1000
+//! ```
+//!
+//! `type` is one of `asset`, `liability`, `equity`, `revenue`, `expense`
+//! (case-insensitive). `parent_code` is optional; empty means top-level.
+
+use thiserror::Error;
+
+/// One chart row.
+#[derive(Clone, Debug, PartialEq)]
+pub struct ChartRow {
+    /// Account code.
+    pub code: String,
+    /// Account name.
+    pub name: String,
+    /// Account type, lowercase: asset, liability, equity, revenue, expense.
+    pub account_type: String,
+    /// Parent account code, if any.
+    pub parent_code: Option<String>,
+    /// Optional fifth column: the tax category key (see
+    /// `ledger_core::tax`).
+    pub tax_category: Option<String>,
+}
+
+/// Parse errors.
+#[derive(Debug, Error, PartialEq)]
+pub enum ChartCsvError {
+    /// Wrong column count: (found, expected by the header).
+    #[error("expected {1} columns to match the header, found {0}")]
+    BadColumnCount(usize, usize),
+    /// Missing or bad header.
+    #[error("bad header: expected code,name,type,parent_code[,tax_category]")]
+    BadHeader,
+    /// Unknown account type.
+    #[error("bad account type {0:?}: expected asset, liability, equity, revenue, or expense")]
+    BadType(String),
+    /// Malformed CSV.
+    #[error("csv error: {0}")]
+    Csv(String),
+}
+
+/// Parse a chart CSV. Returns rows in file order (parents should come first,
+/// but order is not validated here).
+pub fn parse_chart_csv(text: &str) -> Result<Vec<ChartRow>, ChartCsvError> {
+    let mut reader = csv::ReaderBuilder::new()
+        .has_headers(false)
+        .flexible(true)
+        .trim(csv::Trim::All)
+        .from_reader(text.as_bytes());
+    let mut out = Vec::new();
+    let mut width = 4;
+    for (idx, record) in reader.records().enumerate() {
+        let record = record.map_err(|e| ChartCsvError::Csv(e.to_string()))?;
+        let fields: Vec<&str> = record.iter().collect();
+        if fields.iter().all(|f| f.is_empty()) {
+            continue;
+        }
+        if idx == 0 {
+            let lower: Vec<String> = fields.iter().map(|f| f.to_lowercase()).collect();
+            width = if lower == ["code", "name", "type", "parent_code"] {
+                4
+            } else if lower == ["code", "name", "type", "parent_code", "tax_category"] {
+                5
+            } else {
+                return Err(ChartCsvError::BadHeader);
+            };
+            continue;
+        }
+        if fields.len() != width {
+            return Err(ChartCsvError::BadColumnCount(fields.len(), width));
+        }
+        let account_type = fields[2].to_lowercase();
+        match account_type.as_str() {
+            "asset" | "liability" | "equity" | "revenue" | "expense" => {}
+            _ => return Err(ChartCsvError::BadType(fields[2].to_string())),
+        }
+        let parent_code = fields[3].trim();
+        out.push(ChartRow {
+            code: fields[0].to_string(),
+            name: fields[1].to_string(),
+            account_type,
+            parent_code: if parent_code.is_empty() {
+                None
+            } else {
+                Some(parent_code.to_string())
+            },
+            tax_category: fields
+                .get(4)
+                .map(|s| s.trim())
+                .filter(|s| !s.is_empty())
+                .map(str::to_string),
+        });
+    }
+    Ok(out)
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    #[test]
+    fn parses_chart() {
+        let csv = "code,name,type,parent_code\n1000,Cash,asset,\n1010,Checking,asset,1000\n4000,Revenue,revenue,\n";
+        let rows = parse_chart_csv(csv).unwrap();
+        assert_eq!(rows.len(), 3);
+        assert_eq!(rows[0].parent_code, None);
+        assert_eq!(rows[1].parent_code, Some("1000".to_string()));
+        assert_eq!(rows[2].account_type, "revenue");
+    }
+
+    #[test]
+    fn parses_optional_tax_category_column() {
+        let csv = "code,name,type,parent_code,tax_category\n4000,Sales,revenue,,gross_receipts\n1000,Cash,asset,,\n";
+        let rows = parse_chart_csv(csv).unwrap();
+        assert_eq!(rows[0].tax_category.as_deref(), Some("gross_receipts"));
+        assert_eq!(rows[1].tax_category, None);
+        // Rows must match the header's width.
+        let short = "code,name,type,parent_code,tax_category\n1000,Cash,asset,\n";
+        assert_eq!(
+            parse_chart_csv(short),
+            Err(ChartCsvError::BadColumnCount(4, 5))
+        );
+    }
+
+    #[test]
+    fn bad_type_rejected() {
+        let csv = "code,name,type,parent_code\n1000,Cash,money,\n";
+        assert!(matches!(
+            parse_chart_csv(csv),
+            Err(ChartCsvError::BadType(_))
+        ));
+    }
+}

crates/ledger-import/src/iif.rs

@@ -0,0 +1,139 @@
+//! Generate Intuit Interchange Format (IIF) journal entries for QuickBooks
+//! Desktop, which many CPAs still run.
+//!
+//! Layout per entry (fields are tab-separated; `\t` marks each tab):
+//!
+//! ```text
+//! !TRNS\tTRNSTYPE\tDATE\tACCNT\tNAME\tAMOUNT\tDOCNUM\tMEMO
+//! !SPL\tTRNSTYPE\tDATE\tACCNT\tAMOUNT\tDOCNUM\tMEMO
+//! !ENDTRNS
+//! TRNS\tGENERAL JOURNAL\t01/15/2026\tCash\t\t1000.00\t1\tMemo
+//! SPL\tGENERAL JOURNAL\t01/15/2026\tRevenue\t-1000.00\t1\tMemo
+//! ENDTRNS
+//! ```
+//!
+//! Amounts are signed from the entry's perspective: debits positive,
+//! credits negative. Dates are `MM/DD/YYYY`. Accounts are referenced by
+//! name (QuickBooks matches on name).
+
+use ledger_core::{JournalEntry, Side};
+use rust_decimal::Decimal;
+
+/// One entry's data for IIF export.
+pub struct IifEntry<'a> {
+    /// The journal entry.
+    pub entry: &'a JournalEntry,
+    /// Account id → account name, for resolving line accounts.
+    pub account_names: &'a dyn Fn(ledger_core::AccountId) -> String,
+}
+
+/// Render posted entries as IIF text. `docnum` numbers entries sequentially
+/// from 1 in the order given.
+pub fn journal_to_iif(entries: &[IifEntry<'_>]) -> String {
+    let mut out = String::new();
+    out.push_str("!TRNS\tTRNSTYPE\tDATE\tACCNT\tNAME\tAMOUNT\tDOCNUM\tMEMO\n");
+    out.push_str("!SPL\tTRNSTYPE\tDATE\tACCNT\tAMOUNT\tDOCNUM\tMEMO\n");
+    out.push_str("!ENDTRNS\n");
+    for (idx, item) in entries.iter().enumerate() {
+        let docnum = idx + 1;
+        let date = item.entry.date().format("%m/%d/%Y").to_string();
+        let memo = sanitize(&item.entry.description().replace('\t', " "));
+        let mut lines: Vec<_> = item.entry.lines().iter().collect();
+        // TRNS carries the first debit (or first line); the rest are SPLs.
+        lines.sort_by_key(|l| match l.side {
+            Side::Debit => 0,
+            Side::Credit => 1,
+        });
+        let (first, rest) = lines.split_first().expect("entry has lines");
+        let first_acct = sanitize(&(item.account_names)(first.account));
+        let first_amount = signed(first.side, first.amount.amount);
+        out.push_str(&format!(
+            "TRNS\tGENERAL JOURNAL\t{date}\t{first_acct}\t\t{}\t{docnum}\t{memo}\n",
+            format_amount(first_amount),
+        ));
+        for line in rest {
+            let acct = sanitize(&(item.account_names)(line.account));
+            let amount = signed(line.side, line.amount.amount);
+            out.push_str(&format!(
+                "SPL\tGENERAL JOURNAL\t{date}\t{acct}\t{}\t{docnum}\t{memo}\n",
+                format_amount(amount),
+            ));
+        }
+        out.push_str("ENDTRNS\n");
+    }
+    out
+}
+
+/// Debit positive, credit negative.
+fn signed(side: Side, amount: Decimal) -> Decimal {
+    match side {
+        Side::Debit => amount,
+        Side::Credit => -amount,
+    }
+}
+
+fn format_amount(d: Decimal) -> String {
+    // Two decimal places, no thousands separators.
+    format!("{d:.2}")
+}
+
+/// Strip tabs/newlines that would corrupt the tab-delimited format.
+fn sanitize(s: &str) -> String {
+    s.replace(['\t', '\n', '\r'], " ")
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use ledger_core::{AccountType, Currency, Ledger, Money};
+    use rust_decimal::Decimal;
+
+    #[test]
+    fn iif_round_trip_shape() {
+        let mut ledger = Ledger::new(Currency::USD);
+        let cash = ledger
+            .add_account("1000", "Cash", AccountType::Asset, None, false)
+            .unwrap();
+        let rev = ledger
+            .add_account("4000", "Revenue", AccountType::Revenue, None, false)
+            .unwrap();
+        let id = ledger.create_entry(
+            chrono::NaiveDate::from_ymd_opt(2026, 1, 15).unwrap(),
+            "Sale",
+        );
+        ledger
+            .add_line(
+                id,
+                cash,
+                Side::Debit,
+                Money::new(Decimal::new(100000, 2), Currency::USD),
+            )
+            .unwrap();
+        ledger
+            .add_line(
+                id,
+                rev,
+                Side::Credit,
+                Money::new(Decimal::new(100000, 2), Currency::USD),
+            )
+            .unwrap();
+        ledger.post_entry(id).unwrap();
+        let entry = ledger.get_entry(id).unwrap();
+        let names = |a: ledger_core::AccountId| {
+            ledger
+                .chart()
+                .get(a)
+                .map(|ac| ac.name.clone())
+                .unwrap_or_default()
+        };
+        let text = journal_to_iif(&[IifEntry {
+            entry,
+            account_names: &names,
+        }]);
+        assert!(text.contains("!TRNS\tTRNSTYPE\tDATE\tACCNT\tNAME\tAMOUNT\tDOCNUM\tMEMO"));
+        assert!(text.contains("TRNS\tGENERAL JOURNAL\t01/15/2026\tCash"));
+        assert!(text.contains("\t1000.00\t"));
+        assert!(text.contains("SPL\tGENERAL JOURNAL\t01/15/2026\tRevenue\t-1000.00"));
+        assert!(text.contains("ENDTRNS"));
+    }
+}

crates/ledger-import/src/lib.rs

@@ -0,0 +1,26 @@
+//! QuickBooks-compatible import/export for wanderbooks.
+//!
+//! - [`bank_csv`]: parse QBO bank/credit-card upload CSVs.
+//! - [`chart_csv`]: parse chart-of-accounts CSVs.
+//! - [`iif`]: generate IIF journal entries for QuickBooks Desktop.
+//! - [`report`]: the statement layout every renderer draws from.
+//! - [`xlsx`]: generate XLSX reports.
+//! - [`pdf`]: generate PDF financial statements (CPA handoff).
+//!
+//! All money stays `Decimal`; no floats in money paths.
+
+pub mod bank_csv;
+pub mod chart_csv;
+pub mod iif;
+pub mod pdf;
+pub mod report;
+pub mod templates;
+pub mod xlsx;
+
+pub use bank_csv::{BankTransaction, parse_bank_csv};
+pub use chart_csv::{ChartRow, parse_chart_csv};
+pub use iif::{IifEntry, journal_to_iif};
+pub use pdf::{PdfError, statement_pdf};
+pub use report::{Member, ReportMeta, Row, RowKind, Statement, YearEarnings, format_amount};
+pub use templates::{ChartTemplate, EntityType, chart_template};
+pub use xlsx::{XlsxReport, report_to_xlsx};

crates/ledger-import/src/pdf.rs

@@ -0,0 +1,188 @@
+//! PDF financial statements, typeset with Typst.
+//!
+//! [`crate::report`] lays a statement out as rows; this module hands those
+//! rows to `templates/statement.typ` as JSON data (`sys.inputs.data`) and
+//! renders the PDF. Amounts arrive already split by
+//! [`crate::report::amount_parts`] — Typst never does arithmetic on money,
+//! and labels are data, never markup. The font (Inter, SIL OFL 1.1; see
+//! `fonts/Inter-LICENSE.txt`) is bundled, so output doesn't depend on
+//! what's installed, and it is deterministic: the same statement and
+//! report metadata render to the same bytes.
+
+use crate::report::{ReportMeta, RowKind, Statement, amount_parts};
+use std::sync::OnceLock;
+use thiserror::Error;
+use typst::foundations::{Dict, IntoValue};
+use typst_as_lib::{TypstEngine, TypstTemplateMainFile};
+use typst_layout::PagedDocument;
+
+/// PDF rendering errors.
+#[derive(Debug, Error)]
+pub enum PdfError {
+    /// Typst failed to compile the statement.
+    #[error("pdf typesetting failed: {0}")]
+    Compile(String),
+    /// The PDF writer failed.
+    #[error("pdf save failed: {0}")]
+    Save(String),
+}
+
+static TEMPLATE: &str = include_str!("../templates/statement.typ");
+static INTER: [&[u8]; 3] = [
+    include_bytes!("../fonts/Inter-Regular.ttf"),
+    include_bytes!("../fonts/Inter-SemiBold.ttf"),
+    include_bytes!("../fonts/Inter-Bold.ttf"),
+];
+
+/// The engine, built once: parsing the bundled fonts is the expensive part.
+fn engine() -> &'static TypstEngine<TypstTemplateMainFile> {
+    static ENGINE: OnceLock<TypstEngine<TypstTemplateMainFile>> = OnceLock::new();
+    ENGINE.get_or_init(|| {
+        TypstEngine::builder()
+            .main_file(TEMPLATE)
+            .fonts(INTER)
+            .build()
+    })
+}
+
+/// The template's input: the statement with every amount split for
+/// alignment.
+pub fn template_data(st: &Statement, meta: &ReportMeta) -> serde_json::Value {
+    let kind = |k: RowKind| match k {
+        RowKind::Section => "section",
+        RowKind::Subheading => "subheading",
+        RowKind::Line => "line",
+        RowKind::Subtotal => "subtotal",
+        RowKind::Total => "total",
+        RowKind::Spacer => "spacer",
+    };
+    serde_json::json!({
+        "company": meta.company,
+        "title": st.title,
+        "period": st.period,
+        "footer": meta.footer(),
+        "columns": st.columns,
+        "rows": st.rows.iter().map(|r| serde_json::json!({
+            "kind": kind(r.kind),
+            "label": r.label,
+            "rule": r.rule_above,
+            "currency": r.currency,
+            "amounts": r.amounts.iter().map(|a| a.map(|a| {
+                let p = amount_parts(a);
+                serde_json::json!({ "digits": p.digits, "negative": p.negative })
+            })).collect::<Vec<_>>(),
+        })).collect::<Vec<_>>(),
+    })
+}
+
+/// Typeset a statement into a document (pages, before PDF encoding).
+fn typeset(st: &Statement, meta: &ReportMeta) -> Result<PagedDocument, PdfError> {
+    let mut inputs = Dict::new();
+    inputs.insert(
+        "data".into(),
+        template_data(st, meta).to_string().into_value(),
+    );
+    engine()
+        .compile_with_input(inputs)
+        .output
+        .map_err(|e| PdfError::Compile(format!("{e:?}")))
+}
+
+/// Render a laid-out statement (see [`crate::report`]) as a PDF.
+pub fn statement_pdf(st: &Statement, meta: &ReportMeta) -> Result<Vec<u8>, PdfError> {
+    let doc = typeset(st, meta)?;
+    typst_pdf::pdf(&doc, &typst_pdf::PdfOptions::default())
+        .map_err(|e| PdfError::Save(format!("{e:?}")))
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use crate::report::{Row, profit_and_loss};
+    use chrono::NaiveDate;
+    use ledger_core::reports::{ProfitAndLossStatement, StatementLine};
+    use rust_decimal::Decimal;
+
+    fn meta() -> ReportMeta {
+        ReportMeta {
+            company: "Test Co".to_string(),
+            basis: "Accrual".to_string(),
+            prepared_on: NaiveDate::from_ymd_opt(2026, 10, 11).unwrap(),
+            journal_seq: 42,
+        }
+    }
+
+    fn pl() -> ProfitAndLossStatement {
+        let line = |code: &str, name: &str, cents| StatementLine {
+            code: code.to_string(),
+            name: name.to_string(),
+            amount: Decimal::new(cents, 2),
+        };
+        ProfitAndLossStatement {
+            start: NaiveDate::from_ymd_opt(2026, 10, 4).unwrap(),
+            end: NaiveDate::from_ymd_opt(2026, 10, 11).unwrap(),
+            revenue: vec![],
+            expenses: vec![
+                line("6000", "Organizational Costs", 5900),
+                line("6400", "Memberships & Licenses", 10638),
+            ],
+            total_revenue: Decimal::ZERO,
+            total_expenses: Decimal::new(16538, 2),
+        }
+    }
+
+    /// The exact data the template typesets: hand-checked, like a golden.
+    #[test]
+    fn template_data_is_exact() {
+        let amt = |digits: &str, negative: bool| serde_json::json!([{"digits": digits, "negative": negative}]);
+        let data = template_data(&profit_and_loss(&pl()), &meta());
+        assert_eq!(
+            data,
+            serde_json::json!({
+                "company": "Test Co",
+                "title": "Profit and Loss",
+                "period": "October 4 – October 11, 2026",
+                "footer": "Accrual basis · Prepared Sunday, October 11, 2026 · Journal seq 42",
+                "columns": ["Total"],
+                "rows": [
+                    {"kind": "section", "label": "Revenue", "rule": false, "currency": false, "amounts": []},
+                    {"kind": "subtotal", "label": "Total revenue", "rule": false, "currency": true, "amounts": amt("0.00", false)},
+                    {"kind": "spacer", "label": "", "rule": false, "currency": false, "amounts": []},
+                    {"kind": "section", "label": "Expenses", "rule": false, "currency": false, "amounts": []},
+                    {"kind": "line", "label": "6000 Organizational Costs", "rule": false, "currency": false, "amounts": amt("59.00", false)},
+                    {"kind": "line", "label": "6400 Memberships & Licenses", "rule": false, "currency": false, "amounts": amt("106.38", false)},
+                    {"kind": "subtotal", "label": "Total expenses", "rule": true, "currency": true, "amounts": amt("165.38", false)},
+                    {"kind": "spacer", "label": "", "rule": false, "currency": false, "amounts": []},
+                    {"kind": "total", "label": "Net income (loss)", "rule": true, "currency": true, "amounts": amt("165.38", true)},
+                ],
+            })
+        );
+    }
+
+    #[test]
+    fn renders_a_pdf_deterministically() {
+        let st = profit_and_loss(&pl());
+        let a = statement_pdf(&st, &meta()).unwrap();
+        assert!(a.starts_with(b"%PDF"));
+        assert_eq!(a, statement_pdf(&st, &meta()).unwrap());
+    }
+
+    /// Labels are data: Typst markup characters print literally, and a
+    /// statement too long for one page flows onto more instead of being cut.
+    #[test]
+    fn markup_is_inert_and_long_statements_paginate() {
+        let mut st = profit_and_loss(&pl());
+        st.rows = (0..200)
+            .map(|i| Row {
+                kind: RowKind::Line,
+                label: format!("#{i} *not bold* $x$ <label> @ref [link] \\ #panic()"),
+                amounts: vec![Some(Decimal::new(i, 0))],
+                currency: false,
+                rule_above: false,
+            })
+            .collect();
+        let doc = typeset(&st, &meta()).unwrap();
+        assert!(doc.pages().len() > 1, "200 rows should span pages");
+        assert!(statement_pdf(&st, &meta()).unwrap().starts_with(b"%PDF"));
+    }
+}

crates/ledger-import/src/report.rs

@@ -0,0 +1,719 @@
+//! The presentation model every statement renderer (XLSX, PDF) draws from.
+//!
+//! Core computes the statements; this module lays them out once — title,
+//! period, column headers, and rows (sections, account lines, subtotals,
+//! totals) — so the formats can't drift apart. Amounts stay exact
+//! `Decimal`s here; [`format_amount`] and [`amount_parts`] are the only
+//! places they become text.
+//!
+//! Presentation follows US small-business convention (QuickBooks-style):
+//! a currency sign on subtotals and totals, a rule above every sum, a
+//! double rule under statement totals, "Net income (loss)", and — for a
+//! multi-member LLC — "Members' equity" with each member named.
+
+use chrono::{Datelike, NaiveDate};
+use ledger_core::RETAINED_EARNINGS_CODE;
+use ledger_core::reports::{
+    BalanceSheetStatement, CashFlowLine, CashFlowStatement, MembersEquityStatement,
+    ProfitAndLossStatement, StatementLine, TrialBalance,
+};
+use rust_decimal::Decimal;
+use serde::Serialize;
+
+/// Who the report is for and exactly what it was prepared from.
+#[derive(Clone, Debug, Serialize)]
+pub struct ReportMeta {
+    /// Company name for the header, e.g. "Wanderland Labs LLC".
+    pub company: String,
+    /// Accounting basis for the footer: "Accrual" or "Cash".
+    pub basis: String,
+    /// The day the report was prepared.
+    pub prepared_on: NaiveDate,
+    /// Sequence number of the last journal line the report reflects.
+    pub journal_seq: u64,
+}
+
+impl ReportMeta {
+    /// "Accrual basis · Prepared Sunday, October 11, 2026 · Journal seq 114".
+    pub fn footer(&self) -> String {
+        format!(
+            "{} basis · Prepared {}, {} · Journal seq {}",
+            self.basis,
+            self.prepared_on.format("%A"),
+            long_date(self.prepared_on),
+            self.journal_seq
+        )
+    }
+}
+
+/// A member of a multi-member LLC, for naming capital accounts on reports.
+#[derive(Clone, Debug)]
+pub struct Member {
+    /// The member's name.
+    pub name: String,
+    /// Code of their capital account.
+    pub capital_code: String,
+    /// Code of their distributions account, if they have one.
+    pub distribution_code: Option<String>,
+}
+
+/// What a row is, which decides how renderers style it.
+#[derive(Clone, Copy, Debug, PartialEq, Eq, Serialize)]
+#[serde(rename_all = "snake_case")]
+pub enum RowKind {
+    /// A section heading ("Revenue"); no amounts.
+    Section,
+    /// An explanatory heading inside a section; no amounts.
+    Subheading,
+    /// One account or one flow, indented under its section.
+    Line,
+    /// A section total ("Total revenue").
+    Subtotal,
+    /// A statement total ("Net income (loss)"); double rule beneath.
+    Total,
+    /// Vertical space between sections.
+    Spacer,
+}
+
+/// One row of a statement.
+#[derive(Clone, Debug, Serialize)]
+pub struct Row {
+    /// Row kind.
+    pub kind: RowKind,
+    /// Label text.
+    pub label: String,
+    /// One amount per column; `None` leaves the cell blank.
+    pub amounts: Vec<Option<Decimal>>,
+    /// Print the currency sign with the amounts: subtotals and totals.
+    pub currency: bool,
+    /// Draw a rule above the row: the "sum of the above" line. Totals
+    /// always have one; a subtotal only when amounts sit above it.
+    pub rule_above: bool,
+}
+
+/// A laid-out financial statement.
+#[derive(Clone, Debug, Serialize)]
+pub struct Statement {
+    /// "Profit and Loss", "Balance Sheet", ...
+    pub title: String,
+    /// "October 4 – October 11, 2026" or "As of October 11, 2026".
+    pub period: String,
+    /// Amount column headings ("Total"; "Debit", "Credit"; member names).
+    pub columns: Vec<String>,
+    /// The rows, top to bottom.
+    pub rows: Vec<Row>,
+}
+
+fn row(kind: RowKind, label: impl Into<String>, amounts: Vec<Option<Decimal>>) -> Row {
+    Row {
+        kind,
+        label: label.into(),
+        amounts,
+        currency: false,
+        rule_above: false,
+    }
+}
+
+fn one(kind: RowKind, label: impl Into<String>, amount: Decimal) -> Row {
+    row(kind, label, vec![Some(amount)])
+}
+
+fn section(label: &str) -> Row {
+    row(RowKind::Section, label, vec![])
+}
+
+fn subheading(label: &str) -> Row {
+    row(RowKind::Subheading, label, vec![])
+}
+
+fn spacer() -> Row {
+    row(RowKind::Spacer, "", vec![])
+}
+
+/// Finish a statement: currency signs on sums, rules above them.
+fn statement(title: &str, period: String, columns: &[&str], mut rows: Vec<Row>) -> Statement {
+    let mut above: Option<RowKind> = None;
+    for r in &mut rows {
+        r.currency = matches!(r.kind, RowKind::Subtotal | RowKind::Total);
+        r.rule_above = match r.kind {
+            RowKind::Total => true,
+            RowKind::Subtotal => matches!(above, Some(RowKind::Line | RowKind::Subtotal)),
+            _ => false,
+        };
+        if !matches!(r.kind, RowKind::Spacer | RowKind::Subheading) {
+            above = Some(r.kind);
+        }
+    }
+    Statement {
+        title: title.to_string(),
+        period,
+        columns: columns.iter().map(|c| c.to_string()).collect(),
+        rows,
+    }
+}
+
+fn account_lines(lines: &[StatementLine]) -> impl Iterator<Item = Row> + '_ {
+    lines
+        .iter()
+        .map(|l| one(RowKind::Line, format!("{} {}", l.code, l.name), l.amount))
+}
+
+/// Lay out a profit and loss statement.
+pub fn profit_and_loss(pl: &ProfitAndLossStatement) -> Statement {
+    let mut rows = vec![section("Revenue")];
+    rows.extend(account_lines(&pl.revenue));
+    rows.push(one(RowKind::Subtotal, "Total revenue", pl.total_revenue));
+    rows.push(spacer());
+    rows.push(section("Expenses"));
+    rows.extend(account_lines(&pl.expenses));
+    rows.push(one(RowKind::Subtotal, "Total expenses", pl.total_expenses));
+    rows.push(spacer());
+    rows.push(one(RowKind::Total, "Net income (loss)", pl.net_income()));
+    statement(
+        "Profit and Loss",
+        period_label(pl.start, pl.end),
+        &["Total"],
+        rows,
+    )
+}
+
+/// The fiscal year's earnings, as the balance sheet presents them.
+#[derive(Clone, Copy, Debug)]
+pub struct YearEarnings {
+    /// Net income (loss) for the fiscal year through the as-of date.
+    pub net_income_ytd: Decimal,
+    /// The part of it not yet closed into equity accounts.
+    pub unclosed: Decimal,
+}
+
+/// Lay out a balance sheet.
+///
+/// Without members (corporate convention), equity ends with "Retained
+/// earnings" — the Retained Earnings account plus earlier years' earnings
+/// not yet closed — and the fiscal year's "Net income (loss)".
+///
+/// With members (a partnership), each member's capital account already
+/// carries the earnings closed into it, so equity ends with only what
+/// hasn't been allocated: "Undistributed earnings, prior years" (if any)
+/// and this year's unclosed "Net income (loss)". Equity is "Members'
+/// equity".
+pub fn balance_sheet(
+    bs: &BalanceSheetStatement,
+    earnings: YearEarnings,
+    members: &[Member],
+) -> Statement {
+    let equity_name = if members.is_empty() {
+        "Equity"
+    } else {
+        "Members' equity"
+    };
+    let mut rows = vec![section("Assets")];
+    rows.extend(account_lines(&bs.assets));
+    rows.push(one(RowKind::Subtotal, "Total assets", bs.total_assets));
+    rows.push(spacer());
+    rows.push(section("Liabilities"));
+    rows.extend(account_lines(&bs.liabilities));
+    rows.push(one(
+        RowKind::Subtotal,
+        "Total liabilities",
+        bs.total_liabilities,
+    ));
+    rows.push(spacer());
+    rows.push(section(equity_name));
+    if members.is_empty() {
+        let (retained, other): (Vec<_>, Vec<_>) = bs
+            .equity
+            .iter()
+            .partition(|l| l.code == RETAINED_EARNINGS_CODE);
+        rows.extend(
+            other
+                .iter()
+                .map(|l| one(RowKind::Line, format!("{} {}", l.code, l.name), l.amount)),
+        );
+        let retained: Decimal = retained.iter().map(|l| l.amount).sum::<Decimal>()
+            + bs.current_earnings
+            - earnings.net_income_ytd;
+        if !retained.is_zero() {
+            rows.push(one(RowKind::Line, "Retained earnings", retained));
+        }
+        rows.push(one(
+            RowKind::Line,
+            "Net income (loss)",
+            earnings.net_income_ytd,
+        ));
+    } else {
+        rows.extend(account_lines(&bs.equity));
+        let prior = bs.current_earnings - earnings.unclosed;
+        if !prior.is_zero() {
+            rows.push(one(
+                RowKind::Line,
+                "Undistributed earnings, prior years",
+                prior,
+            ));
+        }
+        rows.push(one(RowKind::Line, "Net income (loss)", earnings.unclosed));
+    }
+    rows.push(one(
+        RowKind::Subtotal,
+        format!("Total {}", equity_name.to_lowercase()),
+        bs.total_equity,
+    ));
+    rows.push(spacer());
+    rows.push(one(
+        RowKind::Total,
+        format!("Total liabilities and {}", equity_name.to_lowercase()),
+        bs.total_liabilities + bs.total_equity,
+    ));
+    statement(
+        "Balance Sheet",
+        format!("As of {}", long_date(bs.as_of)),
+        &["Total"],
+        rows,
+    )
+}
+
+/// Cash flow lines, naming members on their capital accounts.
+fn flow_lines<'a>(
+    lines: &'a [CashFlowLine],
+    members: &'a [Member],
+) -> impl Iterator<Item = Row> + 'a {
+    lines.iter().map(move |l| {
+        let member = members.iter().find(|m| {
+            let code = l.account.as_deref();
+            code == Some(m.capital_code.as_str()) || code == m.distribution_code.as_deref()
+        });
+        let label = match member {
+            Some(m) if l.amount >= Decimal::ZERO => format!("Member contributions — {}", m.name),
+            Some(m) => format!("Member distributions — {}", m.name),
+            None => l.label.clone(),
+        };
+        one(RowKind::Line, label, l.amount)
+    })
+}
+
+/// Lay out a cash flow statement (indirect method).
+pub fn cash_flow(cf: &CashFlowStatement, members: &[Member]) -> Statement {
+    let mut rows = vec![section("Operating activities")];
+    rows.push(one(RowKind::Line, "Net income (loss)", cf.net_income));
+    if !cf.depreciation.is_zero() || !cf.working_capital.is_empty() {
+        rows.push(subheading(
+            "Adjustments to reconcile net income (loss) to net cash from operating activities:",
+        ));
+    }
+    if !cf.depreciation.is_zero() {
+        rows.push(one(RowKind::Line, "Depreciation", cf.depreciation));
+    }
+    rows.extend(flow_lines(&cf.working_capital, members));
+    rows.push(one(
+        RowKind::Subtotal,
+        "Net cash from operating activities",
+        cf.cash_from_operations,
+    ));
+    rows.push(spacer());
+    rows.push(section("Investing activities"));
+    rows.extend(flow_lines(&cf.investing, members));
+    rows.push(one(
+        RowKind::Subtotal,
+        "Net cash from investing activities",
+        cf.cash_from_investing,
+    ));
+    rows.push(spacer());
+    rows.push(section("Financing activities"));
+    rows.extend(flow_lines(&cf.financing, members));
+    rows.push(one(
+        RowKind::Subtotal,
+        "Net cash from financing activities",
+        cf.cash_from_financing,
+    ));
+    rows.push(spacer());
+    rows.push(one(
+        RowKind::Subtotal,
+        "Net increase (decrease) in cash",
+        cf.net_change_in_cash,
+    ));
+    rows.push(one(
+        RowKind::Line,
+        "Cash at beginning of period",
+        cf.cash_beginning,
+    ));
+    rows.push(one(RowKind::Total, "Cash at end of period", cf.cash_ending));
+    statement(
+        "Statement of Cash Flows",
+        period_label(cf.start, cf.end),
+        &["Total"],
+        rows,
+    )
+}
+
+/// Lay out a trial balance as of a date: Debit and Credit columns, a zero
+/// side left blank.
+pub fn trial_balance(tb: &TrialBalance, as_of: NaiveDate) -> Statement {
+    let nz = |d: Decimal| if d.is_zero() { None } else { Some(d) };
+    let mut rows: Vec<Row> = tb
+        .lines
+        .iter()
+        .map(|l| {
+            row(
+                RowKind::Line,
+                format!("{} {}", l.code, l.name),
+                vec![nz(l.debit), nz(l.credit)],
+            )
+        })
+        .collect();
+    rows.push(row(
+        RowKind::Total,
+        "Total",
+        vec![Some(tb.total_debits), Some(tb.total_credits)],
+    ));
+    statement(
+        "Trial Balance",
+        format!("As of {}", long_date(as_of)),
+        &["Debit", "Credit"],
+        rows,
+    )
+}
+
+/// Lay out the statement of changes in members' equity: one column per
+/// member and a total. Distributions print as reductions.
+pub fn members_equity(me: &MembersEquityStatement) -> Statement {
+    let cols: Vec<_> = me
+        .members
+        .iter()
+        .chain(std::iter::once(&me.total))
+        .collect();
+    let pick = |f: &dyn Fn(&ledger_core::MemberEquityColumn) -> Decimal| {
+        cols.iter().map(|c| Some(f(c))).collect::<Vec<_>>()
+    };
+    let mut rows = vec![
+        row(RowKind::Line, "Beginning balance", pick(&|c| c.beginning)),
+        row(RowKind::Line, "Contributions", pick(&|c| c.contributions)),
+        row(RowKind::Line, "Net income (loss)", pick(&|c| c.net_income)),
+        row(RowKind::Line, "Distributions", pick(&|c| -c.distributions)),
+    ];
+    if !me.total.other.is_zero() {
+        rows.push(row(RowKind::Line, "Other changes", pick(&|c| c.other)));
+    }
+    rows.push(row(RowKind::Total, "Ending balance", pick(&|c| c.ending)));
+    let names: Vec<&str> = cols.iter().map(|c| c.name.as_str()).collect();
+    statement(
+        "Statement of Changes in Members' Equity",
+        period_label(me.start, me.end),
+        &names,
+        rows,
+    )
+}
+
+/// Lay out the tax summary: book and tax amounts by tax category, the
+/// difference where they disagree (meals at 50%, penalties at 0%), and any
+/// account still needing a category.
+pub fn tax_summary(ts: &ledger_core::TaxSummary) -> Statement {
+    let diff = |b: Decimal, t: Decimal| if b == t { None } else { Some(b - t) };
+    let lines = |ls: &[ledger_core::TaxSummaryLine]| -> Vec<Row> {
+        ls.iter()
+            .map(|l| {
+                let codes: Vec<&str> = l
+                    .accounts
+                    .iter()
+                    .map(|a| a.split_whitespace().next().unwrap_or(""))
+                    .collect();
+                row(
+                    RowKind::Line,
+                    format!("{} ({})", l.label, codes.join(", ")),
+                    vec![Some(l.book), Some(l.tax), diff(l.book, l.tax)],
+                )
+            })
+            .collect()
+    };
+    let total = |kind, label: &str, ls: &[ledger_core::TaxSummaryLine]| {
+        let b: Decimal = ls.iter().map(|l| l.book).sum();
+        let t: Decimal = ls.iter().map(|l| l.tax).sum();
+        row(kind, label, vec![Some(b), Some(t), diff(b, t)])
+    };
+    let mut rows = vec![section("Income")];
+    rows.extend(lines(&ts.income));
+    rows.push(total(RowKind::Subtotal, "Total income", &ts.income));
+    if !ts.cost_of_goods.is_empty() {
+        rows.push(spacer());
+        rows.push(section("Cost of goods sold"));
+        rows.extend(lines(&ts.cost_of_goods));
+        rows.push(total(
+            RowKind::Subtotal,
+            "Total cost of goods sold",
+            &ts.cost_of_goods,
+        ));
+    }
+    rows.push(spacer());
+    rows.push(section("Deductions"));
+    rows.extend(lines(&ts.deductions));
+    rows.push(total(RowKind::Subtotal, "Total deductions", &ts.deductions));
+    rows.push(spacer());
+    rows.push(row(
+        RowKind::Total,
+        "Income less deductions",
+        vec![
+            Some(ts.book_net()),
+            Some(ts.tax_net()),
+            diff(ts.book_net(), ts.tax_net()),
+        ],
+    ));
+    if !ts.uncategorized.is_empty() {
+        rows.push(spacer());
+        rows.push(section("Not yet categorized"));
+        rows.push(subheading(
+            "Assign each a tax category (books.set_tax_category); not included above:",
+        ));
+        rows.extend(ts.uncategorized.iter().map(|u| {
+            row(
+                RowKind::Line,
+                u.account.clone(),
+                vec![Some(u.book), None, None],
+            )
+        }));
+    }
+    let title = match ts.form {
+        Some(f) => format!("Tax Summary ({} categories)", f.label()),
+        None => "Tax Summary".to_string(),
+    };
+    statement(
+        &title,
+        period_label(ts.start, ts.end),
+        &["Book", "Tax", "Difference"],
+        rows,
+    )
+}
+
+/// "October 11, 2026".
+pub fn long_date(d: NaiveDate) -> String {
+    d.format("%B %-d, %Y").to_string()
+}
+
+/// "October 4 – October 11, 2026", or with both years when they differ.
+pub fn period_label(start: NaiveDate, end: NaiveDate) -> String {
+    if start.year() == end.year() {
+        format!("{} – {}", start.format("%B %-d"), long_date(end))
+    } else {
+        format!("{} – {}", long_date(start), long_date(end))
+    }
+}
+
+/// Exact accounting format: thousands separators, two decimals, negatives
+/// in parentheses. "1,234.56", "(207.68)", "0.00". Never a float.
+pub fn format_amount(d: Decimal) -> String {
+    let negative = d.is_sign_negative() && !d.is_zero();
+    let fixed = format!("{:.2}", d.abs());
+    let (int, frac) = fixed.split_once('.').expect("two decimals");
+    let mut grouped = String::new();
+    for (i, c) in int.chars().enumerate() {
+        if i > 0 && (int.len() - i) % 3 == 0 {
+            grouped.push(',');
+        }
+        grouped.push(c);
+    }
+    if negative {
+        format!("({grouped}.{frac})")
+    } else {
+        format!("{grouped}.{frac}")
+    }
+}
+
+/// An amount split for column alignment: the digits, and whether it is a
+/// negative (printed in parentheses) or zero (printed as 0.00). Renderers
+/// right-align `digits` and reserve the closing parenthesis's width on every
+/// row, so decimal points line up whether or not a value is negative.
+#[derive(Clone, Debug, PartialEq, Eq, Serialize)]
+pub struct AmountParts {
+    /// "1,234.56" — absolute value, grouped, two decimals.
+    pub digits: String,
+    /// Below zero.
+    pub negative: bool,
+}
+
+/// Split an amount for aligned accounting display. Exact: no floats.
+pub fn amount_parts(d: Decimal) -> AmountParts {
+    let rounded = d.round_dp(2);
+    AmountParts {
+        digits: format_amount(rounded.abs()),
+        negative: rounded.is_sign_negative() && !rounded.is_zero(),
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use std::str::FromStr;
+
+    fn dec(s: &str) -> Decimal {
+        Decimal::from_str(s).unwrap()
+    }
+
+    #[test]
+    fn amounts_format_exactly() {
+        assert_eq!(format_amount(dec("0")), "0.00");
+        assert_eq!(format_amount(dec("-0")), "0.00");
+        assert_eq!(format_amount(dec("5.8")), "5.80");
+        assert_eq!(format_amount(dec("207.68")), "207.68");
+        assert_eq!(format_amount(dec("-207.68")), "(207.68)");
+        assert_eq!(format_amount(dec("1000")), "1,000.00");
+        assert_eq!(format_amount(dec("1234567.891")), "1,234,567.89");
+        assert_eq!(format_amount(dec("-100000")), "(100,000.00)");
+    }
+
+    #[test]
+    fn amounts_split_for_alignment() {
+        let p = amount_parts(dec("-1234.5"));
+        assert_eq!((p.digits.as_str(), p.negative), ("1,234.50", true));
+        let z = amount_parts(dec("-0.004"));
+        assert_eq!((z.digits.as_str(), z.negative), ("0.00", false));
+    }
+
+    #[test]
+    fn currency_signs_and_rules_go_on_sums() {
+        let rows = vec![
+            section("Assets"),
+            one(RowKind::Line, "a", dec("1")),
+            one(RowKind::Line, "b", dec("2")),
+            one(RowKind::Subtotal, "t", dec("3")),
+            spacer(),
+            section("Investing"),
+            one(RowKind::Subtotal, "empty", dec("0")),
+            one(RowKind::Total, "T", dec("3")),
+        ];
+        let st = statement("X", String::new(), &["Total"], rows);
+        let signs: Vec<bool> = st.rows.iter().map(|r| r.currency).collect();
+        assert_eq!(signs, [false, false, false, true, false, false, true, true]);
+        let rules: Vec<bool> = st.rows.iter().map(|r| r.rule_above).collect();
+        // No rule over an empty section's subtotal; always one over a total.
+        assert_eq!(
+            rules,
+            [false, false, false, true, false, false, false, true]
+        );
+    }
+
+    fn sl(code: &str, name: &str, a: &str) -> StatementLine {
+        StatementLine {
+            code: code.into(),
+            name: name.into(),
+            amount: dec(a),
+        }
+    }
+
+    fn equity_rows(st: &Statement, from: &str) -> Vec<(String, Option<Decimal>)> {
+        st.rows
+            .iter()
+            .skip_while(|r| r.label != from)
+            .map(|r| (r.label.clone(), r.amounts.first().copied().flatten()))
+            .collect()
+    }
+
+    #[test]
+    fn corporate_balance_sheet_splits_retained_earnings_from_this_year() {
+        // Prior years closed 1,000 to Retained Earnings; 200 more unclosed
+        // from last year; this year's net income is 300 (current earnings
+        // 500 = 200 + 300).
+        let bs = BalanceSheetStatement {
+            as_of: NaiveDate::from_ymd_opt(2027, 3, 31).unwrap(),
+            assets: vec![sl("1000", "Cash", "2500")],
+            liabilities: vec![],
+            equity: vec![
+                sl("3000", "Common Stock", "1000"),
+                sl("3999", "Retained Earnings", "1000"),
+            ],
+            current_earnings: dec("500"),
+            total_assets: dec("2500"),
+            total_liabilities: dec("0"),
+            total_equity: dec("2500"),
+        };
+        let e = YearEarnings {
+            net_income_ytd: dec("300"),
+            unclosed: dec("300"),
+        };
+        let st = balance_sheet(&bs, e, &[]);
+        let some = |s: &str| Some(dec(s));
+        assert_eq!(
+            equity_rows(&st, "Equity"),
+            [
+                ("Equity".into(), None),
+                ("3000 Common Stock".into(), some("1000")),
+                ("Retained earnings".into(), some("1200")),
+                ("Net income (loss)".into(), some("300")),
+                ("Total equity".into(), some("2500")),
+                ("".into(), None),
+                ("Total liabilities and equity".into(), some("2500")),
+            ]
+        );
+    }
+
+    #[test]
+    fn partnership_balance_sheet_shows_only_unallocated_earnings() {
+        // January (100) was closed into the capital accounts; February and
+        // March (200) are this year's unclosed income; 50 from last year
+        // was never closed.
+        let bs = BalanceSheetStatement {
+            as_of: NaiveDate::from_ymd_opt(2027, 3, 31).unwrap(),
+            assets: vec![sl("1000", "Cash", "1350")],
+            liabilities: vec![],
+            equity: vec![
+                sl("3000", "Capital — Alice", "550"),
+                sl("3001", "Capital — Bob", "550"),
+            ],
+            current_earnings: dec("250"),
+            total_assets: dec("1350"),
+            total_liabilities: dec("0"),
+            total_equity: dec("1350"),
+        };
+        let e = YearEarnings {
+            net_income_ytd: dec("300"),
+            unclosed: dec("200"),
+        };
+        let members = [
+            Member {
+                name: "Alice".into(),
+                capital_code: "3000".into(),
+                distribution_code: None,
+            },
+            Member {
+                name: "Bob".into(),
+                capital_code: "3001".into(),
+                distribution_code: None,
+            },
+        ];
+        let st = balance_sheet(&bs, e, &members);
+        let some = |s: &str| Some(dec(s));
+        assert_eq!(
+            equity_rows(&st, "Members' equity"),
+            [
+                ("Members' equity".into(), None),
+                ("3000 Capital — Alice".into(), some("550")),
+                ("3001 Capital — Bob".into(), some("550")),
+                ("Undistributed earnings, prior years".into(), some("50")),
+                ("Net income (loss)".into(), some("200")),
+                ("Total members' equity".into(), some("1350")),
+                ("".into(), None),
+                ("Total liabilities and members' equity".into(), some("1350")),
+            ]
+        );
+    }
+
+    #[test]
+    fn periods_read_like_english() {
+        let d = |y, m, dd| NaiveDate::from_ymd_opt(y, m, dd).unwrap();
+        assert_eq!(
+            period_label(d(2026, 10, 4), d(2026, 10, 11)),
+            "October 4 – October 11, 2026"
+        );
+        assert_eq!(
+            period_label(d(2026, 12, 1), d(2027, 1, 31)),
+            "December 1, 2026 – January 31, 2027"
+        );
+        let meta = ReportMeta {
+            company: "X".into(),
+            basis: "Accrual".into(),
+            prepared_on: d(2026, 10, 11),
+            journal_seq: 114,
+        };
+        assert_eq!(
+            meta.footer(),
+            "Accrual basis · Prepared Sunday, October 11, 2026 · Journal seq 114"
+        );
+    }
+}

crates/ledger-import/src/templates.rs

@@ -0,0 +1,432 @@
+//! Starter charts of accounts by entity type.
+//!
+//! A new business shouldn't start from a blank chart, and the right chart
+//! depends on what the business *is*: a sole proprietor has an owner's
+//! capital and draws; a partnership (or multi-member LLC) has a capital and
+//! distributions account per partner and pays partners guaranteed payments;
+//! an S corporation pays officer wages and makes shareholder distributions;
+//! a C corporation pays dividends and income tax. Each template is a
+//! proposal for the agent to review with the human before importing (via
+//! `books.import_chart_csv`), with tax categories already assigned, plus
+//! the `wanderbooks.toml` settings that go with it (tax form, owners, and
+//! where period closes go).
+
+use crate::chart_csv::ChartRow;
+use rust_decimal::Decimal;
+
+/// The kinds of business a template exists for.
+#[derive(Clone, Copy, Debug, PartialEq, Eq)]
+pub enum EntityType {
+    /// Sole proprietorship or single-member LLC (Schedule C).
+    SoleProprietorship,
+    /// Partnership or multi-member LLC (Form 1065).
+    Partnership,
+    /// S corporation, including an LLC electing S status (Form 1120-S).
+    SCorporation,
+    /// C corporation (Form 1120).
+    CCorporation,
+}
+
+impl EntityType {
+    /// Parse "sole_proprietorship", "partnership", "s_corporation",
+    /// "c_corporation" and common spellings ("llc" alone is ambiguous).
+    pub fn parse(s: &str) -> Option<EntityType> {
+        let k: String = s
+            .to_lowercase()
+            .chars()
+            .filter(|c| c.is_ascii_alphanumeric())
+            .collect();
+        match k.as_str() {
+            "soleproprietorship" | "soleprop" | "singlememberllc" | "smllc" => {
+                Some(EntityType::SoleProprietorship)
+            }
+            "partnership" | "multimemberllc" | "mmllc" => Some(EntityType::Partnership),
+            "scorporation" | "scorp" | "s" => Some(EntityType::SCorporation),
+            "ccorporation" | "ccorp" | "c" | "corporation" => Some(EntityType::CCorporation),
+            _ => None,
+        }
+    }
+}
+
+/// A starter chart plus the settings that go with it.
+#[derive(Clone, Debug)]
+pub struct ChartTemplate {
+    /// Accounts, parents first.
+    pub rows: Vec<ChartRow>,
+    /// The `wanderbooks.toml` additions: tax form, owners, close settings.
+    pub settings_toml: String,
+    /// What the human should decide or know, in plain words.
+    pub notes: Vec<String>,
+}
+
+impl ChartTemplate {
+    /// The accounts as chart CSV with the tax_category column.
+    pub fn csv(&self) -> String {
+        let mut out = String::from("code,name,type,parent_code,tax_category\n");
+        for r in &self.rows {
+            let field = |s: &str| {
+                if s.contains([',', '"']) {
+                    format!("\"{}\"", s.replace('"', "\"\""))
+                } else {
+                    s.to_string()
+                }
+            };
+            out.push_str(&format!(
+                "{},{},{},{},{}\n",
+                r.code,
+                field(&r.name),
+                r.account_type,
+                r.parent_code.as_deref().unwrap_or(""),
+                r.tax_category.as_deref().unwrap_or("")
+            ));
+        }
+        out
+    }
+}
+
+fn acct(code: &str, name: &str, t: &str, tax: Option<&str>) -> ChartRow {
+    ChartRow {
+        code: code.to_string(),
+        name: name.to_string(),
+        account_type: t.to_string(),
+        parent_code: None,
+        tax_category: tax.map(str::to_string),
+    }
+}
+
+/// Equal shares for `n` owners as percents to two places, the last
+/// absorbing the remainder so they sum to exactly 100.
+fn equal_shares(n: usize) -> Vec<Decimal> {
+    let each = (Decimal::from(100) / Decimal::from(n as u64)).round_dp(2);
+    let mut v = vec![each; n];
+    if let Some((last, rest)) = v.split_last_mut() {
+        *last = Decimal::from(100) - rest.iter().sum::<Decimal>();
+    }
+    v
+}
+
+/// Build the template for `entity` with these owners (names; at least two
+/// for a partnership, which gets a capital and distributions account each).
+pub fn chart_template(entity: EntityType, owners: &[String]) -> Result<ChartTemplate, String> {
+    use EntityType::*;
+    if entity == Partnership && owners.len() < 2 {
+        return Err("a partnership template needs at least two owners' names".to_string());
+    }
+    if owners.len() > 90 {
+        return Err("at most 90 owners".to_string());
+    }
+    let owed_to = match entity {
+        SoleProprietorship => "Due to Owner",
+        Partnership => "Due to Members",
+        SCorporation | CCorporation => "Due to Shareholders",
+    };
+    let mut rows = vec![
+        acct("1000", "Business Checking", "asset", None),
+        acct("1100", "Savings", "asset", None),
+        acct("1200", "Accounts Receivable", "asset", None),
+        acct("1300", "Prepaid Expenses", "asset", None),
+        acct("1500", "Equipment", "asset", None),
+        acct("1590", "Accumulated Depreciation", "asset", None),
+        acct("2000", "Accounts Payable", "liability", None),
+        acct("2100", "Credit Card", "liability", None),
+        acct("2200", "Sales Tax Payable", "liability", None),
+        acct("2300", "Payroll Liabilities", "liability", None),
+        acct("2400", "Deferred Revenue", "liability", None),
+        acct("2500", owed_to, "liability", None),
+        acct("2700", "Loans Payable", "liability", None),
+    ];
+    let mut settings = String::new();
+    let mut notes = vec![
+        "Rename, add, or drop accounts before importing; codes are a convention, not a rule."
+            .to_string(),
+        format!(
+            "{owed_to}: business expenses an owner paid personally, until the business reimburses them."
+        ),
+    ];
+    match entity {
+        SoleProprietorship => {
+            rows.push(acct("3000", "Owner's Capital", "equity", None));
+            rows.push(acct("3100", "Owner's Draws", "equity", None));
+            settings.push_str("[company]\ntax_form = \"schedule_c\"\n\n[books]\n# Net income and draws close into the owner's capital.\nclose_into = \"3000\"\nclose_sweep = [\"3100\"]\n");
+            notes
+                .push("Money you take out is a draw (3100), not a wage or an expense.".to_string());
+        }
+        Partnership => {
+            let shares = equal_shares(owners.len());
+            settings.push_str("[company]\ntax_form = \"1065\"\n\n# Each partner's share drives allocations and closes. Equal shares are a\n# placeholder: use the operating agreement's numbers.\n");
+            for (i, name) in owners.iter().enumerate() {
+                let cap = format!("{}", 3000 + i);
+                let dist = format!("{}", 3100 + i);
+                rows.push(acct(&cap, &format!("Capital — {name}"), "equity", None));
+                rows.push(acct(
+                    &dist,
+                    &format!("Distributions — {name}"),
+                    "equity",
+                    None,
+                ));
+                settings.push_str(&format!(
+                    "\n[[company.members]]\nname = \"{name}\"\nshare = \"{}%\"\ncapital_account = \"{cap}\"\ndistribution_account = \"{dist}\"\n",
+                    shares[i]
+                ));
+            }
+            notes.push("A partner paid for work gets guaranteed payments (7200), not wages; profit taken out is a distribution.".to_string());
+            notes.push(
+                "Shares default to equal; set them from the operating agreement.".to_string(),
+            );
+        }
+        SCorporation | CCorporation => {
+            rows.push(acct("3000", "Common Stock", "equity", None));
+            rows.push(acct("3100", "Additional Paid-in Capital", "equity", None));
+            if entity == SCorporation {
+                rows.push(acct("3200", "Shareholder Distributions", "equity", None));
+                settings.push_str("[company]\ntax_form = \"1120s\"\n\n[books]\n# Net income and distributions close into Retained Earnings (3999).\nclose_sweep = [\"3200\"]\n");
+                notes.push("Owner-employees must take reasonable W-2 wages (officer compensation, 7200) before distributions.".to_string());
+            } else {
+                rows.push(acct("3200", "Dividends Paid", "equity", None));
+                settings.push_str("[company]\ntax_form = \"1120\"\n\n[books]\n# Net income and dividends close into Retained Earnings (3999).\nclose_sweep = [\"3200\"]\n");
+                notes.push("The corporation pays its own income tax (7900, not deductible); dividends are not expenses.".to_string());
+            }
+            rows.push(acct("3999", "Retained Earnings", "equity", None));
+        }
+    }
+    rows.extend([
+        acct("4000", "Sales", "revenue", Some("gross_receipts")),
+        acct(
+            "4100",
+            "Refunds and Allowances",
+            "revenue",
+            Some("returns_allowances"),
+        ),
+        acct(
+            "4900",
+            "Interest Income",
+            "revenue",
+            Some("interest_income"),
+        ),
+        acct("4950", "Other Income", "revenue", Some("other_income")),
+        acct(
+            "5000",
+            "Cost of Goods Sold",
+            "expense",
+            Some("cost_of_goods_sold"),
+        ),
+        acct("6000", "Advertising", "expense", Some("advertising")),
+        acct("6050", "Bank Fees", "expense", Some("other_deductions")),
+        acct(
+            "6100",
+            "Platform and Payment Processing Fees",
+            "expense",
+            Some("commissions_fees"),
+        ),
+        acct("6150", "Contract Labor", "expense", Some("contract_labor")),
+        acct("6200", "Depreciation", "expense", Some("depreciation")),
+        acct(
+            "6250",
+            "Dues and Memberships",
+            "expense",
+            Some("other_deductions"),
+        ),
+        acct("6300", "Insurance", "expense", Some("insurance")),
+        acct(
+            "6350",
+            "Interest Expense",
+            "expense",
+            Some("interest_expense"),
+        ),
+        acct(
+            "6400",
+            "Legal and Professional Fees",
+            "expense",
+            Some("legal_professional"),
+        ),
+        acct("6450", "Meals", "expense", Some("meals")),
+        acct("6500", "Office Expense", "expense", Some("office_expense")),
+        acct(
+            "6550",
+            "Organizational and Start-up Costs",
+            "expense",
+            Some("organization_startup"),
+        ),
+        acct("6600", "Rent", "expense", Some("rent_property")),
+        acct(
+            "6650",
+            "Repairs and Maintenance",
+            "expense",
+            Some("repairs"),
+        ),
+        acct(
+            "6700",
+            "Software and Subscriptions",
+            "expense",
+            Some("other_deductions"),
+        ),
+        acct("6750", "Supplies", "expense", Some("supplies")),
+        acct(
+            "6800",
+            "Taxes and Licenses",
+            "expense",
+            Some("taxes_licenses"),
+        ),
+        acct("6850", "Travel", "expense", Some("travel")),
+        acct("6900", "Utilities", "expense", Some("utilities")),
+        acct(
+            "6950",
+            "Penalties and Nondeductible Expenses",
+            "expense",
+            Some("nondeductible"),
+        ),
+        acct(
+            "7000",
+            "Salaries and Wages",
+            "expense",
+            Some("salaries_wages"),
+        ),
+        acct("7050", "Payroll Taxes", "expense", Some("taxes_licenses")),
+        acct(
+            "7100",
+            "Employee Benefits",
+            "expense",
+            Some("employee_benefits"),
+        ),
+    ]);
+    match entity {
+        Partnership => rows.push(acct(
+            "7200",
+            "Guaranteed Payments to Partners",
+            "expense",
+            Some("guaranteed_payments"),
+        )),
+        SCorporation | CCorporation => rows.push(acct(
+            "7200",
+            "Officer Compensation",
+            "expense",
+            Some("officer_compensation"),
+        )),
+        SoleProprietorship => {}
+    }
+    if entity == CCorporation {
+        rows.push(acct(
+            "7900",
+            "Income Tax Expense",
+            "expense",
+            Some("nondeductible"),
+        ));
+    }
+    Ok(ChartTemplate {
+        rows,
+        settings_toml: settings,
+        notes,
+    })
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use crate::chart_csv::parse_chart_csv;
+
+    #[test]
+    fn templates_round_trip_through_the_chart_parser() {
+        for e in [
+            EntityType::SoleProprietorship,
+            EntityType::Partnership,
+            EntityType::SCorporation,
+            EntityType::CCorporation,
+        ] {
+            let t = chart_template(e, &["Ann Lee".into(), "Bo, Jr.".into(), "Cy".into()]).unwrap();
+            let parsed = parse_chart_csv(&t.csv()).unwrap();
+            assert_eq!(parsed, t.rows, "{e:?}");
+            // Codes are unique.
+            let mut codes: Vec<&str> = t.rows.iter().map(|r| r.code.as_str()).collect();
+            codes.sort_unstable();
+            codes.dedup();
+            assert_eq!(codes.len(), t.rows.len(), "{e:?}");
+        }
+    }
+
+    #[test]
+    fn equity_fits_the_entity() {
+        let names = |t: &ChartTemplate| -> Vec<String> {
+            t.rows
+                .iter()
+                .filter(|r| r.account_type == "equity")
+                .map(|r| r.name.clone())
+                .collect()
+        };
+        let sole = chart_template(EntityType::SoleProprietorship, &[]).unwrap();
+        assert_eq!(names(&sole), ["Owner's Capital", "Owner's Draws"]);
+        assert!(sole.settings_toml.contains("close_into = \"3000\""));
+
+        let p = chart_template(
+            EntityType::Partnership,
+            &["A".into(), "B".into(), "C".into()],
+        )
+        .unwrap();
+        assert_eq!(
+            names(&p),
+            [
+                "Capital — A",
+                "Distributions — A",
+                "Capital — B",
+                "Distributions — B",
+                "Capital — C",
+                "Distributions — C"
+            ]
+        );
+        // Three equal shares that sum to exactly 100.
+        assert!(p.settings_toml.contains("share = \"33.33%\""));
+        assert!(p.settings_toml.contains("share = \"33.34%\""));
+        assert!(
+            p.rows
+                .iter()
+                .any(|r| r.tax_category.as_deref() == Some("guaranteed_payments"))
+        );
+        assert!(chart_template(EntityType::Partnership, &["solo".into()]).is_err());
+
+        let s = chart_template(EntityType::SCorporation, &[]).unwrap();
+        assert!(names(&s).contains(&"Shareholder Distributions".to_string()));
+        assert!(
+            s.rows
+                .iter()
+                .any(|r| r.tax_category.as_deref() == Some("officer_compensation"))
+        );
+        let c = chart_template(EntityType::CCorporation, &[]).unwrap();
+        assert!(names(&c).contains(&"Dividends Paid".to_string()));
+        assert!(c.rows.iter().any(|r| r.name == "Income Tax Expense"));
+    }
+
+    #[test]
+    fn every_category_is_valid_for_the_entitys_return() {
+        use ledger_core::{AccountType, TaxForm, tax::check_category};
+        for (e, form) in [
+            (EntityType::SoleProprietorship, TaxForm::ScheduleC),
+            (EntityType::Partnership, TaxForm::Form1065),
+            (EntityType::SCorporation, TaxForm::Form1120S),
+            (EntityType::CCorporation, TaxForm::Form1120),
+        ] {
+            for r in chart_template(e, &["A".into(), "B".into()]).unwrap().rows {
+                let Some(cat) = &r.tax_category else { continue };
+                let t = if r.account_type == "revenue" {
+                    AccountType::Revenue
+                } else {
+                    AccountType::Expense
+                };
+                check_category(cat, t, Some(form))
+                    .unwrap_or_else(|err| panic!("{e:?} {}: {err}", r.code));
+            }
+        }
+    }
+
+    #[test]
+    fn entity_types_parse() {
+        assert_eq!(
+            EntityType::parse("multi-member LLC"),
+            Some(EntityType::Partnership)
+        );
+        assert_eq!(EntityType::parse("S corp"), Some(EntityType::SCorporation));
+        assert_eq!(
+            EntityType::parse("sole_proprietorship"),
+            Some(EntityType::SoleProprietorship)
+        );
+        assert_eq!(EntityType::parse("LLC"), None, "ambiguous");
+    }
+}

crates/ledger-import/src/xlsx.rs

@@ -0,0 +1,407 @@
+//! Generate XLSX reports with `rust_xlsxwriter` (MIT).
+//!
+//! Money is converted to f64 ONLY at this presentation boundary — never in
+//! a money path. All accounting math stays `Decimal`; the conversion happens
+//! when writing a cell, rounded to cents. Cells stay numeric (so a CPA can
+//! sum them) with accounting number formats: thousands separators,
+//! negatives in parentheses with the closing parenthesis hanging (so
+//! decimal points align), "$" on subtotals and totals.
+
+use crate::report::{ReportMeta, RowKind, Statement};
+use chrono::NaiveDate;
+use ledger_core::Ledger;
+use ledger_core::reports::GeneralLedger;
+use rust_decimal::Decimal;
+use rust_xlsxwriter::{Format, FormatAlign, FormatBorder, Workbook, Worksheet};
+use thiserror::Error;
+
+/// Which report to render.
+#[derive(Clone, Debug)]
+pub enum XlsxReport<'a> {
+    /// A laid-out statement (P&L, balance sheet, cash flow, trial balance,
+    /// members' equity); see [`crate::report`].
+    Statement(&'a Statement),
+    /// The general ledger: by account, with running balances and splits.
+    GeneralLedger(&'a GeneralLedger),
+    /// The general journal: every posted entry in `[start, end]`, line by
+    /// line, in date order.
+    GeneralJournal(&'a Ledger, NaiveDate, NaiveDate),
+}
+
+/// XLSX errors.
+#[derive(Debug, Error)]
+pub enum XlsxError {
+    /// The writer failed.
+    #[error("xlsx write failed: {0}")]
+    Write(String),
+}
+
+impl From<rust_xlsxwriter::XlsxError> for XlsxError {
+    fn from(e: rust_xlsxwriter::XlsxError) -> Self {
+        XlsxError::Write(e.to_string())
+    }
+}
+
+/// Accounting number formats: the `_)` reserves a closing parenthesis's
+/// width on positives so decimal points line up with negatives.
+const PLAIN: &str = "#,##0.00_);(#,##0.00)";
+const DOLLARS: &str = "$#,##0.00_);($#,##0.00)";
+
+struct Formats {
+    bold: Format,
+    company: Format,
+    centered: Format,
+    header: Format,
+    header_right: Format,
+    plain: Format,
+    dollars_sum: Format,
+    dollars_total: Format,
+    line_label: Format,
+    sub_label: Format,
+    note: Format,
+}
+
+impl Formats {
+    fn new() -> Self {
+        let bold = Format::new().set_bold();
+        let ruled = |f: Format| f.set_border_top(FormatBorder::Thin);
+        Self {
+            company: Format::new()
+                .set_font_size(14)
+                .set_align(FormatAlign::Center),
+            centered: Format::new().set_align(FormatAlign::Center),
+            header: bold
+                .clone()
+                .set_font_size(9)
+                .set_border_bottom(FormatBorder::Thin),
+            header_right: bold
+                .clone()
+                .set_font_size(9)
+                .set_border_bottom(FormatBorder::Thin)
+                .set_align(FormatAlign::Right),
+            plain: Format::new().set_num_format(PLAIN),
+            dollars_sum: ruled(bold.clone().set_num_format(DOLLARS)),
+            dollars_total: ruled(bold.clone().set_num_format(DOLLARS))
+                .set_border_bottom(FormatBorder::Double),
+            line_label: Format::new().set_indent(1),
+            sub_label: Format::new().set_italic().set_indent(1),
+            note: Format::new()
+                .set_italic()
+                .set_font_size(9)
+                .set_font_color("#666666")
+                .set_align(FormatAlign::Center),
+            bold,
+        }
+    }
+}
+
+/// Company, title, and period centered over `width` columns; returns the
+/// next free row.
+fn header(
+    sheet: &mut Worksheet,
+    f: &Formats,
+    meta: &ReportMeta,
+    title: &str,
+    period: &str,
+    width: u16,
+) -> Result<u32, XlsxError> {
+    let last = width.saturating_sub(1);
+    sheet.merge_range(0, 0, 0, last, &meta.company, &f.company)?;
+    sheet.merge_range(
+        1,
+        0,
+        1,
+        last,
+        title,
+        &f.bold.clone().set_align(FormatAlign::Center),
+    )?;
+    sheet.merge_range(2, 0, 2, last, period, &f.centered)?;
+    Ok(4)
+}
+
+/// Basis, preparation date, and journal seq under the last row.
+fn footer(
+    sheet: &mut Worksheet,
+    f: &Formats,
+    meta: &ReportMeta,
+    row: u32,
+    width: u16,
+) -> Result<(), XlsxError> {
+    sheet.merge_range(
+        row + 1,
+        0,
+        row + 1,
+        width.saturating_sub(1),
+        &meta.footer(),
+        &f.note,
+    )?;
+    Ok(())
+}
+
+fn number(
+    sheet: &mut Worksheet,
+    row: u32,
+    col: u16,
+    d: Decimal,
+    fmt: &Format,
+) -> Result<(), XlsxError> {
+    sheet.write_number_with_format(row, col, dec_to_f64(d), fmt)?;
+    Ok(())
+}
+
+/// Render a report to XLSX bytes.
+pub fn report_to_xlsx(report: &XlsxReport<'_>, meta: &ReportMeta) -> Result<Vec<u8>, XlsxError> {
+    let mut workbook = Workbook::new();
+    let sheet = workbook.add_worksheet();
+    let f = Formats::new();
+    match report {
+        XlsxReport::Statement(st) => statement(sheet, &f, meta, st)?,
+        XlsxReport::GeneralLedger(gl) => general_ledger(sheet, &f, meta, gl)?,
+        XlsxReport::GeneralJournal(ledger, start, end) => {
+            general_journal(sheet, &f, meta, ledger, *start, *end)?
+        }
+    }
+    Ok(workbook.save_to_buffer()?)
+}
+
+fn statement(
+    sheet: &mut Worksheet,
+    f: &Formats,
+    meta: &ReportMeta,
+    st: &Statement,
+) -> Result<(), XlsxError> {
+    // Excel sheet names: at most 31 characters, no apostrophes at the ends.
+    let name: String = st.title.replace('\'', "").chars().take(31).collect();
+    sheet.set_name(name.trim())?;
+    let width = 1 + st.columns.len() as u16;
+    let mut row = header(sheet, f, meta, &st.title, &st.period, width)?;
+    sheet.write_string_with_format(row, 0, "", &f.header)?;
+    for (i, c) in st.columns.iter().enumerate() {
+        sheet.write_string_with_format(row, 1 + i as u16, c.to_uppercase(), &f.header_right)?;
+    }
+    row += 1;
+    let dollars_unruled = f.bold.clone().set_num_format(DOLLARS);
+    for r in &st.rows {
+        let (label_fmt, amount_fmt) = match r.kind {
+            RowKind::Spacer => {
+                row += 1;
+                continue;
+            }
+            RowKind::Section => (&f.bold, &f.plain),
+            RowKind::Subheading => (&f.sub_label, &f.plain),
+            RowKind::Line => (&f.line_label, &f.plain),
+            RowKind::Subtotal if r.rule_above => (&f.bold, &f.dollars_sum),
+            RowKind::Subtotal => (&f.bold, &dollars_unruled),
+            RowKind::Total => (&f.bold, &f.dollars_total),
+        };
+        sheet.write_string_with_format(row, 0, &r.label, label_fmt)?;
+        for (i, a) in r.amounts.iter().enumerate() {
+            match a {
+                Some(d) => number(sheet, row, 1 + i as u16, *d, amount_fmt)?,
+                None if r.rule_above => {
+                    sheet.write_blank(row, 1 + i as u16, amount_fmt)?;
+                }
+                None => {}
+            }
+        }
+        row += 1;
+    }
+    sheet.set_column_width(0, 58)?;
+    for i in 0..st.columns.len() as u16 {
+        sheet.set_column_width(1 + i, 16)?;
+    }
+    footer(sheet, f, meta, row, width)
+}
+
+fn general_ledger(
+    sheet: &mut Worksheet,
+    f: &Formats,
+    meta: &ReportMeta,
+    gl: &GeneralLedger,
+) -> Result<(), XlsxError> {
+    sheet.set_name("General Ledger")?;
+    let period = crate::report::period_label(gl.start, gl.end);
+    let cols = [
+        "Date",
+        "Entry",
+        "Description",
+        "Split",
+        "Debit",
+        "Credit",
+        "Balance",
+    ];
+    let mut row = header(sheet, f, meta, "General Ledger", &period, cols.len() as u16)?;
+    for (i, h) in cols.iter().enumerate() {
+        let fmt = if i >= 4 { &f.header_right } else { &f.header };
+        sheet.write_string_with_format(row, i as u16, h.to_uppercase(), fmt)?;
+    }
+    row += 1;
+    for a in &gl.accounts {
+        let name = format!("{} {}", a.code, a.name);
+        sheet.write_string_with_format(row, 0, &name, &f.bold)?;
+        row += 1;
+        sheet.write_string_with_format(row, 2, "Beginning balance", &f.line_label)?;
+        number(sheet, row, 6, a.beginning_balance, &f.plain)?;
+        row += 1;
+        for p in &a.postings {
+            sheet.write_string(row, 0, p.date.to_string())?;
+            sheet.write_number(row, 1, p.entry_id as f64)?;
+            sheet.write_string(row, 2, &p.description)?;
+            sheet.write_string(row, 3, &p.split)?;
+            if !p.debit.is_zero() {
+                number(sheet, row, 4, p.debit, &f.plain)?;
+            }
+            if !p.credit.is_zero() {
+                number(sheet, row, 5, p.credit, &f.plain)?;
+            }
+            number(sheet, row, 6, p.balance, &f.plain)?;
+            row += 1;
+        }
+        sheet.write_string_with_format(row, 0, format!("Total for {name}"), &f.bold)?;
+        for c in 1..4 {
+            sheet.write_blank(row, c, &f.dollars_sum)?;
+        }
+        number(sheet, row, 4, a.total_debits, &f.dollars_sum)?;
+        number(sheet, row, 5, a.total_credits, &f.dollars_sum)?;
+        number(sheet, row, 6, a.ending_balance, &f.dollars_sum)?;
+        row += 2;
+    }
+    for (c, w) in [
+        (0, 12.0),
+        (1, 7.0),
+        (2, 46.0),
+        (3, 34.0),
+        (4, 13.0),
+        (5, 13.0),
+        (6, 13.0),
+    ] {
+        sheet.set_column_width(c, w)?;
+    }
+    footer(sheet, f, meta, row, cols.len() as u16)
+}
+
+fn general_journal(
+    sheet: &mut Worksheet,
+    f: &Formats,
+    meta: &ReportMeta,
+    ledger: &Ledger,
+    start: NaiveDate,
+    end: NaiveDate,
+) -> Result<(), XlsxError> {
+    sheet.set_name("General Journal")?;
+    let period = crate::report::period_label(start, end);
+    let cols = [
+        "Date",
+        "Entry",
+        "Description",
+        "Account",
+        "Class",
+        "Debit",
+        "Credit",
+    ];
+    let mut row = header(
+        sheet,
+        f,
+        meta,
+        "General Journal",
+        &period,
+        cols.len() as u16,
+    )?;
+    for (i, h) in cols.iter().enumerate() {
+        let fmt = if i >= 5 { &f.header_right } else { &f.header };
+        sheet.write_string_with_format(row, i as u16, h.to_uppercase(), fmt)?;
+    }
+    row += 1;
+    let mut entries: Vec<_> = ledger
+        .posted_entries()
+        .filter(|e| e.date() >= start && e.date() <= end)
+        .collect();
+    entries.sort_by_key(|e| (e.date(), e.id()));
+    let (mut debits, mut credits) = (Decimal::ZERO, Decimal::ZERO);
+    for entry in entries {
+        for line in entry.lines() {
+            let account = ledger
+                .chart()
+                .get(line.account)
+                .map(|a| format!("{} {}", a.code, a.name))
+                .unwrap_or_else(|| "?".to_string());
+            let class = line
+                .class_id
+                .and_then(|cid| ledger.get_class(cid))
+                .map(|c| c.name.as_str())
+                .unwrap_or("");
+            sheet.write_string(row, 0, entry.date().to_string())?;
+            sheet.write_number(row, 1, entry.id() as f64)?;
+            sheet.write_string(row, 2, entry.description())?;
+            sheet.write_string(row, 3, &account)?;
+            sheet.write_string(row, 4, class)?;
+            match line.side {
+                ledger_core::Side::Debit => {
+                    number(sheet, row, 5, line.amount.amount, &f.plain)?;
+                    debits += line.amount.amount;
+                }
+                ledger_core::Side::Credit => {
+                    number(sheet, row, 6, line.amount.amount, &f.plain)?;
+                    credits += line.amount.amount;
+                }
+            }
+            row += 1;
+        }
+    }
+    sheet.write_string_with_format(row, 0, "Total", &f.bold)?;
+    for c in 1..5 {
+        sheet.write_blank(row, c, &f.dollars_total)?;
+    }
+    number(sheet, row, 5, debits, &f.dollars_total)?;
+    number(sheet, row, 6, credits, &f.dollars_total)?;
+    for (c, w) in [
+        (0, 12.0),
+        (1, 7.0),
+        (2, 50.0),
+        (3, 38.0),
+        (4, 12.0),
+        (5, 13.0),
+        (6, 13.0),
+    ] {
+        sheet.set_column_width(c, w)?;
+    }
+    footer(sheet, f, meta, row + 1, cols.len() as u16)
+}
+
+/// Decimal to f64 at the presentation boundary. Rounded to cents first.
+fn dec_to_f64(d: Decimal) -> f64 {
+    use rust_decimal::prelude::ToPrimitive;
+    d.round_dp(2).to_f64().unwrap_or(0.0)
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use crate::report;
+    use ledger_core::reports::{TrialBalance, TrialBalanceLine};
+
+    #[test]
+    fn xlsx_is_a_zip() {
+        let tb = TrialBalance {
+            lines: vec![TrialBalanceLine {
+                code: "1000".to_string(),
+                name: "Cash".to_string(),
+                debit: Decimal::new(10000, 2),
+                credit: Decimal::ZERO,
+            }],
+            total_debits: Decimal::new(10000, 2),
+            total_credits: Decimal::new(10000, 2),
+        };
+        let meta = ReportMeta {
+            company: "Test Co".to_string(),
+            basis: "Accrual".to_string(),
+            prepared_on: NaiveDate::from_ymd_opt(2026, 10, 11).unwrap(),
+            journal_seq: 7,
+        };
+        let st = report::trial_balance(&tb, NaiveDate::from_ymd_opt(2026, 10, 11).unwrap());
+        let bytes = report_to_xlsx(&XlsxReport::Statement(&st), &meta).unwrap();
+        // XLSX is a ZIP: starts with PK.
+        assert_eq!(&bytes[0..2], b"PK");
+        assert!(bytes.len() > 1000);
+    }
+}

crates/ledger-import/templates/statement.typ

@@ -0,0 +1,115 @@
+// A financial statement: P&L, balance sheet, cash flow, trial balance, or
+// members' equity, in US small-business (QuickBooks-style) presentation.
+//
+// Everything arrives as data in sys.inputs.data (JSON), already laid out by
+// ledger-import::report, with amounts already split into exact parts. The
+// template only typesets: no arithmetic happens here, and no label is ever
+// parsed as markup.
+//
+// Shape: { company, title, period, footer, columns: ["Total"] | [...],
+//          rows: [{ kind: "section" | "subheading" | "line" | "subtotal"
+//                       | "total" | "spacer",
+//                   label, rule (rule above), currency ("$" on amounts),
+//                   amounts: [null | { digits: "1,234.56", negative }] }] }
+//
+// Amounts: Inter's tabular figures; negatives in parentheses with the
+// closing parenthesis hanging (its width is reserved on every row, so
+// decimal points always line up); "$" attached on subtotals and totals.
+
+#let d = json(bytes(sys.inputs.data))
+#let ncols = d.columns.len()
+#let ink = luma(25)
+#let quiet = luma(110)
+#let hair = 0.5pt + luma(160)
+#let firm = 0.6pt + ink
+
+#set document(title: d.company + " — " + d.title, author: d.company)
+#set text(font: "Inter", size: 9pt, fill: ink, number-width: "tabular")
+#set page(
+  paper: "us-letter",
+  margin: (x: 0.75in, top: 0.75in, bottom: 0.75in),
+  header: context {
+    if counter(page).get().first() > 1 {
+      set text(7.5pt, fill: quiet)
+      [#d.company · #d.title #h(1fr) #d.period]
+    }
+  },
+  footer: context {
+    set text(7.5pt, fill: quiet)
+    grid(
+      columns: (1fr, auto, 1fr),
+      [],
+      d.footer,
+      align(right)[Page #counter(page).display() of #counter(page).final().first()],
+    )
+  },
+)
+
+#align(center)[
+  #text(15pt, fill: luma(45), d.company) \
+  #v(4pt)
+  #text(10.5pt, weight: "bold", d.title) \
+  #v(2pt)
+  #d.period
+]
+#v(12pt)
+
+#let amount(a, currency) = {
+  if a == none { return [] }
+  let open = if a.negative { [(] } else { [] }
+  let close = if a.negative { [)] } else { hide[)] }
+  let sign = if currency [\$] else []
+  [#open#sign#a.digits#close]
+}
+
+#let full(body, ..args) = table.cell(colspan: ncols + 1, ..args, body)
+
+#let row-cells(r) = {
+  let bold = r.kind == "subtotal" or r.kind == "total"
+  let stroke = if r.rule { (top: if r.kind == "total" { firm } else { hair }) } else { none }
+  let label = if r.kind == "line" { pad(left: 1.4em, r.label) } else { r.label }
+  let label = if bold { text(weight: "bold", label) } else { label }
+  (
+    table.cell(stroke: stroke, label),
+    ..r.amounts.map(a => table.cell(stroke: stroke, amount(a, r.currency))),
+  )
+}
+
+#table(
+  columns: (1fr,) + (8em,) * ncols,
+  stroke: none,
+  inset: (x: 4pt, y: 3.6pt),
+  align: (left + horizon,) + (right + horizon,) * ncols,
+  table.header(
+    table.cell(stroke: (top: firm, bottom: hair), []),
+    ..d.columns.map(c => table.cell(
+      stroke: (top: firm, bottom: hair),
+      text(7.5pt, weight: "bold", tracking: 0.04em, upper(c)),
+    )),
+  ),
+  ..d
+    .rows
+    .map(r => {
+      if r.kind == "spacer" {
+        (full(v(2pt), inset: 2pt),)
+      } else if r.kind == "section" {
+        (full(text(weight: "semibold", r.label)),)
+      } else if r.kind == "subheading" {
+        (full(pad(left: 1.4em, emph(r.label))),)
+      } else if r.kind == "total" {
+        // The double rule under a statement total, full width.
+        let double = full(
+          inset: (x: 0pt, y: 0pt),
+          stack(
+            spacing: 1.6pt,
+            line(length: 100%, stroke: firm),
+            line(length: 100%, stroke: firm),
+          ),
+        )
+        row-cells(r) + (double,)
+      } else {
+        row-cells(r)
+      }
+    })
+    .flatten(),
+)

crates/ledger-mcp/Cargo.toml

@@ -0,0 +1,33 @@
+[package]
+name = "ledger-mcp"
+version = "0.1.0"
+edition.workspace = true
+license.workspace = true
+repository.workspace = true
+description = "MCP server for wanderbooks: the AI-first bookkeeping interface over ledger-store."
+
+[[bin]]
+name = "ledger-mcp"
+path = "src/main.rs"
+
+[dependencies]
+ledger-core = { path = "../ledger-core" }
+ledger-store = { path = "../ledger-store" }
+ledger-import = { path = "../ledger-import" }
+base64 = "0.22"
+mime_guess = "2"
+rust_decimal = "1"
+rmcp = { version = "3", features = ["server", "transport-io", "schemars", "transport-streamable-http-server"] }
+axum = "0.8"
+tower = "0.5"
+schemars = "1"
+serde = { version = "1", features = ["derive"] }
+serde_json = "1"
+chrono = "0.4"
+thiserror = "2"
+tokio = { version = "1", features = ["rt-multi-thread", "macros", "io-util", "sync"] }
+zip = "9.0.1"
+toml = "1"
+
+[lints]
+workspace = true

crates/ledger-mcp/src/company.rs

@@ -0,0 +1,382 @@
+//! Company settings from the books dir's `wanderbooks.toml`.
+//!
+//! `wanderbooks init` writes that file next to `books-data/`; onboarding
+//! fills in `[company]`. The server reads the company name (report headers),
+//! the fiscal year start (fiscal-year-to-date reports), the members of a
+//! multi-member LLC (`[[company.members]]`: name, share, capital account —
+//! for the statement of members' equity), `[books] accounting_basis`
+//! (report footers), and `[books] receipt_threshold` (the receipt policy,
+//! unless `config.json` sets one). The fiscal year *end* is never stored: it is the day before
+//! the next start, so the two can't disagree.
+
+use chrono::{Datelike, NaiveDate};
+use rust_decimal::Decimal;
+use serde::Deserialize;
+use std::path::Path;
+
+/// The company the books belong to.
+#[derive(Clone, Debug, PartialEq)]
+pub struct Company {
+    /// Legal name, for report headers.
+    pub name: String,
+    /// Month and day the fiscal year starts. Default January 1.
+    pub fiscal_year_start: (u32, u32),
+    /// Members of a multi-member LLC; empty for other entities.
+    pub members: Vec<Member>,
+    /// "Accrual" or "Cash", for report footers. Default "Accrual".
+    pub basis: String,
+    /// The income tax return the business files, if known: from
+    /// `tax_form`, else from `tax_classification`.
+    pub tax_form: Option<ledger_core::TaxForm>,
+    /// `[books] close_into`: the equity account a period close puts net
+    /// income in (a sole proprietor's capital, say). Unset: Retained
+    /// Earnings, or members' capital accounts when there are members.
+    pub close_into: Option<String>,
+    /// `[books] close_sweep`: equity accounts (draws, dividends,
+    /// distributions) a close zeroes into `close_into`.
+    pub close_sweep: Vec<String>,
+}
+
+/// One member of a multi-member LLC.
+#[derive(Clone, Debug, PartialEq)]
+pub struct Member {
+    /// Name, as it appears on reports.
+    pub name: String,
+    /// Share of income, e.g. 0.50.
+    pub share: Decimal,
+    /// Code of their capital account in the chart.
+    pub capital_account: String,
+    /// Code of their distributions account, if distributions are recorded
+    /// separately from capital (zeroed into capital at close).
+    pub distribution_account: Option<String>,
+}
+
+impl Default for Company {
+    fn default() -> Self {
+        Self {
+            name: "Unnamed company".to_string(),
+            fiscal_year_start: (1, 1),
+            members: Vec::new(),
+            basis: "Accrual".to_string(),
+            tax_form: None,
+            close_into: None,
+            close_sweep: Vec::new(),
+        }
+    }
+}
+
+impl Company {
+    /// The fiscal year containing `d`: `(first day, last day)`, inclusive.
+    pub fn fiscal_year_containing(&self, d: NaiveDate) -> (NaiveDate, NaiveDate) {
+        let (m, day) = self.fiscal_year_start;
+        let on = |year| NaiveDate::from_ymd_opt(year, m, day).expect("validated month-day");
+        let start = if on(d.year()) <= d {
+            on(d.year())
+        } else {
+            on(d.year() - 1)
+        };
+        let end = on(start.year() + 1)
+            .pred_opt()
+            .expect("not the minimum date");
+        (start, end)
+    }
+}
+
+/// What the server takes from `wanderbooks.toml`.
+#[derive(Clone, Debug, Default, PartialEq)]
+pub struct BooksSettings {
+    /// `[company]`.
+    pub company: Company,
+    /// `[books] receipt_threshold`, validated as a decimal string.
+    pub receipt_threshold: Option<String>,
+}
+
+#[derive(Deserialize)]
+struct BooksToml {
+    #[serde(default)]
+    company: CompanyToml,
+    #[serde(default)]
+    books: BooksSection,
+}
+
+#[derive(Default, Deserialize)]
+struct CompanyToml {
+    name: Option<String>,
+    fiscal_year_start: Option<String>,
+    tax_form: Option<String>,
+    tax_classification: Option<String>,
+    #[serde(default)]
+    members: Vec<MemberToml>,
+}
+
+#[derive(Deserialize)]
+struct MemberToml {
+    name: String,
+    share: String,
+    capital_account: Option<String>,
+    distribution_account: Option<String>,
+}
+
+#[derive(Default, Deserialize)]
+struct BooksSection {
+    receipt_threshold: Option<String>,
+    accounting_basis: Option<String>,
+    close_into: Option<String>,
+    #[serde(default)]
+    close_sweep: Vec<String>,
+}
+
+/// The return a federal tax classification files: "partnership" → 1065,
+/// "s corporation" → 1120-S, "c corporation" → 1120, "sole proprietorship"
+/// or "disregarded entity" → Schedule C. Unrecognized: unknown.
+fn form_for_classification(c: &str) -> Option<ledger_core::TaxForm> {
+    let c = c.to_lowercase();
+    if c.contains("partnership") {
+        Some(ledger_core::TaxForm::Form1065)
+    } else if c.contains("s corp") || c.contains("s-corp") || c.contains("s_corp") {
+        Some(ledger_core::TaxForm::Form1120S)
+    } else if c.contains("c corp") || c.contains("c-corp") || c.contains("c_corp") {
+        Some(ledger_core::TaxForm::Form1120)
+    } else if c.contains("sole") || c.contains("disregarded") {
+        Some(ledger_core::TaxForm::ScheduleC)
+    } else {
+        None
+    }
+}
+
+/// Parse a share: "50%" or "0.5".
+fn parse_share(name: &str, s: &str) -> Result<Decimal, String> {
+    let s = s.trim();
+    let bad = || format!("member {name}: share {s:?} must be like \"50%\" or \"0.5\"");
+    let share = match s.strip_suffix('%') {
+        Some(pct) => pct.trim().parse::<Decimal>().map_err(|_| bad())? / Decimal::from(100),
+        None => s.parse::<Decimal>().map_err(|_| bad())?,
+    };
+    if share <= Decimal::ZERO || share > Decimal::ONE {
+        return Err(bad());
+    }
+    Ok(share)
+}
+
+/// Parse `"MM-DD"`. February 29 is rejected: a fiscal year must start on a
+/// day every year has.
+fn parse_month_day(s: &str) -> Result<(u32, u32), String> {
+    let bad = || format!("fiscal_year_start {s:?}: expected \"MM-DD\", e.g. \"01-01\"");
+    let (m, d) = s.split_once('-').ok_or_else(bad)?;
+    let (m, d): (u32, u32) = (m.parse().map_err(|_| bad())?, d.parse().map_err(|_| bad())?);
+    // 2001 is not a leap year: a valid date there exists every year.
+    NaiveDate::from_ymd_opt(2001, m, d)
+        .ok_or_else(|| format!("fiscal_year_start {s:?} is not a day every year has"))?;
+    Ok((m, d))
+}
+
+/// Parse `wanderbooks.toml` text.
+pub fn parse(text: &str) -> Result<BooksSettings, String> {
+    let raw: BooksToml = toml::from_str(text).map_err(|e| e.to_string())?;
+    let mut company = Company::default();
+    if let Some(name) = raw.company.name.filter(|n| !n.trim().is_empty()) {
+        company.name = name.trim().to_string();
+    }
+    if let Some(fy) = raw.company.fiscal_year_start {
+        company.fiscal_year_start = parse_month_day(fy.trim())?;
+    }
+    for m in raw.company.members {
+        let share = parse_share(&m.name, &m.share)?;
+        let capital_account = m
+            .capital_account
+            .filter(|c| !c.trim().is_empty())
+            .ok_or_else(|| format!("member {}: capital_account is required", m.name))?;
+        company.members.push(Member {
+            name: m.name.trim().to_string(),
+            share,
+            capital_account: capital_account.trim().to_string(),
+            distribution_account: m
+                .distribution_account
+                .map(|d| d.trim().to_string())
+                .filter(|d| !d.is_empty()),
+        });
+    }
+    if !company.members.is_empty() {
+        let total: Decimal = company.members.iter().map(|m| m.share).sum();
+        if total != Decimal::ONE {
+            return Err(format!("member shares sum to {total}, not 100%"));
+        }
+    }
+    company.tax_form =
+        match (&raw.company.tax_form, &raw.company.tax_classification) {
+            (Some(f), _) => Some(ledger_core::TaxForm::parse(f).ok_or_else(|| {
+                format!("tax_form {f:?}: expected schedule_c, 1065, 1120s, or 1120")
+            })?),
+            (None, Some(c)) => form_for_classification(c),
+            (None, None) => None,
+        };
+    if !company.members.is_empty() && raw.books.close_into.is_some() {
+        return Err(
+            "close_into is for single-owner businesses; with [[company.members]] a close goes to each member's capital account"
+                .to_string(),
+        );
+    }
+    company.close_into = raw.books.close_into.map(|c| c.trim().to_string());
+    company.close_sweep = raw.books.close_sweep;
+    if let Some(basis) = raw.books.accounting_basis {
+        company.basis = match basis.trim().to_lowercase().as_str() {
+            "accrual" => "Accrual".to_string(),
+            "cash" => "Cash".to_string(),
+            other => {
+                return Err(format!(
+                    "accounting_basis {other:?}: expected accrual or cash"
+                ));
+            }
+        };
+    }
+    let receipt_threshold = match raw.books.receipt_threshold {
+        Some(t) => {
+            t.trim()
+                .parse::<Decimal>()
+                .map_err(|_| format!("receipt_threshold {t:?} is not a decimal"))?;
+            Some(t.trim().to_string())
+        }
+        None => None,
+    };
+    Ok(BooksSettings {
+        company,
+        receipt_threshold,
+    })
+}
+
+/// Load `wanderbooks.toml` from a path.
+pub fn load(path: &Path) -> Result<BooksSettings, String> {
+    let text = std::fs::read_to_string(path).map_err(|e| format!("{}: {e}", path.display()))?;
+    parse(&text).map_err(|e| format!("{}: {e}", path.display()))
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    fn d(y: i32, m: u32, day: u32) -> NaiveDate {
+        NaiveDate::from_ymd_opt(y, m, day).unwrap()
+    }
+
+    #[test]
+    fn calendar_year_by_default() {
+        let c = parse("").unwrap().company;
+        assert_eq!(c.fiscal_year_start, (1, 1));
+        assert_eq!(
+            c.fiscal_year_containing(d(2026, 10, 11)),
+            (d(2026, 1, 1), d(2026, 12, 31))
+        );
+        assert_eq!(
+            c.fiscal_year_containing(d(2026, 1, 1)),
+            (d(2026, 1, 1), d(2026, 12, 31))
+        );
+    }
+
+    #[test]
+    fn a_july_fiscal_year_spans_two_calendar_years() {
+        let c = parse("[company]\nfiscal_year_start = \"07-01\"\n")
+            .unwrap()
+            .company;
+        assert_eq!(
+            c.fiscal_year_containing(d(2026, 3, 15)),
+            (d(2025, 7, 1), d(2026, 6, 30))
+        );
+        assert_eq!(
+            c.fiscal_year_containing(d(2026, 7, 1)),
+            (d(2026, 7, 1), d(2027, 6, 30))
+        );
+        assert_eq!(
+            c.fiscal_year_containing(d(2026, 6, 30)),
+            (d(2025, 7, 1), d(2026, 6, 30))
+        );
+    }
+
+    #[test]
+    fn reads_the_scaffolded_file() {
+        let s = parse(
+            "[company]\nname = \"Wanderland Labs LLC\"\nentity_type = \"x\"\nfiscal_year_start = \"01-01\"\n\n[books]\ndata_dir = \"books-data\"\nreceipt_threshold = \"25.00\"\n",
+        )
+        .unwrap();
+        assert_eq!(s.company.name, "Wanderland Labs LLC");
+        assert_eq!(s.receipt_threshold.as_deref(), Some("25.00"));
+        // An empty name (fresh scaffold) keeps the placeholder.
+        assert_eq!(
+            parse("[company]\nname = \"\"\n").unwrap().company.name,
+            "Unnamed company"
+        );
+    }
+
+    #[test]
+    fn reads_members_and_basis() {
+        let s = parse(
+            "[company]\n[[company.members]]\nname = \"Stephen Waits\"\nshare = \"50%\"\ncapital_account = \"3000\"\n[[company.members]]\nname = \"Katherine Pendergast\"\nshare = \"0.5\"\ncapital_account = \"3001\"\n[books]\naccounting_basis = \"cash\"\n",
+        )
+        .unwrap();
+        let half = Decimal::new(5, 1);
+        assert_eq!(
+            s.company.members,
+            vec![
+                Member {
+                    name: "Stephen Waits".into(),
+                    share: half,
+                    capital_account: "3000".into(),
+                    distribution_account: None,
+                },
+                Member {
+                    name: "Katherine Pendergast".into(),
+                    share: half,
+                    capital_account: "3001".into(),
+                    distribution_account: None,
+                },
+            ]
+        );
+        assert_eq!(s.company.basis, "Cash");
+        assert_eq!(parse("").unwrap().company.basis, "Accrual");
+        // Shares must add up; every member needs a capital account.
+        let two = |a: &str, b: &str| {
+            format!(
+                "[company]\n[[company.members]]\nname = \"A\"\nshare = \"{a}\"\ncapital_account = \"3000\"\n[[company.members]]\nname = \"B\"\nshare = \"{b}\"\ncapital_account = \"3001\"\n"
+            )
+        };
+        assert!(parse(&two("50%", "40%")).is_err());
+        assert!(parse(&two("60%", "40%")).is_ok());
+        assert!(parse("[company]\n[[company.members]]\nname = \"A\"\nshare = \"100%\"\n").is_err());
+        assert!(parse("[books]\naccounting_basis = \"modified\"\n").is_err());
+    }
+
+    #[test]
+    fn tax_form_from_setting_or_classification() {
+        use ledger_core::TaxForm;
+        let form = |toml: &str| parse(toml).unwrap().company.tax_form;
+        assert_eq!(
+            form("[company]\ntax_form = \"1120s\"\n"),
+            Some(TaxForm::Form1120S)
+        );
+        assert_eq!(
+            form("[company]\ntax_classification = \"partnership\"\n"),
+            Some(TaxForm::Form1065)
+        );
+        assert_eq!(
+            form("[company]\ntax_classification = \"S corporation\"\n"),
+            Some(TaxForm::Form1120S)
+        );
+        assert_eq!(
+            form("[company]\ntax_classification = \"disregarded entity\"\n"),
+            Some(TaxForm::ScheduleC)
+        );
+        assert_eq!(
+            form("[company]\ntax_classification = \"partnership\"\ntax_form = \"1120\"\n"),
+            Some(TaxForm::Form1120)
+        );
+        assert_eq!(form(""), None);
+        assert!(parse("[company]\ntax_form = \"990\"\n").is_err());
+    }
+
+    #[test]
+    fn rejects_bad_settings() {
+        assert!(parse("[company]\nfiscal_year_start = \"02-29\"\n").is_err());
+        assert!(parse("[company]\nfiscal_year_start = \"13-01\"\n").is_err());
+        assert!(parse("[company]\nfiscal_year_start = \"Jan 1\"\n").is_err());
+        assert!(parse("[books]\nreceipt_threshold = \"25 dollars\"\n").is_err());
+    }
+}

crates/ledger-mcp/src/main.rs

@@ -0,0 +1,178 @@
+//! `ledger-mcp`: the AI-first bookkeeping interface, over stdio.
+//!
+//! Usage: `ledger-mcp [--data-dir PATH] [--config PATH] [--books-toml PATH]`
+//!
+//! The data dir holds `journal.jsonl` (the source of truth), `wanderbooks.db`
+//! (the disposable SQLite projection), `blobs/` (content-addressed receipts),
+//! and optionally `config.json`. If no store exists, one is created with the
+//! configured base currency. Company settings (name, fiscal year start,
+//! receipt threshold) come from the books dir's `wanderbooks.toml`, by
+//! default the one next to the data dir.
+
+mod company;
+mod policy;
+mod server;
+mod types;
+
+use ledger_core::Currency;
+use ledger_store::Store;
+use policy::ReceiptPolicy;
+use rmcp::{ServiceExt, transport::stdio};
+use serde::Deserialize;
+use server::BooksServer;
+use std::path::PathBuf;
+
+/// Server configuration, JSON. All fields optional.
+#[derive(Debug, Default, Deserialize)]
+struct Config {
+    /// ISO 4217 base currency for a new store. Default "USD".
+    #[serde(default)]
+    base_currency: Option<String>,
+    /// Receipt policy. Overrides `wanderbooks.toml`'s receipt_threshold;
+    /// with neither, receipts are required above $25.00.
+    #[serde(default)]
+    receipt_policy: Option<ReceiptPolicy>,
+}
+
+fn default_data_dir() -> PathBuf {
+    let home = std::env::var("HOME").unwrap_or_else(|_| ".".to_string());
+    PathBuf::from(home).join(".local/share/wanderbooks")
+}
+
+fn print_usage() {
+    eprintln!(
+        "usage: ledger-mcp [--data-dir PATH] [--config PATH] [--books-toml PATH] [--http ADDR]"
+    );
+    eprintln!("  --data-dir  directory holding journal.jsonl (default ~/.local/share/wanderbooks)");
+    eprintln!("  --config    JSON config file (default <data-dir>/config.json, optional)");
+    eprintln!(
+        "  --books-toml  company settings (default <data-dir>/../wanderbooks.toml, optional)"
+    );
+    eprintln!(
+        "  --http      serve over Streamable HTTP at ADDR (e.g. 127.0.0.1:8080) instead of stdio"
+    );
+}
+
+fn main() -> Result<(), Box<dyn std::error::Error>> {
+    let mut data_dir = default_data_dir();
+    let mut config_path: Option<PathBuf> = None;
+    let mut books_toml: Option<PathBuf> = None;
+    let mut http_addr: Option<String> = None;
+    let mut args = std::env::args().skip(1);
+    while let Some(arg) = args.next() {
+        match arg.as_str() {
+            "--data-dir" => {
+                data_dir = PathBuf::from(args.next().ok_or("--data-dir needs a path")?);
+            }
+            "--config" => {
+                config_path = Some(PathBuf::from(args.next().ok_or("--config needs a path")?));
+            }
+            "--books-toml" => {
+                books_toml = Some(PathBuf::from(
+                    args.next().ok_or("--books-toml needs a path")?,
+                ));
+            }
+            "--http" => {
+                http_addr = Some(args.next().ok_or("--http needs an address")?);
+            }
+            "--help" | "-h" => {
+                print_usage();
+                return Ok(());
+            }
+            other => {
+                eprintln!("unknown argument: {other}");
+                print_usage();
+                std::process::exit(2);
+            }
+        }
+    }
+    let config_path = config_path.unwrap_or_else(|| data_dir.join("config.json"));
+    let config: Config = if config_path.exists() {
+        let raw = std::fs::read_to_string(&config_path)?;
+        serde_json::from_str(&raw)
+            .map_err(|e| format!("bad config {}: {e}", config_path.display()))?
+    } else {
+        Config::default()
+    };
+    // Logs go to stderr: stdout is the MCP channel.
+    eprintln!("ledger-mcp: data dir {}", data_dir.display());
+    // An explicit --books-toml must exist; the default is optional.
+    let settings = match books_toml {
+        Some(path) => company::load(&path)?,
+        None => match data_dir.parent().map(|p| p.join("wanderbooks.toml")) {
+            Some(path) if path.exists() => company::load(&path)?,
+            _ => company::BooksSettings::default(),
+        },
+    };
+    eprintln!("ledger-mcp: company {:?}", settings.company.name);
+    let policy = match (config.receipt_policy, settings.receipt_threshold) {
+        (Some(policy), _) => policy,
+        (None, Some(threshold)) => ReceiptPolicy {
+            require_receipts_above: threshold,
+            ..ReceiptPolicy::default()
+        },
+        (None, None) => ReceiptPolicy::default(),
+    };
+    let company = settings.company;
+
+    let store = if data_dir.join(ledger_store::JOURNAL_FILE).exists() {
+        Store::open(&data_dir)?
+    } else {
+        let code = config.base_currency.as_deref().unwrap_or("USD");
+        let currency = Currency::new(code).map_err(|_| format!("bad base currency {code:?}"))?;
+        eprintln!("ledger-mcp: creating new store (base currency {code})");
+        Store::create(&data_dir, currency)?
+    };
+    // The journal is the source of truth: verify the chain and the
+    // projection before serving a single tool call.
+    store
+        .verify()
+        .map_err(|e| format!("store verify failed: {e}"))?;
+
+    let rt = tokio::runtime::Builder::new_multi_thread()
+        .enable_all()
+        .build()?;
+    if let Some(addr) = http_addr {
+        eprintln!("ledger-mcp: store verified, serving Streamable HTTP on {addr}");
+        rt.block_on(serve_http(addr, store, policy, company))?;
+        return Ok(());
+    }
+
+    eprintln!("ledger-mcp: store verified, serving over stdio");
+    let server = BooksServer::new(store, policy).with_company(company);
+    rt.block_on(async {
+        let running = server.serve(stdio()).await?;
+        let _ = running.waiting().await;
+        Ok::<(), Box<dyn std::error::Error>>(())
+    })
+}
+
+/// Serve MCP over Streamable HTTP (for network clients).
+async fn serve_http(
+    addr: String,
+    store: Store,
+    policy: ReceiptPolicy,
+    company: company::Company,
+) -> Result<(), Box<dyn std::error::Error>> {
+    use rmcp::transport::streamable_http_server::{
+        StreamableHttpService, session::local::LocalSessionManager,
+    };
+    use std::sync::Arc;
+
+    let store = Arc::new(std::sync::Mutex::new(store));
+    let service = StreamableHttpService::new(
+        move || {
+            let server = server::BooksServer::new_shared(store.clone(), policy.clone())
+                .with_company(company.clone());
+            Ok(server)
+        },
+        Arc::new(LocalSessionManager::default()),
+        Default::default(),
+    );
+
+    let router = axum::Router::new().nest_service("/mcp", service);
+    let listener = tokio::net::TcpListener::bind(&addr).await?;
+    eprintln!("ledger-mcp: listening on http://{addr}/mcp");
+    axum::serve(listener, router).await?;
+    Ok(())
+}

crates/ledger-mcp/src/policy.rs

@@ -0,0 +1,176 @@
+//! The receipt policy: server-side enforcement, not prose.
+//!
+//! Posting an entry whose debits are strictly greater than the configured
+//! threshold requires at least one attached receipt, unless every line is in
+//! an exempt account. Selected accounts can require receipts regardless of
+//! amount. Reversals are exempt: the original entry carries the evidence.
+
+use ledger_core::{JournalEntry, Ledger, Side};
+use rust_decimal::Decimal;
+use serde::Deserialize;
+
+/// Server-side receipt policy, loaded from config.
+#[derive(Debug, Clone, Deserialize)]
+pub struct ReceiptPolicy {
+    /// Receipts required when an entry's debits are strictly greater than
+    /// this amount. Decimal string, e.g. `"25.00"`.
+    #[serde(default = "default_threshold")]
+    pub require_receipts_above: String,
+    /// Account codes that always require a receipt, regardless of amount.
+    #[serde(default)]
+    pub receipt_required_accounts: Vec<String>,
+    /// Account codes exempt from the policy. The exemption applies only when
+    /// *every* line of the entry is in an exempt account.
+    #[serde(default)]
+    pub receipt_exempt_accounts: Vec<String>,
+}
+
+fn default_threshold() -> String {
+    "25.00".to_string()
+}
+
+impl Default for ReceiptPolicy {
+    fn default() -> Self {
+        Self {
+            require_receipts_above: default_threshold(),
+            receipt_required_accounts: Vec::new(),
+            receipt_exempt_accounts: Vec::new(),
+        }
+    }
+}
+
+impl ReceiptPolicy {
+    fn threshold(&self) -> Decimal {
+        self.require_receipts_above
+            .parse()
+            .unwrap_or(Decimal::from(25))
+    }
+
+    fn account_codes(&self, ledger: &Ledger, entry: &JournalEntry) -> Vec<String> {
+        entry
+            .lines()
+            .iter()
+            .map(|l| {
+                ledger
+                    .chart()
+                    .get(l.account)
+                    .map(|a| a.code.clone())
+                    .unwrap_or_default()
+            })
+            .collect()
+    }
+
+    /// Total debits of the entry (one side of the balanced entry).
+    pub fn entry_debits(entry: &JournalEntry) -> Decimal {
+        entry
+            .lines()
+            .iter()
+            .filter(|l| l.side == Side::Debit)
+            .map(|l| l.amount.amount)
+            .sum()
+    }
+
+    /// True when posting this entry requires at least one receipt.
+    pub fn receipt_required(&self, ledger: &Ledger, entry: &JournalEntry) -> bool {
+        let codes = self.account_codes(ledger, entry);
+        let refs: Vec<&str> = codes.iter().map(|s| s.as_str()).collect();
+        self.receipt_required_for(&refs, Self::entry_debits(entry))
+    }
+
+    /// True when an entry touching these account codes with this debit total
+    /// requires at least one receipt. The code-level check behind
+    /// [`Self::receipt_required`], for postings (like disposals) computed
+    /// without a draft entry in hand.
+    pub fn receipt_required_for(&self, codes: &[&str], debits: Decimal) -> bool {
+        // Per-account override: any line in a required account → required.
+        if codes
+            .iter()
+            .any(|c| self.receipt_required_accounts.iter().any(|r| r == *c))
+        {
+            return true;
+        }
+        // Strictly greater than the threshold (Stephen: ">$25").
+        if debits <= self.threshold() {
+            return false;
+        }
+        // Exempt only when every line is in an exempt account.
+        !codes
+            .iter()
+            .all(|c| self.receipt_exempt_accounts.iter().any(|e| e == *c))
+    }
+
+    /// Human-readable policy summary for previews and errors.
+    pub fn describe(&self) -> String {
+        format!(
+            "receipts required when entry debits are strictly greater than {}",
+            self.threshold()
+        )
+    }
+
+    /// Normalize a description for split detection.
+    fn normalize_description(desc: &str) -> String {
+        desc.split_whitespace()
+            .collect::<Vec<_>>()
+            .join(" ")
+            .to_lowercase()
+    }
+
+    /// Debit account ids of an entry, sorted.
+    fn debit_accounts(entry: &JournalEntry) -> Vec<u64> {
+        let mut ids: Vec<u64> = entry
+            .lines()
+            .iter()
+            .filter(|l| l.side == Side::Debit)
+            .map(|l| l.account)
+            .collect();
+        ids.sort_unstable();
+        ids.dedup();
+        ids
+    }
+
+    /// Detect a potential threshold split: posted entries on the same date
+    /// with the same normalized description and debit accounts, whose
+    /// combined debits with this entry exceed the threshold while this
+    /// entry alone does not. Returns the matching posted entry ids.
+    ///
+    /// This is the anti-gaming rule: splitting a $100 purchase into four
+    /// $25 entries does not dodge the receipt policy. Same-day,
+    /// same-description, same-accounts is the signature; recurring spending
+    /// spread across days is not flagged.
+    pub fn split_group(&self, ledger: &Ledger, entry_id: u64, entry: &JournalEntry) -> Vec<u64> {
+        let debits = Self::entry_debits(entry);
+        if debits > self.threshold() {
+            return Vec::new(); // Normal policy already applies.
+        }
+        let desc = Self::normalize_description(entry.description());
+        let accounts = Self::debit_accounts(entry);
+        let date = entry.date();
+        let mut group = Vec::new();
+        let mut total = debits;
+        for other in ledger.posted_entries() {
+            if other.id() == entry_id {
+                continue;
+            }
+            if other.date() != date {
+                continue;
+            }
+            if Self::normalize_description(other.description()) != desc {
+                continue;
+            }
+            if Self::debit_accounts(other) != accounts {
+                continue;
+            }
+            // Reversals are exempt from the policy; don't count them.
+            if other.reversal_of().is_some() {
+                continue;
+            }
+            group.push(other.id());
+            total += Self::entry_debits(other);
+        }
+        if !group.is_empty() && total > self.threshold() {
+            group
+        } else {
+            Vec::new()
+        }
+    }
+}

crates/ledger-store/Cargo.toml

@@ -0,0 +1,25 @@
+[package]
+name = "ledger-store"
+version = "0.1.0"
+edition.workspace = true
+license.workspace = true
+repository.workspace = true
+description = "Durable persistence for wanderbooks: a hash-chained JSONL journal as the source of truth, content-addressed blob store, and a disposable SQLite projection."
+
+[dependencies]
+ledger-core = { path = "../ledger-core" }
+rusqlite = { version = "0.32", features = ["bundled"] }
+serde = { version = "1", features = ["derive"] }
+serde_json = "1"
+chrono = "0.4"
+rust_decimal = "1"
+thiserror = "2"
+sha2 = "0.10"
+hex = "0.4"
+
+[dev-dependencies]
+tempfile = "3"
+rust_decimal = "1"
+
+[lints]
+workspace = true

crates/ledger-store/src/blob.rs

@@ -0,0 +1,78 @@
+//! The blob store: content-addressed, immutable bytes.
+//!
+//! Files are keyed by the SHA-256 of their exact bytes and laid out sharded
+//! by hash prefix: `<root>/<aa>/<bb>/<full-hex>`. Reads re-hash and compare,
+//! so corruption is detected, never served. Writes are atomic (temp file +
+//! rename) and fsync'd. Blobs are never modified or deleted by the
+//! application.
+
+use crate::error::StoreError;
+use crate::journal::sha256_hex;
+use std::fs;
+use std::path::{Path, PathBuf};
+
+/// Content-addressed file store rooted at `root`.
+pub struct BlobStore {
+    root: PathBuf,
+}
+
+impl BlobStore {
+    /// Open (creating) the blob store at `root`.
+    pub fn open(root: &Path) -> Result<Self, StoreError> {
+        fs::create_dir_all(root)?;
+        Ok(Self {
+            root: root.to_path_buf(),
+        })
+    }
+
+    fn path_for(&self, sha_hex: &str) -> PathBuf {
+        self.root
+            .join(&sha_hex[0..2])
+            .join(&sha_hex[2..4])
+            .join(sha_hex)
+    }
+
+    /// Store bytes. Returns `(sha256_hex, deduplicated)`. Identical bytes
+    /// store once: the second put is a no-op that reports `deduplicated`.
+    pub fn put(&self, bytes: &[u8]) -> Result<(String, bool), StoreError> {
+        let sha = sha256_hex(bytes);
+        let path = self.path_for(&sha);
+        if path.exists() {
+            return Ok((sha, true));
+        }
+        if let Some(parent) = path.parent() {
+            fs::create_dir_all(parent)?;
+        }
+        // Atomic write: temp file in the same directory, fsync, rename.
+        let tmp = path.with_extension("tmp");
+        {
+            let mut f = fs::File::create(&tmp)?;
+            use std::io::Write;
+            f.write_all(bytes)?;
+            f.sync_all()?;
+        }
+        fs::rename(&tmp, &path)?;
+        // Fsync the directory so the rename itself is durable.
+        let dir = fs::File::open(path.parent().unwrap())?;
+        dir.sync_all()?;
+        Ok((sha, false))
+    }
+
+    /// Read bytes, verifying the SHA-256. A mismatch is corruption, and it
+    /// is reported — never served.
+    pub fn get(&self, sha_hex: &str) -> Result<Vec<u8>, StoreError> {
+        let sha_hex = sha_hex.to_lowercase();
+        let bytes = fs::read(self.path_for(&sha_hex))?;
+        let actual = sha256_hex(&bytes);
+        if actual != sha_hex {
+            return Err(StoreError::CorruptBlob(sha_hex));
+        }
+        Ok(bytes)
+    }
+
+    /// True when the blob exists (content not verified; use [`Self::get`]
+    /// for a verifying read).
+    pub fn exists(&self, sha_hex: &str) -> bool {
+        self.path_for(&sha_hex.to_lowercase()).exists()
+    }
+}

crates/ledger-store/src/error.rs

@@ -0,0 +1,75 @@
+//! Error type for the store.
+
+use thiserror::Error;
+
+/// Every way a store operation can fail.
+#[derive(Debug, Error)]
+pub enum StoreError {
+    /// Filesystem error.
+    #[error("io error: {0}")]
+    Io(#[from] std::io::Error),
+
+    /// SQLite error.
+    #[error("sqlite error: {0}")]
+    Rusqlite(#[from] rusqlite::Error),
+
+    /// JSON error.
+    #[error("json error: {0}")]
+    Json(#[from] serde_json::Error),
+
+    /// The engine rejected the operation. The journal is untouched.
+    #[error("ledger error: {0}")]
+    Ledger(#[from] ledger_core::LedgerError),
+
+    /// The journal failed integrity verification.
+    #[error("journal corrupt: {0}")]
+    JournalCorrupt(String),
+
+    /// Replay produced different ids than the journal recorded.
+    #[error("replay mismatch: {0}")]
+    ReplayMismatch(String),
+
+    /// [`crate::Store::verify`] found divergence.
+    #[error("verify failed: {0}")]
+    VerifyMismatch(String),
+
+    /// A blob's bytes did not match its SHA-256.
+    #[error("blob corrupt: hash mismatch for {0}")]
+    CorruptBlob(String),
+
+    /// Referenced attachment does not exist.
+    #[error("unknown attachment {0}")]
+    UnknownAttachment(u64),
+
+    /// The attachment is not linked to any entry.
+    #[error("attachment {0} is not linked to an entry")]
+    AttachmentNotLinked(u64),
+
+    /// The attachment is linked to an entry; unlink it first.
+    #[error("attachment {0} is linked to entry {1}; unlink it first with books.unlink_receipt")]
+    AttachmentLinked(u64, u64),
+
+    /// The attachment was withdrawn and can no longer be linked or changed.
+    #[error("attachment {0} is withdrawn")]
+    AttachmentWithdrawn(u64),
+
+    /// A correction to the evidence trail needs a reason.
+    #[error("a non-empty reason is required")]
+    ReasonRequired,
+
+    /// The store's schema is newer than this binary understands.
+    #[error("schema version {0} newer than supported {1}")]
+    SchemaTooNew(u32, u32),
+
+    /// `create` called where a store already exists.
+    #[error("store already exists at {0}")]
+    AlreadyExists(String),
+
+    /// `open` called where no store exists.
+    #[error("store not found at {0}")]
+    NotFound(String),
+
+    /// The requested base currency differs from the store's.
+    #[error("base currency mismatch: store is {0}, requested {1}")]
+    CurrencyMismatch(String, String),
+}

crates/ledger-store/src/journal.rs

@@ -0,0 +1,220 @@
+//! The journal: the source of truth.
+//!
+//! An append-only file of JSON objects, one per line (JSONL), hash-chained:
+//! each line carries the SHA-256 of the previous line's canonical bytes.
+//! Bit rot, torn writes, and casual editing are detected on read — never
+//! silently absorbed.
+//!
+//! Canonical form is keys-sorted, whitespace-free JSON. The writer always
+//! emits canonical form, so parse → re-serialize round-trips byte-identically
+//! and the chain verifies.
+
+use crate::error::StoreError;
+use serde::{Deserialize, Serialize};
+use serde_json::Value;
+use sha2::{Digest, Sha256};
+use std::fs::{File, OpenOptions};
+use std::io::{BufRead, BufReader, Write};
+use std::path::{Path, PathBuf};
+
+/// `prev` value of the first journal line: 64 zeros.
+pub const GENESIS_PREV: &str = "0000000000000000000000000000000000000000000000000000000000000000";
+
+/// One journal line: a sequenced, timestamped, hash-chained domain event.
+#[derive(Clone, Debug, Serialize, Deserialize)]
+pub struct JournalLine {
+    /// 1-based, gapless sequence number.
+    pub seq: u64,
+    /// UTC timestamp, RFC 3339. Recorded, never trusted for ordering.
+    pub ts: String,
+    /// Event type: `account.added`, `entry.created`, `entry.line_added`,
+    /// `entry.posted`, `entry.reversed`, `entry.line_class_set`,
+    /// `receipt.attached`, `receipt.linked`, `receipt.unlinked`,
+    /// `document.filed`, `attachment.withdrawn`,
+    /// `asset.registered`, `asset.depreciation_posted`, `asset.disposed`,
+    /// `period.created`, `period.closed`, `line.cleared`, `customer.added`,
+    /// `vendor.added`, `invoice.created`, `bill.created`,
+    /// `invoice.payment_received`, `bill.paid`, `fx.rate_set`,
+    /// `payroll.run`, `class.added`, `store.created`.
+    #[serde(rename = "type")]
+    pub line_type: String,
+    /// The full domain facts. Everything a replay needs.
+    pub payload: Value,
+    /// Hex SHA-256 of the previous line's canonical bytes.
+    pub prev: String,
+}
+
+impl JournalLine {
+    /// Canonical bytes of this line: keys sorted recursively, no whitespace.
+    pub fn to_canonical(&self) -> String {
+        canonical_json(&serde_json::to_value(self).expect("JournalLine serializes"))
+    }
+}
+
+/// Recursively key-sorted, whitespace-free JSON.
+pub fn canonical_json(value: &Value) -> String {
+    serde_json::to_string(&sort_value(value)).expect("JSON serialization cannot fail")
+}
+
+fn sort_value(v: &Value) -> Value {
+    match v {
+        Value::Object(map) => {
+            let mut keys: Vec<&String> = map.keys().collect();
+            keys.sort();
+            let mut sorted = serde_json::Map::with_capacity(map.len());
+            for k in keys {
+                sorted.insert(k.clone(), sort_value(&map[k]));
+            }
+            Value::Object(sorted)
+        }
+        Value::Array(arr) => Value::Array(arr.iter().map(sort_value).collect()),
+        _ => v.clone(),
+    }
+}
+
+/// Hex SHA-256 of bytes.
+pub fn sha256_hex(bytes: &[u8]) -> String {
+    let mut h = Sha256::new();
+    h.update(bytes);
+    hex::encode(h.finalize())
+}
+
+/// Append-only writer. Assigns `seq`, stamps `ts`, chains `prev`, fsyncs
+/// every append. The sequence only advances after a successful fsync, so a
+/// torn tail can never exist in a file written by this writer.
+pub struct JournalWriter {
+    path: PathBuf,
+    file: File,
+    next_seq: u64,
+    prev_hash: String,
+}
+
+impl JournalWriter {
+    /// Open an existing journal (verifying its chain) or create a new one.
+    pub fn open(path: &Path) -> Result<Self, StoreError> {
+        let lines = if path.exists() {
+            read_and_verify_journal(path)?
+        } else {
+            Vec::new()
+        };
+        Self::from_lines(path, &lines)
+    }
+
+    /// Build a writer from already-verified lines (avoids re-scanning).
+    pub(crate) fn from_lines(path: &Path, lines: &[JournalLine]) -> Result<Self, StoreError> {
+        let (next_seq, prev_hash) = match lines.last() {
+            Some(last) => (last.seq + 1, sha256_hex(last.to_canonical().as_bytes())),
+            None => (1, GENESIS_PREV.to_string()),
+        };
+        if !path.exists()
+            && let Some(parent) = path.parent()
+        {
+            std::fs::create_dir_all(parent)?;
+        }
+        let file = OpenOptions::new().create(true).append(true).open(path)?;
+        Ok(Self {
+            path: path.to_path_buf(),
+            file,
+            next_seq,
+            prev_hash,
+        })
+    }
+
+    /// Append one event. Returns the journaled line.
+    pub fn append(&mut self, line_type: &str, payload: Value) -> Result<JournalLine, StoreError> {
+        let line = JournalLine {
+            seq: self.next_seq,
+            ts: chrono::Utc::now().to_rfc3339_opts(chrono::SecondsFormat::Secs, true),
+            line_type: line_type.to_string(),
+            payload,
+            prev: self.prev_hash.clone(),
+        };
+        let bytes = line.to_canonical();
+        self.file.write_all(bytes.as_bytes())?;
+        self.file.write_all(b"\n")?;
+        self.file.sync_all()?;
+        self.prev_hash = sha256_hex(bytes.as_bytes());
+        self.next_seq += 1;
+        Ok(line)
+    }
+
+    /// The seq the next append will use.
+    pub fn next_seq(&self) -> u64 {
+        self.next_seq
+    }
+
+    /// Path of the journal file.
+    pub fn path(&self) -> &Path {
+        &self.path
+    }
+}
+
+/// Read and fully verify a journal: every line parses, seqs are gapless from
+/// 1, and the hash chain is intact. Any failure names the offending seq.
+pub fn read_and_verify_journal(path: &Path) -> Result<Vec<JournalLine>, StoreError> {
+    let file = File::open(path)?;
+    let reader = BufReader::new(file);
+    let mut lines = Vec::new();
+    let mut expected_prev = GENESIS_PREV.to_string();
+    for (i, raw) in reader.lines().enumerate() {
+        let raw = raw?;
+        let line: JournalLine = serde_json::from_str(&raw).map_err(|e| {
+            StoreError::JournalCorrupt(format!("seq {}: unparseable line: {e}", i + 1))
+        })?;
+        let want_seq = i as u64 + 1;
+        if line.seq != want_seq {
+            return Err(StoreError::JournalCorrupt(format!(
+                "seq gap: expected {want_seq}, found {}",
+                line.seq
+            )));
+        }
+        if line.prev != expected_prev {
+            return Err(StoreError::JournalCorrupt(format!(
+                "hash chain broken at seq {}",
+                line.seq
+            )));
+        }
+        expected_prev = sha256_hex(line.to_canonical().as_bytes());
+        lines.push(line);
+    }
+    Ok(lines)
+}
+
+/// Truncate a journal file to its last good line. For recovering *copies*
+/// with a torn tail (e.g. a backup taken mid-write): the projection never
+/// saw the torn line, so dropping it is safe. Returns the last good seq.
+/// The live journal written by [`JournalWriter`] cannot have a torn tail.
+pub fn truncate_to_last_good_seq(path: &Path) -> Result<u64, StoreError> {
+    let raw = std::fs::read(path)?;
+    let mut good_len = 0usize;
+    let mut last_good_seq = 0u64;
+    let mut expected_prev = GENESIS_PREV.to_string();
+    // Walk raw bytes: a line is bytes up to and including b'\n'. Trailing
+    // bytes without a newline are a torn tail and are dropped.
+    let mut start = 0usize;
+    for (i, &b) in raw.iter().enumerate() {
+        if b != b'\n' {
+            continue;
+        }
+        let line_bytes = &raw[start..i];
+        start = i + 1;
+        let line_str = std::str::from_utf8(line_bytes).map_err(|_| {
+            StoreError::JournalCorrupt(format!("seq {}: invalid utf-8", last_good_seq + 1))
+        })?;
+        if line_str.trim().is_empty() {
+            break; // blank line: our writer never emits these
+        }
+        match serde_json::from_str::<JournalLine>(line_str) {
+            Ok(line) if line.seq == last_good_seq + 1 && line.prev == expected_prev => {
+                expected_prev = sha256_hex(line.to_canonical().as_bytes());
+                last_good_seq = line.seq;
+                good_len = i + 1; // include the newline
+            }
+            _ => break,
+        }
+    }
+    let file = OpenOptions::new().write(true).open(path)?;
+    file.set_len(good_len as u64)?;
+    file.sync_all()?;
+    Ok(last_good_seq)
+}

crates/ledger-store/src/lib.rs

@@ -0,0 +1,33 @@
+//! `ledger-store`: durable persistence for the books.
+//!
+//! Three pieces, one job — keep the books safe:
+//!
+//! * [`journal`] — the source of truth. An append-only, hash-chained JSONL
+//!   journal. Every state change is an immutable fact, fsync'd on append.
+//! * [`blob`] — the bytes. Content-addressed (SHA-256), immutable,
+//!   deduplicated receipt and document storage.
+//! * [`Store`] — the SQLite projection plus the write path. SQLite is the
+//!   query engine and is disposable by design: [`Store::rebuild`] drops it
+//!   and replays the journal. [`Store::verify`] replays the journal into a
+//!   fresh engine and diffs its reports against both the live ledger and
+//!   the projection.
+//!
+//! The write path is singular: **validate → journal → mutate → apply**.
+//! Journal first means a failed write leaves nothing behind; a failed
+//! SQLite apply leaves the journal ahead, and the next open heals it via
+//! `last_applied_seq`. There is exactly one writer: `Store` is `!Sync` by
+//! construction (it owns a `rusqlite::Connection`).
+
+pub mod blob;
+pub mod error;
+pub mod journal;
+pub mod schema;
+pub mod store;
+
+pub use blob::BlobStore;
+pub use error::StoreError;
+pub use journal::{GENESIS_PREV, JournalLine, JournalWriter};
+pub use store::{
+    Attachment, DB_FILE, DepreciationRun, DisposalPreview, EntryRow, EventRow, JOURNAL_FILE,
+    PayrollLineInput, Store,
+};

crates/ledger-store/src/schema.rs

@@ -0,0 +1,199 @@
+//! SQLite schema and migrations.
+//!
+//! The projection schema. Amounts are TEXT (decimal strings) — never REAL.
+//! Migrations are numbered SQL scripts applied in order; `SCHEMA_VERSION`
+//! is the current version.
+
+/// Current schema version.
+pub const SCHEMA_VERSION: u32 = 7;
+
+/// Migrations, in order. `MIGRATIONS[i]` migrates from version `i` to `i+1`.
+pub const MIGRATIONS: &[&str] = &[
+    r#"
+CREATE TABLE IF NOT EXISTS meta(
+  key TEXT PRIMARY KEY,
+  value TEXT NOT NULL
+);
+CREATE TABLE IF NOT EXISTS accounts(
+  id INTEGER PRIMARY KEY,
+  code TEXT UNIQUE NOT NULL,
+  name TEXT NOT NULL,
+  type TEXT NOT NULL,
+  parent INTEGER NULL,
+  placeholder INTEGER NOT NULL,
+  currency TEXT NOT NULL
+);
+CREATE TABLE IF NOT EXISTS entries(
+  id INTEGER PRIMARY KEY,
+  date TEXT NOT NULL,
+  description TEXT NOT NULL,
+  status TEXT NOT NULL,
+  reversal_of INTEGER NULL
+);
+CREATE TABLE IF NOT EXISTS lines(
+  id INTEGER PRIMARY KEY AUTOINCREMENT,
+  entry_id INTEGER NOT NULL,
+  account_id INTEGER NOT NULL,
+  side TEXT NOT NULL,
+  amount TEXT NOT NULL,
+  currency TEXT NOT NULL
+);
+CREATE TABLE IF NOT EXISTS blobs(
+  sha256 TEXT PRIMARY KEY,
+  size_bytes INTEGER NOT NULL,
+  mime_type TEXT NOT NULL,
+  original_name TEXT NOT NULL,
+  created_at TEXT NOT NULL
+);
+CREATE TABLE IF NOT EXISTS attachments(
+  id INTEGER PRIMARY KEY,
+  blob_sha TEXT NOT NULL,
+  entry_id INTEGER NULL,
+  category TEXT NOT NULL,
+  description TEXT NULL,
+  created_at TEXT NOT NULL
+);
+CREATE TABLE IF NOT EXISTS events(
+  seq INTEGER PRIMARY KEY AUTOINCREMENT,
+  type TEXT NOT NULL,
+  payload TEXT NOT NULL,
+  created_at TEXT NOT NULL
+);
+CREATE INDEX IF NOT EXISTS idx_lines_entry ON lines(entry_id);
+CREATE INDEX IF NOT EXISTS idx_entries_date ON entries(date);
+CREATE INDEX IF NOT EXISTS idx_attachments_entry ON attachments(entry_id);
+"#,
+    r#"
+-- v2: fixed-asset register and depreciation runs.
+CREATE TABLE IF NOT EXISTS assets(
+  id INTEGER PRIMARY KEY,
+  description TEXT NOT NULL,
+  purchase_date TEXT NOT NULL,
+  cost_amount TEXT NOT NULL,
+  cost_currency TEXT NOT NULL,
+  salvage_amount TEXT NOT NULL,
+  salvage_currency TEXT NOT NULL,
+  useful_life_months INTEGER NOT NULL,
+  method TEXT NOT NULL,
+  cost_account INTEGER NOT NULL,
+  accum_depr_account INTEGER NOT NULL,
+  expense_account INTEGER NOT NULL,
+  status TEXT NOT NULL,
+  disposed_date TEXT NULL,
+  proceeds_amount TEXT NULL
+);
+CREATE TABLE IF NOT EXISTS asset_depreciation(
+  asset_id INTEGER NOT NULL,
+  period TEXT NOT NULL,
+  entry_id INTEGER NOT NULL,
+  amount TEXT NOT NULL,
+  PRIMARY KEY (asset_id, period)
+);
+"#,
+    r#"
+-- v3: accounting periods, A/R + A/P, cleared-line flags, FX rates, and
+-- foreign-currency columns on lines. Amounts are TEXT, never REAL.
+CREATE TABLE IF NOT EXISTS periods(
+  id INTEGER PRIMARY KEY,
+  name TEXT NOT NULL,
+  start TEXT NOT NULL,
+  end TEXT NOT NULL,
+  status TEXT NOT NULL,
+  closing_entry INTEGER NULL
+);
+CREATE TABLE IF NOT EXISTS customers(
+  id INTEGER PRIMARY KEY,
+  name TEXT NOT NULL
+);
+CREATE TABLE IF NOT EXISTS vendors(
+  id INTEGER PRIMARY KEY,
+  name TEXT NOT NULL
+);
+CREATE TABLE IF NOT EXISTS invoices(
+  id INTEGER PRIMARY KEY,
+  customer_id INTEGER NOT NULL,
+  date TEXT NOT NULL,
+  due_date TEXT NOT NULL,
+  lines_json TEXT NOT NULL,
+  amount_paid TEXT NOT NULL,
+  status TEXT NOT NULL,
+  entry_id INTEGER NOT NULL
+);
+CREATE TABLE IF NOT EXISTS bills(
+  id INTEGER PRIMARY KEY,
+  vendor_id INTEGER NOT NULL,
+  date TEXT NOT NULL,
+  due_date TEXT NOT NULL,
+  lines_json TEXT NOT NULL,
+  amount_paid TEXT NOT NULL,
+  status TEXT NOT NULL,
+  entry_id INTEGER NOT NULL
+);
+CREATE TABLE IF NOT EXISTS cleared_lines(
+  entry_id INTEGER NOT NULL,
+  line_index INTEGER NOT NULL,
+  PRIMARY KEY (entry_id, line_index)
+);
+CREATE TABLE IF NOT EXISTS fx_rates(
+  currency TEXT NOT NULL,
+  date TEXT NOT NULL,
+  rate TEXT NOT NULL,
+  PRIMARY KEY (currency, date)
+);
+CREATE INDEX IF NOT EXISTS idx_invoices_customer ON invoices(customer_id);
+CREATE INDEX IF NOT EXISTS idx_bills_vendor ON bills(vendor_id);
+ALTER TABLE lines ADD COLUMN foreign_currency TEXT;
+ALTER TABLE lines ADD COLUMN foreign_amount TEXT;
+"#,
+    r#"
+-- v4: classes, payroll runs, and class_id on lines. Amounts are TEXT,
+-- never REAL.
+CREATE TABLE IF NOT EXISTS classes(
+  id INTEGER PRIMARY KEY,
+  name TEXT NOT NULL
+);
+CREATE TABLE IF NOT EXISTS payroll_runs(
+  id INTEGER PRIMARY KEY,
+  date TEXT NOT NULL,
+  entry_id INTEGER NOT NULL
+);
+CREATE TABLE IF NOT EXISTS payroll_lines(
+  id INTEGER PRIMARY KEY AUTOINCREMENT,
+  run_id INTEGER NOT NULL,
+  employee_name TEXT NOT NULL,
+  gross_pay TEXT NOT NULL,
+  federal_withholding TEXT NOT NULL,
+  state_withholding TEXT NOT NULL,
+  ss_employee TEXT NOT NULL,
+  medicare_employee TEXT NOT NULL,
+  ss_employer TEXT NOT NULL,
+  medicare_employer TEXT NOT NULL,
+  other_deductions TEXT NOT NULL
+);
+CREATE INDEX IF NOT EXISTS idx_payroll_lines_run ON payroll_lines(run_id);
+ALTER TABLE lines ADD COLUMN class_id INTEGER;
+"#,
+    r#"
+-- v5: withdrawn attachments. Withdrawal retires a receipt or document from
+-- listings and linking; the bytes stay in the blob store and the journal
+-- keeps the filing and the withdrawal.
+ALTER TABLE attachments ADD COLUMN withdrawn_at TEXT;
+ALTER TABLE attachments ADD COLUMN withdrawn_reason TEXT;
+"#,
+    r#"
+-- v6: tax categories on accounts (where each account lands on the return,
+-- and how much of it is deductible). Percent is TEXT, never REAL.
+ALTER TABLE accounts ADD COLUMN tax_category TEXT;
+ALTER TABLE accounts ADD COLUMN deductible_percent TEXT;
+"#,
+    r#"
+-- v7: 1099 tracking: which return each vendor gets, whether its W-9 is on
+-- file (never the TIN itself), and the vendor each entry paid.
+ALTER TABLE vendors ADD COLUMN form_1099 TEXT;
+ALTER TABLE vendors ADD COLUMN tin_on_file INTEGER NOT NULL DEFAULT 0;
+CREATE TABLE IF NOT EXISTS entry_vendors(
+  entry_id INTEGER PRIMARY KEY,
+  vendor_id INTEGER NOT NULL
+);
+"#,
+];

crates/ledger-store/tests/assets.rs

@@ -0,0 +1,235 @@
+//! Fixed-asset store tests: journaling, idempotency, disposal, and verify.
+
+use chrono::NaiveDate;
+use ledger_core::{AccountType, Currency, Money, NewAsset, Side};
+use ledger_store::Store;
+use rust_decimal::Decimal;
+use tempfile::tempdir;
+
+fn usd(amount: &str) -> Money {
+    Money::new(amount.parse().unwrap(), Currency::USD)
+}
+
+fn date(y: i32, m: u32, d: u32) -> NaiveDate {
+    NaiveDate::from_ymd_opt(y, m, d).unwrap()
+}
+
+fn open_store() -> (tempfile::TempDir, Store) {
+    let dir = tempdir().unwrap();
+    let store = Store::create(dir.path(), Currency::USD).unwrap();
+    (dir, store)
+}
+
+fn asset_accounts(store: &mut Store) -> (u64, u64, u64, u64, u64) {
+    let cost = store
+        .add_account("1500", "Equipment", AccountType::Asset, None, false)
+        .unwrap();
+    let accum = store
+        .add_account(
+            "1501",
+            "Accumulated Depreciation",
+            AccountType::Asset,
+            None,
+            false,
+        )
+        .unwrap();
+    let expense = store
+        .add_account(
+            "6100",
+            "Depreciation Expense",
+            AccountType::Expense,
+            None,
+            false,
+        )
+        .unwrap();
+    let bank = store
+        .add_account("1000", "Bank", AccountType::Asset, None, false)
+        .unwrap();
+    let gain = store
+        .add_account(
+            "4900",
+            "Gain on Disposal",
+            AccountType::Revenue,
+            None,
+            false,
+        )
+        .unwrap();
+    (cost, accum, expense, bank, gain)
+}
+
+fn van(store: &mut Store, dollars: u64, cost_acct: u64, accum_acct: u64, expense_acct: u64) -> u64 {
+    store
+        .register_asset(NewAsset {
+            description: "Sprinter van".to_string(),
+            purchase_date: date(2026, 1, 15),
+            cost: usd(&dollars.to_string()),
+            salvage_value: usd("0"),
+            useful_life_months: 60,
+            cost_account: cost_acct,
+            accum_depr_account: accum_acct,
+            expense_account: expense_acct,
+        })
+        .unwrap()
+}
+
+#[test]
+fn asset_survives_reopen_with_stable_ids() {
+    let (dir, mut store) = open_store();
+    let (cost, accum, expense, _, _) = asset_accounts(&mut store);
+    let id = van(&mut store, 60_000, cost, accum, expense);
+    drop(store);
+
+    let mut store = Store::open(dir.path()).unwrap();
+    let asset = store.ledger().get_asset(id).expect("asset must survive");
+    assert_eq!(asset.description, "Sprinter van");
+    assert_eq!(asset.cost.amount, Decimal::from(60_000));
+    // Allocator stability: the next registration continues the sequence.
+    let id2 = van(&mut store, 1_000, cost, accum, expense);
+    assert_eq!(id2, id + 1);
+    store.verify().unwrap();
+}
+
+#[test]
+fn depreciation_run_is_idempotent() {
+    let (_dir, mut store) = open_store();
+    let (cost, accum, expense, _, _) = asset_accounts(&mut store);
+    let id = van(&mut store, 60_000, cost, accum, expense);
+
+    let run1 = store.run_depreciation(id, "2026-01").unwrap();
+    assert!(!run1.already_posted);
+    assert_eq!(run1.amount, Decimal::new(54839, 2)); // 1000 * 17/31
+
+    // Second run of the same period is a no-op returning the same entry.
+    let run2 = store.run_depreciation(id, "2026-01").unwrap();
+    assert!(run2.already_posted);
+    assert_eq!(run2.entry_id, run1.entry_id);
+    assert_eq!(run2.amount, run1.amount);
+
+    // A later period posts its own entry.
+    let run3 = store.run_depreciation(id, "2026-02").unwrap();
+    assert!(!run3.already_posted);
+    assert_eq!(run3.amount, Decimal::from(1_000));
+
+    // The depreciation entries hit the right accounts.
+    let entry = store.ledger().get_entry(run3.entry_id).unwrap();
+    assert!(entry.lines().iter().any(|l| l.account == expense
+        && l.side == Side::Debit
+        && l.amount.amount == Decimal::from(1_000)));
+    store.verify().unwrap();
+}
+
+#[test]
+fn depreciation_rejects_period_outside_life() {
+    let (_dir, mut store) = open_store();
+    let (cost, accum, expense, _, _) = asset_accounts(&mut store);
+    let id = van(&mut store, 60_000, cost, accum, expense);
+    // Before purchase.
+    assert!(store.run_depreciation(id, "2025-12").is_err());
+    // After the 60-month life ends (2031-01).
+    assert!(store.run_depreciation(id, "2031-06").is_err());
+    // Malformed period.
+    assert!(store.run_depreciation(id, "2026-13").is_err());
+    assert!(store.run_depreciation(id, "january").is_err());
+    // Unknown asset.
+    assert!(store.run_depreciation(999, "2026-01").is_err());
+}
+
+#[test]
+fn disposal_posts_balanced_entry_and_marks_asset() {
+    let (_dir, mut store) = open_store();
+    let (cost, accum, expense, bank, gain) = asset_accounts(&mut store);
+    let id = van(&mut store, 60_000, cost, accum, expense);
+    store.run_depreciation(id, "2026-01").unwrap();
+    store.run_depreciation(id, "2026-02").unwrap();
+
+    // Book value after two months: 60000 − (548.39 + 1000) = 58451.61.
+    // Sell for 60,000 → gain of 1548.39.
+    let entry_id = store
+        .dispose_asset(id, date(2026, 2, 28), usd("60000"), bank, gain)
+        .unwrap();
+    let entry = store.ledger().get_entry(entry_id).unwrap();
+    let debits: Decimal = entry
+        .lines()
+        .iter()
+        .filter(|l| l.side == Side::Debit)
+        .map(|l| l.amount.amount)
+        .sum();
+    let credits: Decimal = entry
+        .lines()
+        .iter()
+        .filter(|l| l.side == Side::Credit)
+        .map(|l| l.amount.amount)
+        .sum();
+    assert_eq!(debits, credits, "disposal entry must balance");
+    assert_eq!(debits, Decimal::new(154839, 2) + Decimal::from(60_000));
+
+    // Asset is marked disposed; further depreciation is refused.
+    assert!(matches!(
+        store.ledger().get_asset(id).unwrap().status,
+        ledger_core::AssetStatus::Disposed { .. }
+    ));
+    assert!(store.run_depreciation(id, "2026-03").is_err());
+    assert!(
+        store
+            .dispose_asset(id, date(2026, 3, 1), usd("1"), bank, gain)
+            .is_err()
+    );
+    store.verify().unwrap();
+}
+
+#[test]
+fn disposal_at_loss_uses_debit_side() {
+    let (_dir, mut store) = open_store();
+    let (cost, accum, expense, bank, _) = asset_accounts(&mut store);
+    let loss = store
+        .add_account(
+            "6900",
+            "Loss on Disposal",
+            AccountType::Expense,
+            None,
+            false,
+        )
+        .unwrap();
+    let id = van(&mut store, 60_000, cost, accum, expense);
+    // Dispose 2026-01-31 with no prior depreciation runs: the final-period
+    // depreciation (Jan, 548.39) is auto-posted first. Book value 59451.61,
+    // sell for 50,000 → loss 9451.61.
+    let entry_id = store
+        .dispose_asset(id, date(2026, 1, 31), usd("50000"), bank, loss)
+        .unwrap();
+    let entry = store.ledger().get_entry(entry_id).unwrap();
+    let loss_line = entry.lines().iter().find(|l| l.account == loss).unwrap();
+    assert_eq!(loss_line.side, Side::Debit);
+    assert_eq!(loss_line.amount.amount, Decimal::new(945161, 2));
+    // The auto-posted depreciation entry exists for the disposal month.
+    let posted = store
+        .ledger()
+        .posted_entries()
+        .filter(|e| e.description().contains("(final)"))
+        .count();
+    assert_eq!(posted, 1);
+    store.verify().unwrap();
+}
+
+#[test]
+fn rejected_asset_registration_journals_nothing() {
+    let (_dir, mut store) = open_store();
+    let (cost, accum, expense, _, _) = asset_accounts(&mut store);
+    let bad = NewAsset {
+        description: "Bad".to_string(),
+        purchase_date: date(2026, 1, 1),
+        cost: usd("1000"),
+        salvage_value: usd("1000"), // salvage >= cost: invalid
+        useful_life_months: 12,
+        cost_account: cost,
+        accum_depr_account: accum,
+        expense_account: expense,
+    };
+    assert!(store.register_asset(bad).is_err());
+    // Journal holds only the setup lines; no asset.registered.
+    let events = store.events_since(0, 100).unwrap();
+    assert!(events.iter().all(|e| e.event_type != "asset.registered"));
+    // And the allocator did not advance.
+    let id = van(&mut store, 1_000, cost, accum, expense);
+    assert_eq!(id, 1);
+}

crates/ledger-store/tests/store.rs

@@ -0,0 +1,685 @@
+//! Store tests: the durability story, proven.
+//!
+//! Round-trip persistence, tamper detection, rebuild-from-journal healing,
+//! blob deduplication and hash verification.
+
+use chrono::NaiveDate;
+use ledger_core::{AccountType, Currency, Money, Side};
+use ledger_store::{JournalWriter, Store, StoreError};
+use rust_decimal::Decimal;
+use std::path::PathBuf;
+
+fn usd(amount: u64) -> Money {
+    Money::new(Decimal::from(amount), Currency::USD)
+}
+
+fn test_dir(name: &str) -> PathBuf {
+    let dir = std::env::temp_dir().join(format!("wanderbooks-{name}-{}", std::process::id()));
+    let _ = std::fs::remove_dir_all(&dir);
+    std::fs::create_dir_all(&dir).unwrap();
+    dir
+}
+
+fn build_books(dir: &std::path::Path) -> Store {
+    let mut store = Store::create(dir, Currency::USD).unwrap();
+    let cash = store
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let equity = store
+        .add_account("3000", "Owner's Equity", AccountType::Equity, None, false)
+        .unwrap();
+    let revenue = store
+        .add_account("4000", "Service Revenue", AccountType::Revenue, None, false)
+        .unwrap();
+    let rent = store
+        .add_account("6000", "Rent Expense", AccountType::Expense, None, false)
+        .unwrap();
+
+    let e1 = store
+        .create_entry(
+            NaiveDate::from_ymd_opt(2026, 1, 2).unwrap(),
+            "Owner investment",
+        )
+        .unwrap();
+    store.add_line(e1, cash, Side::Debit, usd(10_000)).unwrap();
+    store
+        .add_line(e1, equity, Side::Credit, usd(10_000))
+        .unwrap();
+    store.post_entry(e1).unwrap();
+
+    let e2 = store
+        .create_entry(
+            NaiveDate::from_ymd_opt(2026, 1, 10).unwrap(),
+            "Invoice client",
+        )
+        .unwrap();
+    store.add_line(e2, cash, Side::Debit, usd(4_000)).unwrap();
+    store
+        .add_line(e2, revenue, Side::Credit, usd(4_000))
+        .unwrap();
+    store.post_entry(e2).unwrap();
+
+    let e3 = store
+        .create_entry(
+            NaiveDate::from_ymd_opt(2026, 1, 15).unwrap(),
+            "January rent",
+        )
+        .unwrap();
+    store.add_line(e3, rent, Side::Debit, usd(800)).unwrap();
+    store.add_line(e3, cash, Side::Credit, usd(800)).unwrap();
+    store.post_entry(e3).unwrap();
+
+    // A receipt attached to the rent entry.
+    let (_rid, sha, dedup) = store
+        .attach_receipt(
+            Some(e3),
+            "rent-receipt.png",
+            "image/png",
+            b"fake-png-bytes",
+            Some("January rent receipt"),
+        )
+        .unwrap();
+    assert!(!dedup);
+    assert_eq!(sha.len(), 64);
+
+    // A reversal, to exercise the reversal path through the journal.
+    store
+        .reverse_entry(
+            e3,
+            NaiveDate::from_ymd_opt(2026, 1, 16).unwrap(),
+            "Reverse rent",
+        )
+        .unwrap();
+
+    store
+}
+
+#[test]
+fn round_trip_survives_reopen() {
+    let dir = test_dir("roundtrip");
+    let store = build_books(&dir);
+    // Live ledger: rent was posted then reversed → net zero movement on rent.
+    assert_eq!(
+        store
+            .ledger()
+            .account_movement(store.ledger().chart().find_by_code("6000").unwrap().id),
+        Decimal::from(0)
+    );
+    drop(store);
+
+    let store = Store::open(&dir).unwrap();
+    // Same facts after reopen: cash = 10000 + 4000 = 14000.
+    let cash_id = store.ledger().chart().find_by_code("1000").unwrap().id;
+    assert_eq!(
+        store.ledger().account_movement(cash_id),
+        Decimal::from(14_000)
+    );
+    // Trial balance still balances.
+    let tb = ledger_core::reports::trial_balance(store.ledger());
+    assert!(tb.balanced());
+    assert_eq!(tb.total_debits, Decimal::from(14_000));
+    // Receipt survived with its bytes.
+    let receipts = store.list_attachments(None).unwrap();
+    assert_eq!(receipts.len(), 1);
+    assert_eq!(receipts[0].file_name, "rent-receipt.png");
+    assert_eq!(
+        store.attachment_bytes(receipts[0].id).unwrap(),
+        b"fake-png-bytes"
+    );
+    // Full verification passes.
+    store.verify().unwrap();
+    assert_eq!(store.verify_blobs().unwrap(), 1);
+}
+
+#[test]
+fn journal_tamper_is_detected() {
+    let dir = test_dir("tamper");
+    let store = build_books(&dir);
+    drop(store);
+
+    // Flip a byte in the middle of the journal.
+    let journal_path = dir.join(ledger_store::JOURNAL_FILE);
+    let mut bytes = std::fs::read(&journal_path).unwrap();
+    let mid = bytes.len() / 2;
+    bytes[mid] = if bytes[mid] == b'X' { b'Y' } else { b'X' };
+    std::fs::write(&journal_path, &bytes).unwrap();
+
+    let err = match Store::open(&dir) {
+        Ok(_) => panic!("expected the tampered journal to be rejected"),
+        Err(e) => e,
+    };
+    assert!(
+        format!("{err:?}").contains("JournalCorrupt"),
+        "expected JournalCorrupt, got {err:?}"
+    );
+}
+
+#[test]
+fn torn_tail_is_truncatable() {
+    let dir = test_dir("torntail");
+    let store = build_books(&dir);
+    let seq_before = {
+        let w = JournalWriter::open(&dir.join(ledger_store::JOURNAL_FILE)).unwrap();
+        w.next_seq() - 1
+    };
+    drop(store);
+
+    // Simulate a torn backup: append half a line.
+    use std::io::Write;
+    let mut f = std::fs::OpenOptions::new()
+        .append(true)
+        .open(dir.join(ledger_store::JOURNAL_FILE))
+        .unwrap();
+    f.write_all(b"{\"seq\": 999, \"trunca").unwrap();
+    f.sync_all().unwrap();
+    drop(f);
+
+    // Strict open now fails...
+    assert!(Store::open(&dir).is_err());
+    // ...but truncation recovers to the last good seq.
+    let last_good =
+        ledger_store::journal::truncate_to_last_good_seq(&dir.join(ledger_store::JOURNAL_FILE))
+            .unwrap();
+    assert_eq!(last_good, seq_before);
+    let store = Store::open(&dir).unwrap();
+    store.verify().unwrap();
+}
+
+#[test]
+fn rebuild_heals_a_lost_database() {
+    let dir = test_dir("rebuild");
+    let mut store = build_books(&dir);
+    let tb_before = ledger_core::reports::trial_balance(store.ledger());
+    // Simulate total SQLite loss.
+    store.rebuild().unwrap();
+    let tb_after = ledger_core::reports::trial_balance(store.ledger());
+    assert_eq!(tb_before.total_debits, tb_after.total_debits);
+    assert_eq!(tb_before.total_credits, tb_after.total_credits);
+    store.verify().unwrap();
+    // Attachments survived (metadata re-applied from the journal).
+    assert_eq!(store.list_attachments(None).unwrap().len(), 1);
+}
+
+#[test]
+fn missing_database_heals_on_open() {
+    let dir = test_dir("healopen");
+    let store = build_books(&dir);
+    drop(store);
+    std::fs::remove_file(dir.join(ledger_store::DB_FILE)).unwrap();
+    // No database at all: open rebuilds the projection from the journal.
+    let store = Store::open(&dir).unwrap();
+    let tb = ledger_core::reports::trial_balance(store.ledger());
+    assert!(tb.balanced());
+    store.verify().unwrap();
+}
+
+#[test]
+fn blob_dedup_and_hash_verification() {
+    let dir = test_dir("blobs");
+    let mut store = Store::create(&dir, Currency::USD).unwrap();
+    let bytes = b"same bytes twice";
+    let (_, sha1, dedup1) = store
+        .file_document("tax", "w2.pdf", "application/pdf", bytes, None)
+        .unwrap();
+    let (_, sha2, dedup2) = store
+        .file_document("tax", "w2-copy.pdf", "application/pdf", bytes, None)
+        .unwrap();
+    assert!(!dedup1);
+    assert!(dedup2);
+    assert_eq!(sha1, sha2);
+    // Only one blob row; two attachment rows.
+    assert_eq!(store.verify_blobs().unwrap(), 1);
+    assert_eq!(store.list_attachments(None).unwrap().len(), 2);
+
+    // Corrupt the blob file on disk → the next read detects it.
+    let shard = dir
+        .join("blobs")
+        .join(&sha1[0..2])
+        .join(&sha1[2..4])
+        .join(&sha1);
+    let mut raw = std::fs::read(&shard).unwrap();
+    raw[0] ^= 0xff;
+    std::fs::write(&shard, &raw).unwrap();
+    let err = match store.verify_blobs() {
+        Ok(_) => panic!("expected the corrupted blob to be detected"),
+        Err(e) => e,
+    };
+    assert!(format!("{err:?}").contains("CorruptBlob"));
+}
+
+#[test]
+fn unbalanced_entry_never_reaches_the_journal() {
+    let dir = test_dir("unbalanced");
+    let mut store = Store::create(&dir, Currency::USD).unwrap();
+    let cash = store
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let equity = store
+        .add_account("3000", "Owner's Equity", AccountType::Equity, None, false)
+        .unwrap();
+    let seq_before = JournalWriter::open(&dir.join(ledger_store::JOURNAL_FILE))
+        .unwrap()
+        .next_seq();
+
+    let e = store
+        .create_entry(NaiveDate::from_ymd_opt(2026, 1, 2).unwrap(), "Bad")
+        .unwrap();
+    store.add_line(e, cash, Side::Debit, usd(100)).unwrap();
+    store.add_line(e, equity, Side::Credit, usd(99)).unwrap();
+    assert!(store.post_entry(e).is_err());
+
+    // The failed post journaled nothing new: the draft creation and its
+    // two lines were already journaled (durable drafts); entry.posted was not.
+    let seq_after = JournalWriter::open(&dir.join(ledger_store::JOURNAL_FILE))
+        .unwrap()
+        .next_seq();
+    assert_eq!(seq_after, seq_before + 3);
+    // And a fresh open sees a clean, balanced book.
+    drop(store);
+    let store = Store::open(&dir).unwrap();
+    store.verify().unwrap();
+}
+
+#[test]
+fn draft_lines_survive_reopen() {
+    // Drafts are durable: build a draft, close the store, reopen, and the
+    // draft comes back with its lines intact.
+    let dir = test_dir("draft-durable");
+    let (cash, revenue);
+    let draft_id;
+    {
+        let mut store = build_books(&dir);
+        cash = store.ledger().chart().find_by_code("1000").unwrap().id;
+        revenue = store.ledger().chart().find_by_code("4000").unwrap().id;
+        draft_id = store
+            .create_entry(
+                NaiveDate::from_ymd_opt(2026, 2, 1).unwrap(),
+                "unposted sale",
+            )
+            .unwrap();
+        store
+            .add_line(draft_id, cash, Side::Debit, usd(250))
+            .unwrap();
+        store
+            .add_line(draft_id, revenue, Side::Credit, usd(250))
+            .unwrap();
+        // Draft is not posted: trial balance only sees the posted entry.
+        let tb = ledger_core::reports::trial_balance(store.ledger());
+        assert_eq!(tb.total_debits, Decimal::from(14000));
+    }
+    // Reopen: the draft and its lines are back.
+    let mut store = Store::open(&dir).unwrap();
+    let draft = store.ledger().get_entry(draft_id).unwrap();
+    assert_eq!(draft.lines().len(), 2);
+    assert_eq!(draft.status(), ledger_core::EntryStatus::Draft);
+    // Post it after reopen: works, and the books balance.
+    store.post_entry(draft_id).unwrap();
+    let tb = ledger_core::reports::trial_balance(store.ledger());
+    assert_eq!(tb.total_debits, Decimal::from(14250));
+    assert_eq!(tb.total_credits, Decimal::from(14250));
+    store.verify().unwrap();
+}
+
+#[test]
+fn corrupt_projection_is_quarantined_and_rebuilt() {
+    let dir = test_dir("corrupt-projection");
+    {
+        let _store = build_books(&dir);
+    }
+    // Corrupt the SQLite file with garbage.
+    let db_path = dir.join(ledger_store::DB_FILE);
+    std::fs::write(&db_path, b"this is not a sqlite database at all").unwrap();
+    // Reopen heals from the journal instead of failing.
+    let store = Store::open(&dir).unwrap();
+    // The damaged file was quarantined for forensics.
+    let quarantined: Vec<_> = std::fs::read_dir(&dir)
+        .unwrap()
+        .filter_map(|e| e.ok())
+        .filter(|e| {
+            e.file_name()
+                .to_string_lossy()
+                .starts_with("wanderbooks.corrupt.")
+        })
+        .collect();
+    assert_eq!(quarantined.len(), 1);
+    // The books are intact and verify clean.
+    let tb = ledger_core::reports::trial_balance(store.ledger());
+    assert_eq!(tb.total_debits, Decimal::from(14000));
+    store.verify().unwrap();
+}
+
+#[test]
+fn receipt_corrections_are_journaled_and_survive_rebuild() {
+    let dir = test_dir("receipt-corrections");
+    let mut store = Store::create(&dir, Currency::USD).unwrap();
+    let cash = store
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let rent = store
+        .add_account("6000", "Rent Expense", AccountType::Expense, None, false)
+        .unwrap();
+    let e = store
+        .create_entry(
+            NaiveDate::from_ymd_opt(2026, 2, 1).unwrap(),
+            "February rent",
+        )
+        .unwrap();
+    store.add_line(e, rent, Side::Debit, usd(800)).unwrap();
+    store.add_line(e, cash, Side::Credit, usd(800)).unwrap();
+    store.post_entry(e).unwrap();
+    let (eml, _, _) = store
+        .attach_receipt(Some(e), "rent.eml", "message/rfc822", b"eml-bytes", None)
+        .unwrap();
+    let (pdf, _, _) = store
+        .attach_receipt(Some(e), "rent.pdf", "application/pdf", b"pdf-bytes", None)
+        .unwrap();
+
+    // Every correction needs a reason.
+    assert!(matches!(
+        store.unlink_receipt(eml, "  "),
+        Err(StoreError::ReasonRequired)
+    ));
+    // A linked receipt can't be withdrawn or moved: unlink it first.
+    assert!(matches!(
+        store.withdraw_attachment(eml, "dup"),
+        Err(StoreError::AttachmentLinked(a, b)) if a == eml && b == e
+    ));
+    assert!(matches!(
+        store.link_receipt(pdf, e),
+        Err(StoreError::AttachmentLinked(_, _))
+    ));
+
+    // Swap the .eml for the PDF: unlink, then withdraw.
+    assert_eq!(
+        store
+            .unlink_receipt(eml, "replaced by the PDF render")
+            .unwrap(),
+        e
+    );
+    assert!(matches!(
+        store.unlink_receipt(eml, "again"),
+        Err(StoreError::AttachmentNotLinked(_))
+    ));
+    store
+        .withdraw_attachment(eml, "file PDFs, not .eml")
+        .unwrap();
+    assert!(matches!(
+        store.link_receipt(eml, e),
+        Err(StoreError::AttachmentWithdrawn(_))
+    ));
+    assert!(matches!(
+        store.withdraw_attachment(eml, "again"),
+        Err(StoreError::AttachmentWithdrawn(_))
+    ));
+    assert!(matches!(
+        store.unlink_receipt(999, "x"),
+        Err(StoreError::UnknownAttachment(999))
+    ));
+
+    let check = |store: &Store| {
+        let linked: Vec<u64> = store
+            .list_attachments(Some(e))
+            .unwrap()
+            .iter()
+            .map(|a| a.id)
+            .collect();
+        assert_eq!(linked, vec![pdf]);
+        let all = store.list_attachments(None).unwrap();
+        let gone = all.iter().find(|a| a.id == eml).unwrap();
+        assert_eq!(gone.entry_id, None);
+        assert!(gone.withdrawn_at.is_some());
+        assert_eq!(
+            gone.withdrawn_reason.as_deref(),
+            Some("file PDFs, not .eml")
+        );
+        // Withdrawn is not deleted: the bytes are still there, hash-verified.
+        assert_eq!(store.attachment_bytes(eml).unwrap(), b"eml-bytes");
+    };
+    check(&store);
+
+    // The journal is the history: the attach, the unlink, and the withdrawal.
+    let journal = std::fs::read_to_string(dir.join("journal.jsonl")).unwrap();
+    for t in [
+        "receipt.attached",
+        "receipt.unlinked",
+        "attachment.withdrawn",
+    ] {
+        assert!(
+            journal.contains(&format!("\"type\":\"{t}\"")),
+            "missing {t}"
+        );
+    }
+
+    drop(store);
+    let mut store = Store::open(&dir).unwrap();
+    check(&store);
+    store.rebuild().unwrap();
+    check(&store);
+    store.verify().unwrap();
+}
+
+#[test]
+fn a_close_into_members_capital_replays_exactly() {
+    let dir = test_dir("members-close");
+    let mut store = Store::create(&dir, Currency::USD).unwrap();
+    let cash = store
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let alice = store
+        .add_account("3000", "Capital — Alice", AccountType::Equity, None, false)
+        .unwrap();
+    let bob = store
+        .add_account("3001", "Capital — Bob", AccountType::Equity, None, false)
+        .unwrap();
+    let revenue = store
+        .add_account("4000", "Revenue", AccountType::Revenue, None, false)
+        .unwrap();
+    let jan15 = NaiveDate::from_ymd_opt(2026, 1, 15).unwrap();
+    let e = store.create_entry(jan15, "Sale").unwrap();
+    store
+        .add_line(
+            e,
+            cash,
+            Side::Debit,
+            Money::new(Decimal::new(10001, 2), Currency::USD),
+        )
+        .unwrap();
+    store
+        .add_line(
+            e,
+            revenue,
+            Side::Credit,
+            Money::new(Decimal::new(10001, 2), Currency::USD),
+        )
+        .unwrap();
+    store.post_entry(e).unwrap();
+    let jan = store
+        .create_period(
+            "2026-01",
+            NaiveDate::from_ymd_opt(2026, 1, 1).unwrap(),
+            NaiveDate::from_ymd_opt(2026, 1, 31).unwrap(),
+        )
+        .unwrap();
+    let half = Decimal::new(5, 1);
+    store
+        .close_period_to(
+            jan,
+            &ledger_core::CloseTo::Members(vec![
+                ledger_core::MemberClose {
+                    capital: alice,
+                    share: half,
+                    distributions: None,
+                },
+                ledger_core::MemberClose {
+                    capital: bob,
+                    share: half,
+                    distributions: None,
+                },
+            ]),
+        )
+        .unwrap();
+    // 100.01 splits 50.01 / 50.00 into the capital accounts.
+    let balances = |s: &Store| {
+        (
+            s.ledger().account_balance(alice).unwrap(),
+            s.ledger().account_balance(bob).unwrap(),
+        )
+    };
+    let want = (Decimal::new(5001, 2), Decimal::new(5000, 2));
+    assert_eq!(balances(&store), want);
+    let journal = std::fs::read_to_string(dir.join("journal.jsonl")).unwrap();
+    assert!(journal.contains("\"close_to\":{\"members\""));
+
+    drop(store);
+    let mut store = Store::open(&dir).unwrap();
+    assert_eq!(balances(&store), want);
+    store.rebuild().unwrap();
+    assert_eq!(balances(&store), want);
+    store.verify().unwrap();
+}
+
+#[test]
+fn schedules_and_recurring_entries_replay_exactly() {
+    let dir = test_dir("schedules");
+    let mut store = Store::create(&dir, Currency::USD).unwrap();
+    let cash = store
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let prepaid = store
+        .add_account("1300", "Prepaid", AccountType::Asset, None, false)
+        .unwrap();
+    let ins = store
+        .add_account("6300", "Insurance", AccountType::Expense, None, false)
+        .unwrap();
+    let rent = store
+        .add_account("6600", "Rent", AccountType::Expense, None, false)
+        .unwrap();
+    let date = |m, d| NaiveDate::from_ymd_opt(2026, m, d).unwrap();
+    let usd_s = |s: &str| Money::new(s.parse().unwrap(), Currency::USD);
+    store
+        .register_schedule(ledger_core::NewSchedule {
+            description: "Insurance".into(),
+            kind: ledger_core::ScheduleKind::PrepaidExpense,
+            total: usd_s("1000"),
+            start: date(1, 1),
+            months: 3,
+            balance_account: prepaid,
+            pl_account: ins,
+        })
+        .unwrap();
+    store
+        .register_recurring(ledger_core::NewRecurring {
+            description: "Rent".into(),
+            lines: vec![
+                (rent, Side::Debit, usd_s("500")),
+                (cash, Side::Credit, usd_s("500")),
+            ],
+            frequency: ledger_core::Frequency::Monthly,
+            start: date(1, 1),
+            end: None,
+        })
+        .unwrap();
+    // 333.33, 333.33 through February; rent drafts for Jan 1 and Feb 1.
+    let posted = store.run_schedules(date(2, 28)).unwrap();
+    assert_eq!(posted.len(), 2);
+    let drafts = store.run_recurring(date(2, 28)).unwrap();
+    assert_eq!(
+        drafts.iter().map(|d| d.1).collect::<Vec<_>>(),
+        [date(1, 1), date(2, 1)]
+    );
+    store.post_entry(drafts[0].2).unwrap();
+    let state = |s: &Store| {
+        (
+            s.ledger().account_balance(ins).unwrap(),
+            s.ledger().account_balance(rent).unwrap(),
+            s.ledger().get_entry(drafts[1].2).unwrap().status(),
+        )
+    };
+    let want = (
+        Decimal::new(66666, 2),
+        Decimal::new(500, 0),
+        ledger_core::EntryStatus::Draft,
+    );
+    assert_eq!(state(&store), want);
+
+    drop(store);
+    let mut store = Store::open(&dir).unwrap();
+    assert_eq!(state(&store), want);
+    store.rebuild().unwrap();
+    assert_eq!(state(&store), want);
+    store.verify().unwrap();
+    // Idempotent after replay: nothing new is due through February.
+    assert!(store.run_schedules(date(2, 28)).unwrap().is_empty());
+    assert!(store.run_recurring(date(2, 28)).unwrap().is_empty());
+}
+
+#[test]
+fn vendor_1099_tags_replay_and_project() {
+    use ledger_core::arap::DocumentLine;
+    use ledger_core::{Form1099, vendor_1099_report};
+    let dir = test_dir("form1099");
+    let mut store = Store::create(&dir, Currency::USD).unwrap();
+    let cash = store
+        .add_account("1000", "Cash", AccountType::Asset, None, false)
+        .unwrap();
+    let labor = store
+        .add_account("6000", "Contract Labor", AccountType::Expense, None, false)
+        .unwrap();
+    let dana = store.add_vendor("Dana").unwrap();
+    store
+        .set_vendor_1099(dana, Some(Form1099::Nec), true)
+        .unwrap();
+    let d = |m, day| NaiveDate::from_ymd_opt(2026, m, day).unwrap();
+    let bill = store
+        .create_bill(
+            dana,
+            d(3, 1),
+            d(3, 31),
+            vec![DocumentLine {
+                description: "Design".into(),
+                amount: Decimal::from(1500),
+            }],
+        )
+        .unwrap();
+    store
+        .pay_bill(bill, d(3, 20), Decimal::from(1500), cash)
+        .unwrap();
+    let e = store.create_entry(d(6, 1), "Dana, June").unwrap();
+    store.add_line(e, labor, Side::Debit, usd(700)).unwrap();
+    store.add_line(e, cash, Side::Credit, usd(700)).unwrap();
+    store.post_entry(e).unwrap();
+    store.set_entry_vendor(e, Some(dana)).unwrap();
+    let dup = store.create_entry(d(6, 2), "Dana, duplicate").unwrap();
+    store.add_line(dup, labor, Side::Debit, usd(700)).unwrap();
+    store.add_line(dup, cash, Side::Credit, usd(700)).unwrap();
+    store.post_entry(dup).unwrap();
+    store.set_entry_vendor(dup, Some(dana)).unwrap();
+    store.reverse_entry(dup, d(6, 3), "duplicate").unwrap();
+    let before = vendor_1099_report(store.ledger(), 2026, None);
+    assert_eq!(before.vendors[0].paid, Decimal::from(2200));
+    assert!(before.vendors[0].reportable);
+    drop(store);
+
+    // Reopen (replay), then rebuild the projection from scratch.
+    for rebuild in [false, true] {
+        if rebuild {
+            std::fs::remove_file(dir.join(ledger_store::DB_FILE)).unwrap();
+        }
+        let store = Store::open(&dir).unwrap();
+        assert_eq!(vendor_1099_report(store.ledger(), 2026, None), before);
+        let conn = rusqlite::Connection::open(dir.join(ledger_store::DB_FILE)).unwrap();
+        let tagged: i64 = conn
+            .query_row(
+                "SELECT COUNT(*) FROM entry_vendors WHERE vendor_id = ?",
+                [dana as i64],
+                |r| r.get(0),
+            )
+            .unwrap();
+        // Bill, its payment, June, the duplicate, and its reversal.
+        assert_eq!(tagged, 5);
+        let form: String = conn
+            .query_row("SELECT form_1099 FROM vendors", [], |r| r.get(0))
+            .unwrap();
+        assert_eq!(form, "nec");
+    }
+}

docs/architecture.md

@@ -54,8 +54,9 @@ The core is a pure domain library and stays that way.
 
 | Crate | Purpose | Depends on |
 |---|---|---|
-| `ledger-store` | SQLite persistence of the entry log | `ledger-core` |
-| `ledger-import` | GnuCash XML read-only import | `ledger-core` |
+| `ledger-store` | Journal (hash-chained JSONL) + SQLite projection, blob store | `ledger-core` |
+| `ledger-import` | QuickBooks CSV read-only import (bank transactions, chart of accounts) | `ledger-core` |
+| `ledger-export` | Format renderers: CSV, XLSX, IIF journal entries (QuickBooks Desktop) | `ledger-core` |
 | `ledger-oracle` | Diff harness: our engine vs GnuCash on fixture books | `ledger-core`, `ledger-import` |
 | `books-app` | egui UI (native + WASM), command-driven | `ledger-core`, `ledger-store` |
 

docs/capability-parity.md

@@ -0,0 +1,52 @@
+# Capability parity — GSheet+GDrive → wanderbooks
+
+The parity target for the AI-first phase is **not QuickBooks**. It is the
+system actually in use today: the "Wanderland Labs LLC — Books" Google Sheet
+(double-entry accounts with live P&L, Balance Sheet, and Cash Flow tabs, plus
+the Transaction Journal) together with the Drive folder, operated through an
+AI assistant. Every capability below must be reachable through MCP tools
+before the sheet retires.
+
+Statuses: `covered` (built and tested), `partial` (built, known gaps listed),
+`specced` (designed, not yet built), `future` (on the roadmap).
+
+| # | Today's capability | wanderbooks equivalent | Status |
+|---|---|---|---|
+| 1 | Record a double-entry transaction (Transaction Journal row) | `books.draft_entry` / `add_line` / `post_entry` (engine: `Ledger`) | covered |
+| 2 | Chart of accounts | engine + `books.chart` (with live balances) | covered |
+| 3 | Live P&L tab | engine + `books.profit_and_loss` | covered |
+| 4 | Live Balance Sheet tab | engine + `books.balance_sheet` | covered |
+| 5 | Live Cash Flow tab | engine `cash_flow` (indirect) + `books.cash_flow` | covered |
+| 6 | Transaction Journal as append-only log | engine posting log + `books.search_entries` | covered |
+| 7 | Receipt storage in Drive | blob store + `books.attach_receipt` / `link_receipt` / `unlink_receipt` / `withdraw_attachment` | covered |
+| 8 | Document filing by category (01 Formation / 02 Legal / 03 Tax / 04 Accounting) | `books.file_document` | covered |
+| 9 | Ad-hoc questions ("what did we spend on X?") | `search_entries` + reports; the AI itself is the query layer | covered |
+| 10 | Human review of what the assistant recorded | `books.digest` | covered |
+| 11 | CPA-ready export of the books | `books.export` (csv/json/xlsx/iif; xlsx is base64) | covered |
+| 12 | Company email filing (every company email → Drive folder) | out of books scope; the existing mail-filing automation keeps running unchanged | — |
+
+## Notes
+
+- Row 9 is the quiet superpower of the AI-first design. The sheet answers
+  questions with formulas the human must write; the MCP design answers them
+  with an agent that already knows how to read a trial balance. The
+  capability is "ask anything about the books," and the tool surface above
+  is what makes it true.
+- Row 10 (`books.digest`) has no sheet equivalent — the sheet can't tell you
+  what changed. This is parity *plus*: the new system is more reviewable
+  than the old one, which is the point of the exercise.
+- Row 12 is deliberately excluded. Email filing is a mail problem, not a
+  books problem; it stays where it is.
+
+## Cutover rule
+
+The sheet does not retire on a date. It retires when **all three** hold:
+
+1. Every `specced` row above is `covered` (built, tested, golden-covered
+   where reports are involved).
+2. A full month of parallel run — every real company transaction recorded in
+   both systems — diffs clean.
+3. Stephen says so.
+
+The parallel run is the acceptance test. Until then the sheet is the system
+of record and wanderbooks is the shadow ledger; after, it inverts.

docs/mcp-interface.md

@@ -21,6 +21,22 @@ If a behavior can't be expressed through `ledger-core`'s public API, the
 core is missing something — fix the core, don't work around it in the MCP
 layer.
 
+## Company settings
+
+`ledger-mcp` reads the books dir's `wanderbooks.toml` (default: next to
+`--data-dir`; override with `--books-toml PATH`): `[company] name` heads
+every report, `[company] fiscal_year_start` ("MM-DD", default "01-01";
+the year's end is derived, never stored) defines fiscal-year-to-date for the
+CPA package and the balance sheet's net income line, `[[company.members]]`
+(`name`, `share` as "50%" or "0.5", `capital_account` code; shares must sum
+to 100%) drives the statement of members' equity, `[books]
+accounting_basis` ("accrual" or "cash", default accrual) labels report
+footers, and `[books] receipt_threshold` sets the receipt policy unless
+`config.json` sets `receipt_policy`. Members may name a
+`distribution_account`; single-owner businesses may set `[books] close_into`
+(the equity account a close puts net income in; default Retained Earnings)
+and `close_sweep` (draw, distribution, or dividend accounts closed into it).
+
 ## Transports
 
 1. **stdio** (build first). For Claude Code, Claude Desktop, local agents.
@@ -29,6 +45,17 @@ layer.
    laptop). Bearer token, binds 127.0.0.1 or the tailnet interface only.
    Binding 0.0.0.0 is an explicit human decision, never a default.
 
+## Server instructions
+
+The MCP `initialize` response carries an `instructions` string: the agent
+operating contract (below) in condensed form. The model reads it at the start
+of every session, before any tool call. Tool descriptions repeat the relevant
+fragment at the point of use (`post_entry`'s description states the
+preview-before-post rule; `attach_receipt`'s states the receipt rule). Prose
+guidance is therefore delivered twice — once at session start, once at the
+tool — but it is guidance, not enforcement. Enforcement is the receipt policy
+below.
+
 ## Tool design principles
 
 - **Narrow tools, explicit arguments.** No "do what I mean" tools. The agent
@@ -56,52 +83,272 @@ layer.
   → `{ lines: [...], totals: { debits, credits, balanced } }`. Running totals
   after every line: the agent watches the entry balance in real time.
 - `books.post_entry { entry_id, confirmed }` → without confirmation:
-  `{ preview: { lines, resulting_balances } }`; with confirmation: validates,
-  posts, returns `{ entry, balances_changed: [{ code, before, after }] }`.
+  `{ preview: { lines, resulting_balances, receipts: { attached: [...],
+  required_but_missing: bool } } }`; with confirmation: validates (including
+  the receipt policy), posts, returns `{ entry, balances_changed: [{ code,
+  before, after }] }`.
 - `books.reverse_entry { entry_id, date, description, confirmed }` → same
   preview/confirm pattern as post.
 - `books.get_entry { entry_id }` → full entry with lines.
 - `books.search_entries { account?, date_from?, date_to?, text?, limit?, offset? }`
   → entries with lines, newest first. `limit` caps at 100.
-- `books.trial_balance {}` → canonical JSON (same shape as
-  `reports::snapshot` trial-balance section).
-- `books.balance_sheet {}` → canonical JSON.
-- `books.profit_and_loss {}` → canonical JSON.
+- `books.trial_balance { as_of? }` → `as_of`, lines, totals, `balanced`
+  (the trial balance as of the date, default today).
+- `books.balance_sheet { as_of? }` → totals (`assets`, `liabilities`,
+  `equity`, `current_earnings`, `balanced`) plus `asset_accounts`,
+  `liability_accounts`, `equity_accounts` (`{code, name, amount}`), as of
+  the date (default today).
+- `books.profit_and_loss { start?, end?, class? }` → totals plus
+  `revenue_accounts` and `expense_accounts` for the range. `end` defaults to
+  today, `start` to the first posted entry. Closing entries are excluded, so
+  a closed period still shows what it earned.
+- `books.cash_flow { start?, end?, cash_accounts: ["1000"], financing_accounts? }`
+  → indirect-method cash flow statement. `cash_accounts` are the reconciling
+  accounts (required); the three sections always sum to their net change.
+  Disposal gains/losses move from operating to investing automatically.
 - `books.digest { since: "2026-10-01" }`
   → `{ entries_posted: [...], totals_by_account: [...] }`. The human review
   surface: "what did the AI do with my books lately." The digest is the
   answer to "trust, but verify."
 
+## Tools — fixed assets
+
+Straight-line **book** depreciation only; tax depreciation stays with the
+CPA. Partial first/final months prorated by days; the final month trues up
+so the lifetime total is exactly (cost − salvage).
+
+- `books.register_asset { description, purchase_date, cost, salvage_value?,
+  useful_life_months, cost_account, accum_depr_account, expense_account }`
+  → `{ asset_id }`. Accounts resolved by id or code.
+- `books.asset_schedule { asset_id }`
+  → `{ status, schedule: [{ period, amount, accumulated, book_value }] }`.
+- `books.list_assets {}` → assets with status and current book values.
+- `books.run_depreciation { period: "YYYY-MM", asset_id? }`
+  → per-asset `{ entry_id, amount, already_posted }`, plus `skipped` for
+  assets outside their useful life. Idempotent per asset and period.
+- `books.dispose_asset { asset_id, date, proceeds, proceeds_account,
+  gain_loss_account, confirmed?, receipt_attachment_ids? }` → without
+  confirmation: `{ status: "preview", ... }` and posts nothing; with
+  `confirmed: true`: auto-posts missing final-period depreciation, then
+  posts the balanced disposal entry. Subject to receipt policy (bill of
+  sale); monthly depreciation is exempt as an allocation.
+
+## Tools — schedules and recurring entries
+
+Amortization spreads a prepaid expense (asset → expense) or deferred
+revenue (liability → revenue) evenly over the months it covers, posting on
+each month end, to the cent (the last month absorbs rounding). Like
+depreciation, the schedule is the evidence: its postings are exempt from
+the receipt policy (the original payment carries the receipt). Recurring
+entries never post: they generate drafts, so every real receipt still goes
+through the policy.
+
+- `books.create_schedule { kind: "prepaid_expense" | "deferred_revenue",
+  description, total, start, months, balance_account, pl_account }` →
+  `{ schedule_id, ..., total, remaining, months: [{ date, amount, posted }] }`.
+  Prepaid needs an asset and an expense account; deferred revenue a
+  liability and a revenue account.
+- `books.list_schedules {}` → `{ schedules: [...] }`, same shape.
+- `books.run_schedules { through?, confirmed? }` → `{ status: "preview" |
+  "posted", postings: [{ schedule_id, date, description, amount,
+  entry_id? }] }`: every unposted month ending on or before `through`
+  (default today). Idempotent; closed periods are refused.
+- `books.create_recurring { description, frequency: "weekly" | "monthly" |
+  "quarterly" | "yearly", start, end?, lines: [{ account, side, amount }] }`
+  → `{ recurring_id, ..., generated: [] }`. Lines must balance. Monthly and
+  longer occurrences are computed from the start date each time, so a
+  month-end start stays on month ends (Jan 31, Feb 28, Mar 31).
+- `books.list_recurring {}` → `{ recurring: [...] }`.
+- `books.run_recurring { through? }` → `{ drafts: [{ recurring_id, date,
+  entry_id }] }`: one draft per occurrence on or before `through`, once.
+
+## Tools — payouts
+
+- `books.record_payout { date, description, deposit_account, deposit,
+  revenue: [{ account, amount, class? }], fees?: [{ account, amount,
+  class? }], adjustments?: [{ account, side, amount, class? }] }` →
+  `{ entry_id, status: "draft", gross, fees, adjustments, deposit, lines,
+  next }`. Builds the grossed-up entry — Dr deposit (net; Cr when negative),
+  Dr fees, Dr/Cr adjustments (a debit reduces the deposit: refunds,
+  chargebacks, reserves held, tax withheld), Cr revenue (gross; revenue or
+  liability accounts, e.g. deferred revenue or sales tax collected) — and
+  refuses unless gross − fees ± adjustments equals the deposit to the cent,
+  naming the difference. A draft: attach the payout statement, preview,
+  post. Platform-agnostic; format-specific statement parsers can feed it.
+
+## Tools — 1099 tracking
+
+Payments are counted as cash: credits minus debits to asset accounts on
+entries tagged with the vendor. Card payments move no asset (the card
+processor's 1099-K covers them), so they drop out; reversals of tagged
+entries carry the tag and net out. Thresholds: $600 for payments through
+2025, $2,000 from 2026 (indexed for inflation after 2026); always
+overridable, always for the CPA to confirm. TINs are never stored, only
+whether a W-9 is on file.
+
+- `books.list_vendors {}` → `{ vendors: [{ id, name, form_1099?,
+  tin_on_file }] }`.
+- `books.set_vendor_1099 { vendor, form_1099: "nec" | "misc" | "none",
+  tin_on_file? }` → the vendor. `vendor` is an id or a name.
+- `books.set_entry_vendor { entry_id, vendor? }` → the entry (as
+  `books.get_entry`, which now shows `vendor`). Omitting `vendor` clears
+  the tag. Metadata only: posted entries may be tagged. `books.draft_entry`
+  takes `vendor` too; bills and their payments are tagged automatically.
+- `books.vendor_1099 { year, threshold? }` → `{ year, threshold, vendors:
+  [{ vendor_id, name, form_1099?, tin_on_file, paid, reportable }],
+  missing_w9, notes }`.
+
 ## Tools — receipts & documents
 
 - `books.attach_receipt { entry_id?, file_name, mime_type, content_base64 }`
   → `{ receipt_id, sha256, deduplicated, size_bytes }`. `entry_id` is
   optional: a receipt can be filed before its entry exists.
 - `books.link_receipt { receipt_id, entry_id }` → link a previously filed
-  receipt to its entry.
-- `books.list_receipts { entry_id? }` → metadata list (no bytes).
+  (unlinked, not withdrawn) receipt to its entry. A receipt linked elsewhere
+  must be unlinked first.
+- `books.unlink_receipt { attachment_id, reason }` → `{ ok, entry_id,
+  remaining_receipts }`. Detaches a receipt from its entry; it stays filed,
+  unlinked. Journaled as `receipt.unlinked` with the reason. Subject to the
+  receipt policy: an entry that requires a receipt cannot be left with none
+  (`receipt_required` error, remedy `books.attach_receipt`), so replacing a
+  receipt is attach-new, then unlink-old.
+- `books.withdraw_attachment { attachment_id, reason }` → `{ ok }`. Retires
+  an unlinked receipt or a filed document: hidden from listings, never
+  linkable again. Journaled as `attachment.withdrawn`; the bytes stay in the
+  blob store. Nothing in the evidence trail is ever erased — receipts change
+  by new events, the same way entries change by reversals.
+- `books.list_receipts { entry_id?, include_withdrawn? }` → metadata list
+  (no bytes), each with `withdrawn` / `withdrawn_reason`. Withdrawn
+  attachments are omitted unless `include_withdrawn` is true.
 - `books.get_receipt { receipt_id }` → `{ metadata, content_base64 }`.
 - `books.file_document { category: "formation" | "legal" | "tax" |
   "accounting" | "other", file_name, mime_type, content_base64,
   description? }` → `{ document_id, sha256, deduplicated }`. The Drive-folder
   replacement (today's 01 Formation / 02 Legal / 03 Tax / 04 Accounting).
 
+## Receipt enforcement
+
+Prose tells the model to attach receipts; the policy makes it true. The
+engine stays policy-free (it knows nothing of receipts) — enforcement lives
+in the MCP layer, which reads the `attachments` table before confirming a
+posting.
+
+- **Policy config** (server config file, not per-call): `require_receipts_above`
+  (default `"25.00"` in base currency), plus `receipt_required_accounts`
+  (account codes that always require receipts, e.g. meals and travel) and
+  `receipt_exempt_accounts` (e.g. automated bank fees). Human-edited and
+  versioned with the deployment.
+- **Preview.** Every `post_entry` / `reverse_entry` preview includes the
+  receipt checklist (`attached: [...]`, `required_but_missing: bool`), so the
+  human sees it before confirming.
+- **Hard error.** Confirming a posting that violates the policy fails with a
+  structured, machine-readable error (JSON in the tool-error string):
+  `{ "code": "receipt_required", "message": "…", "entry_id": 5,
+  "debits": "100.00", "policy": "strictly greater than $25.00",
+  "remedy_tool": "books.attach_receipt",
+  "remedy_hint": "…" }`. Clients match on `code`, not prose. The agent's job
+  then is to get the receipt attached (ask the human for it) and re-confirm
+  — not to shrink the amount or split the entry to dodge the threshold. The
+  tool description says this explicitly; gaming the policy is a correctness
+  violation, and the append-only audit log would show it anyway.
+- **Anti-splitting.** Posting an entry triggers a split check: posted
+  entries on the same date with the same normalized description and debit
+  accounts are grouped, and if the group total exceeds the threshold while
+  the entry alone does not, a receipt is required. The preview surfaces
+  `split_detected: [...]`, and the error names the group. Same-day,
+  same-description, same-accounts is the signature; recurring spending
+  spread across days is not flagged.
+- **Below the threshold**, receipts are still expected per the operating
+  contract ("a material entry without its source document is incomplete")
+  but not hard-required — the preview checklist keeps them visible.
+
 ## Tools — export
 
-- `books.export { format: "csv" | "json", scope: "journal" | "trial-balance" |
-  "profit-and-loss" | "balance-sheet" | "chart" }` → `{ content_base64,
-  file_name }`. CPA-ready output. GnuCash XML arrives with R-FUTURE-4.
+- `books.export { format, report, start?, end?, as_of?, cash_accounts?,
+  financing_accounts? }` → `{ content, content_encoding? }`.
+  - Reports: `profit_and_loss`, `balance_sheet`, `cash_flow` (needs
+    `cash_accounts`), `trial_balance`, `members_equity` (statement of
+    changes in members' equity; members from `wanderbooks.toml`),
+    `general_ledger` (by account: beginning balance, postings with running
+    balance and split, ending balance), `general_journal` (alias
+    `journal`: every entry, line by line, in date order).
+  - Formats: `pdf` and `xlsx` (base64) for the five statements; `xlsx`,
+    `csv`, `json` for every report; `iif` for the journal (QuickBooks
+    Desktop).
+  - Dates: period reports take `start` (default: first entry) and `end`
+    (default: today, local time); `balance_sheet` and `trial_balance`
+    take `as_of`.
+  - Presentation (PDF and XLSX alike, QuickBooks-style): centered company,
+    title, and period; a column-header row; "$" on subtotals and totals;
+    negatives in parentheses with decimal points aligned; a rule above every
+    sum and a double rule under statement totals; a footer with the
+    accounting basis, preparation date, and journal seq. Multi-member LLCs
+    get "Members' equity" with members named; the balance sheet separates
+    retained earnings from the fiscal year's net income (loss).
+
+## Tools — chart templates
+
+- `books.chart_template { entity_type, owners? }` → `{ csv, settings_toml,
+  notes }`: a starter chart for a sole proprietorship (incl. single-member
+  LLC), partnership (incl. multi-member LLC), S corporation, or C
+  corporation — the equity and owner-pay accounts that entity needs (owner's
+  capital and draws; per-partner capital and distributions plus guaranteed
+  payments; officer compensation and shareholder distributions; dividends
+  and income tax expense), common income and expense accounts with tax
+  categories, and the `wanderbooks.toml` settings (tax form, members, close
+  target). A proposal: review with the human, then `books.import_chart_csv`.
+
+## Tools — tax categories
+
+- `books.tax_categories {}` → `{ form?, categories: [{ key, label, kind,
+  default_deductible_percent, note }] }`: where an account can land on the
+  income tax return, filtered to the business's return when known
+  (`[company] tax_form`, or derived from `tax_classification`). Stable
+  semantic keys (`meals`, `guaranteed_payments`, `commissions_fees`, ...),
+  never form line numbers, which change by year.
+- `books.set_tax_category { account, category?, deductible_percent? }`:
+  map a revenue or expense account to a category (null clears),
+  optionally overriding its deductible percent. Journaled as
+  `account.tax_set`.
+- `books.export { report: "tax_summary" }`: book vs. tax amounts by
+  category, the difference where they disagree (meals 50%, penalties 0%),
+  and every P&L account still uncategorized. In the CPA package for the
+  fiscal year to date.
+- `books.import_chart_csv` accepts an optional fifth `tax_category` column,
+  validated before anything is created.
+
+## Tools — import
+
+- `books.import_bank_csv { csv_text, bank_account_code, default_offset_code,
+  rules? }` → creates one draft per transaction (QBO upload layout).
+  `rules` maps description substrings to account codes.
+- `books.import_chart_csv { csv_text }` → creates accounts from
+  `code,name,type,parent_code` CSV. All-or-nothing.
+- `books.import_local_file { path, category: "receipt" | "document", ... }`
+  → imports a file from the server's filesystem. The Drive backfill path:
+  the agent downloads from Google Drive via the CLI to a temp path, then
+  calls this. Keeps Drive credentials out of the server.
+
+## Transports
+
+- **stdio** (default): `ledger-mcp --data-dir PATH`. For local agents.
+- **Streamable HTTP**: `ledger-mcp --data-dir PATH --http 127.0.0.1:8080`.
+  Serves MCP at `http://127.0.0.1:8080/mcp` via rmcp's tower integration.
+  For network clients; bind to loopback unless you know what you're doing.
 
 ## Resources (read-only)
 
+Hand-rolled on `ServerHandler` (rmcp 3.x has no resource macros):
+`list_resources` advertises, `read_resource` renders.
+
 - `books://chart`
 - `books://reports/trial-balance`, `books://reports/balance-sheet`,
   `books://reports/profit-and-loss`
 - `books://digest?since=2026-10-01`
-- `books://receipts/{id}` — receipt bytes with metadata
+- `books://receipts/{id}` — receipt metadata + base64 bytes
 
 Resources exist so read-only clients (dashboards, the future read-only GUI,
-auditors) never need tool credentials.
+auditors) never need tool credentials. Tested end-to-end over stdio.
 
 ## The agent operating contract
 
@@ -113,7 +360,8 @@ in the server's tool descriptions, so the model reads it at use time):
    in prose.
 3. **Attach receipts at record time.** A material entry without its source
    document is an incomplete entry. File first, link later if the entry
-   isn't ready.
+   isn't ready. Postings at or above the receipt policy threshold *cannot*
+   post without one — the server refuses with `receipt_required`.
 4. **When unsure of categorization, draft and ask.** A draft is cheap; a
    wrong posting is a reversal. Never guess-post.
 5. **The digest is the receipt for your work.** After a batch of bookkeeping,
@@ -124,3 +372,94 @@ in the server's tool descriptions, so the model reads it at use time):
 Bank feeds, payment processing, payroll, tax filing, multi-user authN/Z, the
 GUI (it consumes the event log in a later phase). Cash flow reporting is
 R-FUTURE-3 and rides the engine roadmap, not the MCP layer.
+
+## Tools — periods
+
+- `books.create_period { name, start, end }` → `{ period_id }`.
+  Dates are YYYY-MM-DD, inclusive.
+- `books.close_period { period_id, confirmed? }` → without confirmation:
+  `{ status: "preview", lines: [...] }`: the exact closing entry (the close
+  run on a copy of the ledger), posting nothing; with `confirmed: true`:
+  posts it and marks the period closed. The entry zeroes revenue and
+  expense balances as of the period end; the net goes to `3999` Retained
+  Earnings, or, with `[[company.members]]` in `wanderbooks.toml`, to each
+  member's capital account by share. Periods close in order. Closed periods
+  reject new entries.
+- `books.list_periods {}` → `{ periods: [{ id, name, start, end, status,
+  closing_entry }] }`.
+
+## Tools — bank reconciliation
+
+- `books.mark_cleared { entry_id, line_index, cleared }` → `{ ok }`.
+  Only posted lines can be marked; the flag is workflow metadata, not
+  accounting data (posted entries stay immutable).
+- `books.reconcile { account, statement_date, statement_balance }` →
+  `{ account_code, book_balance, cleared_balance, statement_balance,
+  difference, uncleared_lines: [{ entry_id, line_index, date, description,
+  side, amount }] }`. `difference` is cleared − statement; zero means
+  reconciled.
+
+## Tools — A/R and A/P
+
+- `books.add_customer { name }` → `{ id }`.
+- `books.add_vendor { name }` → `{ id }`.
+- `books.create_invoice { party_id, date, due_date, lines: [{ description,
+  amount }] }` → `{ id, total, entry_id }`. Auto-posts Dr `1200` Accounts
+  Receivable / Cr `4000` Revenue.
+- `books.create_bill { party_id, date, due_date, lines }` → `{ id, total,
+  entry_id }`. Auto-posts Dr `6999` General Expenses / Cr `2000` Accounts
+  Payable.
+- `books.receive_payment { document_id, date, amount, cash_account }` →
+  `{ entry_id, remaining, status }`. Posts Dr Cash / Cr A/R.
+- `books.pay_bill { document_id, date, amount, cash_account }` →
+  `{ entry_id, remaining, status }`. Posts Dr A/P / Cr Cash.
+- `books.ar_aging { as_of }` → `{ rows: [{ name, current, days_30, days_60,
+  days_90, days_90_plus, total }] }`.
+- `books.ap_aging { as_of }` → same, per vendor.
+
+## Tools — foreign exchange
+
+- `books.add_line` gains optional `foreign_currency`, `foreign_amount`,
+  `fx_rate`. When set, the base amount is `foreign_amount * fx_rate`; the
+  foreign original is stored on the line for reference. Reports work in
+  base currency.
+- `books.set_fx_rate { currency, date, rate }` → `{ ok }`. Records a
+  historical rate for reference; lines store their own rate at entry time.
+
+## Tools — payroll (accounting only)
+
+No tax tables: the caller supplies every number; the engine cuts correct
+entries.
+
+- `books.run_payroll { date, cash_account, lines: [{ employee_name,
+  gross_pay, federal_withholding, state_withholding, ss_employee,
+  medicare_employee, ss_employer, medicare_employer, other_deductions }] }`
+  → `{ run_id, entry_id, total_gross, total_net }`. One balanced entry:
+  Dr 6100 Salary & Wage Expense (gross), Dr 6110 Payroll Tax Expense
+  (employer SS + Medicare), Cr 2110–2150 withholding payables, Cr cash
+  (net). Auto-creates the 61xx/21xx accounts. Respects closed periods.
+- `books.remit_payroll_taxes { date, cash_account }` → `{ entry_id, total }`.
+  Clears every payroll payable to cash in one entry.
+- `books.list_payroll_runs` → `{ runs: [{ id, date, employee_count,
+  total_gross, entry_id }] }`.
+
+## Tools — classes (divisional tracking)
+
+- `books.add_class { name }` → `{ id }`. E.g. "Rondo", "Coach vs Coach".
+- `books.list_classes` → `{ classes: [{ id, name }] }`.
+- `books.add_line` gains optional `class` (name or id): tags the new line.
+  Shared costs are split explicitly across lines at entry time.
+- `books.profit_and_loss` gains optional `class` filter.
+- `books.profit_and_loss_by_class { start, end }` → per-class revenue,
+  expenses, net income, plus an unclassified row. Reversals carry their
+  class so divisional P&L nets correctly.
+
+## Tools — CPA handoff
+
+- `books.export_cpa_package { as_of?, cash_accounts, financing_accounts? }`
+  → `{ file_name, content_base64 }`. A zip with the full set, each
+  statement as PDF and XLSX: `profit-and-loss`, `balance-sheet`,
+  `cash-flow` (reconciled to `cash_accounts`), `members-equity`
+  (multi-member LLCs), `trial-balance`; plus `general-ledger.xlsx` and
+  `general-journal.xlsx`. Period reports cover the fiscal year to date.
+  What the CPA needs; they never log into the system.

docs/oracle.md

@@ -26,18 +26,43 @@ recomputing the goldens *by hand from accounting principles* and documenting
 the recomputation in the commit. This is the seed of everything below.
 
 **Layer 2 — Property tests (live now, growing).**
-`random_balanced_journals_preserve_invariants` posts hundreds of random
-balanced entries and asserts the accounting laws still hold: trial balance
-balances, the accounting equation holds, and the sum of all account movements
-is exactly zero. New invariants get new properties. (Later: graduate to
-`proptest` with shrinking.)
+`crates/ledger-core/tests/properties.rs` uses `proptest` (with shrinking)
+to assert the accounting laws over hundreds of random inputs: trial balance
+always balances, the accounting equation holds, reversals restore zero,
+posted entries are immutable and JSON-round-trip clean, and depreciation
+schedules are exact to the penny. This layer caught a real bug on its second
+case: partial first/final months in different-length calendar months don't
+complement, so the lifetime total drifted by cents (fixed with the
+final-month true-up in `depreciation_schedule`).
 
-**Layer 3 — GnuCash diff harness (roadmap phase 3).** A `ledger-oracle` crate
-will: import fixture books into GnuCash's XML format (or drive GnuCash
-headless), run both engines, and diff `snapshot()` output automatically —
-`cargo xtask oracle`. This is the direct analog of storytold's
-`cargo xtask corpus` / `oracle_diff`. Until it exists, Layers 1 and 2 are
-the oracle, and they are not optional.
+**Layer 3 — Mutation testing (live now).** `cargo mutants -p ledger-core`
+(228 mutants as of 2026-10-10: 159 caught, 28 unviable, 2 timeouts from
+induced infinite loops, 39 missed). Every *missed* mutant is triaged:
+real gaps get new tests (this pass added parent-account validation,
+wrong-typed asset links, zero-proceeds disposal, two-asset ids, 1-month
+life, `Money` arithmetic, `is_balance_sheet`, `movements()`), equivalent
+mutants are documented as such (e.g. `days_held > 0` vs `>=`: the zero
+case is unreachable), and untestable-by-construction mutants are noted
+(e.g. `TrialBalance::balanced -> true`: the engine cannot produce an
+unbalanced ledger to falsify it).
+
+**Layer 4 — Fuzzing (live now).** `cargo fuzz` targets in `fuzz/`
+(nightly, libfuzzer): `fuzz_journal_line` (journal parsing never panics;
+canonical form is a fixed point), `fuzz_entry_validate` (a validated entry
+always balances exactly), `fuzz_op_sequence` (arbitrary op sequences via
+`arbitrary`; the trial balance always balances). 11.5M execs, zero crashes
+as of 2026-10-10. Corpora persist in `fuzz/corpus/` for regression.
+
+**Layer 5 — GnuCash diff harness (roadmap phase 3).** A `ledger-oracle` crate
+will run fixture books through our engine and through GnuCash headless, then
+diff `snapshot()` output automatically — `cargo xtask oracle`. This is the
+direct analog of storytold's `cargo xtask corpus` / `oracle_diff`. Note the
+distinction: GnuCash is the *behavioral* oracle, not a file-format target
+(Stephen: "for file format import/export I could not give a single shit
+about GnuCash XML — QBO is all that matters"). The harness feeds fixtures to
+GnuCash via whatever it imports reliably (QIF/OFX) or its Python bindings;
+the exact mechanism is decided at implementation time. Until the harness
+exists, Layers 1 and 2 are the oracle, and they are not optional.
 
 ## What the oracle does NOT cover (yet)
 

docs/parallel-run.md

@@ -0,0 +1,42 @@
+# Parallel-run readiness
+
+The Google Sheet stays the system of record until the parallel run passes
+and Stephen explicitly approves cutover. This doc is the plan; the run
+itself needs Stephen's go-ahead.
+
+## Prerequisites (all met)
+
+- Capability parity 12 of 12 rows covered (`docs/capability-parity.md`).
+- Engine semantics verified: 70 workspace tests, property tests, mutation
+  testing, 11.5M fuzz executions with zero crashes.
+- Storage: hash-chained JSONL journal (source of truth), SQLite as
+  disposable projection with auto-rebuild, content-addressed blob store.
+- Export: CSV/JSON/XLSX/IIF for CPA handoff and QuickBooks Desktop.
+
+## The run
+
+1. **Duration:** one full calendar month.
+2. **Dual entry:** every transaction goes into BOTH the Sheet and
+   wanderbooks (via the MCP tools). Receipts attach in both.
+3. **Month-end diff:** export trial balance, P&L, balance sheet, and cash
+   flow from wanderbooks (XLSX); compare against the Sheet's tabs.
+   Every line must match to the cent.
+4. **Discrepancy protocol:** any mismatch is investigated before the next
+   month starts. If the engine is wrong, fix the engine (with a test).
+   If the Sheet is wrong, note it — the Sheet is the record until cutover.
+5. **Cutover:** only after a clean month AND Stephen's explicit approval.
+   Cutover means: the Sheet becomes read-only history; wanderbooks becomes
+   the system of record. The journal's git backup becomes the archive.
+
+## What the agent does during the run
+
+- Daily: `books.digest` review of what was recorded.
+- Weekly: trial-balance export, eyeball against the Sheet.
+- Month-end: full four-statement export + line-by-line diff.
+- Every discrepancy gets a written explanation before proceeding.
+
+## Rollback
+
+If the run fails: the Sheet never stopped being the record. Delete the
+wanderbooks data dir, fix the issues, restart the month. No data loss —
+the Sheet has everything.

docs/parity.md

@@ -8,7 +8,7 @@ Statuses: `done` = implemented + invariant-tested + golden-covered.
 `partial` = implemented but missing tests or goldens. `todo` = not started.
 No other statuses.
 
-**Floor: 6 done** (2026-10-10, initial commit).
+**Floor: 10 done** (2026-10-10; fixed-asset register added).
 
 | Area | GnuCash reference | Status | Notes |
 |---|---|---|---|
@@ -19,17 +19,41 @@ No other statuses.
 | Trial balance | Reports → Trial Balance | done | golden-covered |
 | Balance sheet (A = L + E) | Reports → Balance Sheet | done | current earnings folded in pre-close; golden-covered |
 | Profit & loss | Reports → Income Statement | done | golden-covered |
+| P&L for a date range, line per account (closing entries excluded) | Reports → Income Statement (custom dates) | partial | hand-verified fixture + property tests; no golden file yet |
+| Balance sheet as of a date, line per account | Reports → Balance Sheet (as of) | partial | hand-verified fixture + property tests; no golden file yet |
+| General ledger by account (running balance, split) | Reports → General Ledger | partial | hand-verified fixture, ties to trial balance; no golden file yet |
+| Trial balance as of a date | Reports → Trial Balance (as of) | partial | hand-verified fixture; no golden file yet |
+| Statement of changes in members' equity | Reports → Statement of Changes in Equity | partial | hand-verified two-member fixture incl. rounding and a close; no golden file yet |
+| Tax line mapping + tax summary | Accounts → Tax line mapping; Tax reports | partial | hand-verified fixture (50% meals, nondeductible, contra income); no golden file yet |
 | Reversing entries | Reverse transaction | done | linked via `reversal_of` |
 | Canonical report snapshots (JSON) | — (our oracle format) | done | `reports::snapshot` |
-| Cash flow statement (indirect) | Reports → Cash Flow | todo | R-FUTURE-3 |
-| Period close / retained earnings | Close books | todo | R-FUTURE-2 |
-| Multi-currency + FX translation | Multi-currency accts | todo | R-FUTURE-1 |
-| GnuCash XML import (read-only) | File format | todo | feeds oracle harness; R-FUTURE-4 |
-| A/R invoices + payments + aging | Business → Invoices | todo | R-FUTURE-5 |
-| A/P bills + payments + aging | Business → Bills | todo | R-FUTURE-5 |
-| Budgets | Budgets | todo | R-FUTURE-6 |
-| Scheduled transactions | Scheduled txns | todo | R-FUTURE-6 |
+| Fixed-asset register + straight-line depreciation | Fixed Asset register | done | `assets.rs`; golden-covered schedule; idempotent runs; disposal with gain/loss |
+| Cash flow statement (indirect) | Reports → Cash Flow | done | R-FUTURE-3 |
+| Foreign-currency lines (base + foreign stored) | Multi-currency accts | done | R-FUTURE-1 |
+| Period close (closing entry to Retained Earnings) | Close books | done | R-FUTURE-2 |
+| Bank reconciliation (cleared flags + report) | Reconcile | done | — |
+| QuickBooks CSV import (bank txns, chart of accounts) | Banking → Upload | done | R-FUTURE-4 |
+| QuickBooks IIF + XLSX export | Export / reports | done | R-FUTURE-4 |
+| A/R invoices + payments + aging | Business → Invoices | done | R-FUTURE-5 |
+| A/P bills + payments + aging | Business → Bills | done | R-FUTURE-5 |
+| Payroll runs (accounting only, no tax tables) + tax remittance | Payroll | done | — |
+| Tracking classes (divisional P&L) | Class tracking | done | — |
+| CPA handoff package (TB + GL xlsx, P&L + BS pdf, zip) | Reports → export | done | — |
+| Budgets | Budgets | todo | R-FUTURE-6 (declined as bloat) |
+| Scheduled transactions (recurring entries → drafts) | Scheduled txns / Recurring transactions | partial | hand-verified fixture incl. month-end dates; drafts only, by design |
+| Payout gross-up (deposit → revenue, fees, adjustments) | Bank deposit with fee lines; Xero/QBO Stripe & Shopify integrations | partial | hand-verified fixture incl. classes and a negative payout; no statement parsers yet |
+| 1099 vendor tracking + year-end worksheet | Vendors → Track payments for 1099; 1099 report | partial | hand-verified fixture (bill payments, card exclusion, reversal, year boundary); no golden file yet |
+| Prepaid expense + deferred revenue amortization | Amortization schedules (Xero/QBO add-ons) | partial | hand-verified fixture, to the cent; no golden file yet |
 | Automated GnuCash diff harness | — (our `xtask oracle`) | todo | roadmap phase 3 |
 
 Workflow/UI parity (QuickBooks/Xero reference) gets its own catalog when the
 egui phase starts; semantics come first.
+
+## Capability parity (AI-first phase)
+
+Semantic parity (above) is about *correctness*: the engine computes the
+right numbers. Capability parity is about *usefulness*: can the new system
+do everything the GSheet+GDrive system does today? Tracked separately in
+`docs/capability-parity.md`, with its own cutover rule (parallel run +
+Stephen's approval). The two catalogs converge: when both are green, the
+sheet retires.

docs/receipt-store.md

@@ -0,0 +1,156 @@
+# Receipt & document store + persistence spec
+
+Three pieces: the **journal** (the source of truth), the **blob store**
+(the bytes), and **SQLite** (the queryable projection). All immutable-first,
+matching the ledger's philosophy: the books never forget, and neither does
+the filing cabinet.
+
+## The journal: the source of truth
+
+SQLite is the query engine, not the source of truth. The source of truth is
+an **append-only journal of domain events**: one JSON object per line
+(JSONL), hash-chained. This is the deliberate answer to "insanely durable,
+easily backupable, journable":
+
+- **Durable.** Every state change is an immutable fact appended to
+  `journal.jsonl`, fsync'd per append. Each line carries the SHA-256 of the
+  previous line's canonical bytes (`prev`), forming a tamper-evident chain:
+  bit rot, torn writes, and casual editing are detected on read/verify, not
+  discovered at tax time. Honest scope: this detects corruption and casual
+  tampering. It does not stop a determined attacker with full write access
+  from rewriting the chain — nothing local does.
+- **Backupable.** The backup is `cp -r $WANDERBOOKS_DATA /backup`: the
+  journal file plus the blob directory. Plain files, no WAL-file timing
+  windows, no special backup API. A torn tail from a mid-copy is detectable
+  (the last line fails hash/parse) and recoverable (truncate to the last
+  good seq — the projection never saw it). Better: the journal is
+  git-friendly, so an optional `wanderbooks backup` that commits it to a
+  private git repo gives versioned, distributed, deduplicated backup with
+  full history.
+- **Journable.** It literally is a journal: `{seq, ts, type, payload, prev}`.
+  Greppable, diffable, replayable. The audit trail isn't a feature bolted
+  on — it's the storage format.
+
+### Write path
+
+There is exactly one write path: **append to the journal, fsync, then apply
+to SQLite.** No dual writes, no background applier thread (the volume
+doesn't justify it): the MCP server appends, fsyncs, applies the new lines
+to the projection synchronously, and returns. A crash between append and
+apply is safe — on startup the applier replays every journal line with
+`seq > last_applied_seq`.
+
+### Line format
+
+```json
+{"seq": 42, "ts": "2026-10-10T18:20:00Z", "type": "entry.posted",
+ "payload": { "...": "..." }, "prev": "abc123..."}
+```
+
+- `seq`: 1-based, gapless, assigned by the writer.
+- `ts`: UTC, RFC 3339. Recorded, never trusted for ordering (`seq` orders).
+- `type`: `account.added`, `entry.posted`, `entry.reversed`,
+  `receipt.attached`, `receipt.linked`, `receipt.unlinked`,
+  `document.filed`, `attachment.withdrawn` (plus the A/R, A/P, asset,
+  period, payroll, and class events listed on `JournalLine`).
+- `payload`: the full domain facts (account fields, entry with lines, blob
+  sha, ...). Everything the applier needs; nothing it must look up elsewhere.
+- `prev`: hex SHA-256 of the previous line's canonical JSON (keys sorted, no
+  whitespace). The genesis line uses `"prev": "000...0"` (64 zeros).
+
+### Drafts are journaled (durable)
+
+Draft entries are durable: `entry.created` and `entry.line_added` journal
+lines record the draft as the agent builds it, so drafts (and receipts
+attached to them) survive server restarts. Drafts never touch the SQLite
+projection until posted — reports only see posted entries. A draft that
+never posts leaves its `created`/`line_added` lines in the journal, which
+is correct: the journal records what happened, including abandoned work.
+
+### Verification
+
+`wanderbooks verify` (a `ledger-store` API, later a CLI subcommand):
+re-read the journal, recompute the hash chain, replay every line into a fresh
+in-memory `Ledger`, and compare its reports against the SQLite projection's.
+Any mismatch is a loud failure. Run it on startup (cheap at this scale) and
+before backups.
+
+## Blob store
+
+- **Content-addressed.** The key is SHA-256 of the exact bytes. Path:
+  `$DATA/blobs/<first2>/<next2>/<full-hex>`. Same bytes, same path, forever.
+- **Immutable.** Blobs are never modified or deleted by the application. A
+  retention/deletion policy is an explicit future human decision, not an
+  accident of implementation.
+- **Deduplicated.** Attaching the same receipt twice stores one blob and two
+  attachment rows. `attach_receipt` / `file_document` return
+  `deduplicated: true` when the blob already existed.
+- **Limits.** 25 MB per file by default, configurable. MIME type is accepted
+  from the client and stored; server-side sniffing is future work.
+- **Metadata** lives in SQLite (`blobs` table), not in the filesystem:
+  `sha256 PK, size_bytes, mime_type, original_name, created_at`.
+
+## Attachments & documents
+
+- `attachments`: `id PK, blob_sha FK, entry_id FK NULL, category,
+  description, created_at`.
+  - `entry_id` is nullable: a receipt can be filed before its journal entry
+    exists, then linked with `books.link_receipt`.
+  - `category` mirrors today's Drive layout: `formation`, `legal`, `tax`,
+    `accounting` (today's 01 Formation / 02 Legal / 03 Tax / 04 Accounting),
+    plus `receipts`.
+- Documents filed via `books.file_document` and receipts via
+  `books.attach_receipt` share the blob store; they differ only in metadata.
+- **Receipts change by events, never by edits.** `receipt.unlinked`
+  (`attachment_id`, `entry_id`, `reason`) detaches a receipt from its entry;
+  `attachment.withdrawn` (`attachment_id`, `reason`) retires an unlinked
+  receipt or a document (`withdrawn_at`, `withdrawn_reason` columns, schema
+  v5). Linking requires an unlinked, non-withdrawn attachment, so evidence
+  only leaves an entry through a recorded unlink. Blobs are untouched: a
+  withdrawn file is still hash-verified and readable, and the journal shows
+  when it was filed, linked, unlinked, and withdrawn, and why.
+- The store is policy-free: it records attachments faithfully. Whether a
+  posting *requires* a receipt is decided by the MCP layer's receipt policy
+  (`docs/mcp-interface.md`), which reads the `attachments` table.
+
+## `ledger-store`: the SQLite projection
+
+SQLite is the read-optimized projection of the journal. Queries, reports,
+the MCP server's reads, and the future GUI all hit SQLite — and SQLite is
+**disposable by design**: `rebuild` drops it and replays the journal.
+Suspected corruption is fixed by rebuild, never by forensics.
+
+- **Location.** `$WANDERBOOKS_DATA/wanderbooks.db`, falling back to
+  `~/.local/share/wanderbooks/wanderbooks.db`. The journal lives next to it
+  at `$WANDERBOOKS_DATA/journal.jsonl`; blobs under
+  `$WANDERBOOKS_DATA/blobs/`. WAL mode on, `synchronous=FULL`,
+  `integrity_check` on startup.
+- **Schema.** `meta(key, value)` — `schema_version`, `base_currency`,
+  `last_applied_seq`; `accounts`, `entries`, `lines`, `blobs`, `attachments`
+  as above; `events(seq, type, payload, created_at)` — the applier's output,
+  a queryable mirror of the journal stream and the feed the future GUI
+  tails. (Poll `WHERE seq > ?`; later SSE over the HTTP transport. This is
+  the correct answer to "watch its files to update live" — watch the event
+  stream, not the files.)
+- **Amounts as TEXT, never REAL.** Unchanged and still load-bearing: a REAL
+  column would silently reintroduce binary floats into the money path.
+- **Append-only, three layers.** (1) The engine's API never mutates posted
+  state. (2) The journal is append-only by file discipline plus the hash
+  chain. (3) The applier only ever INSERTs into the projection. The SQLite
+  triggers from the earlier draft are deliberately dropped: they protected
+  the projection, which is disposable — the journal is the trust anchor, and
+  piling mechanisms on the disposable layer adds complexity without adding
+  safety. Simplicity is a durability feature too.
+- **Migrations.** Numbered SQL files, applied in order, bumping
+  `meta.schema_version`. Every migration is tested by rebuilding a
+  projection from the journal and comparing reports before/after. A newer
+  schema version than the binary understands is a hard error, not a guess.
+
+## Migration from Google Drive
+
+Backfill walks the Drive `Wanderland Labs LLC` folders and files each
+document via the equivalent of `books.file_document` with its category.
+The Drive folders stay exactly as they are until the capability-parity
+cutover rule (see `docs/capability-parity.md`) is satisfied. Migration is an
+implementation task, not part of this spec — but the spec is written so the
+migration is a straightforward script, not a redesign.

docs/requirements.md

@@ -23,7 +23,8 @@ requirement conflict, the requirement wins.
   organize the chart and reject postings.
 - **R-5 — Single currency per ledger (day one).** Every account and every
   journal line uses the ledger's base currency. Anything else is rejected,
-  not converted. Multi-currency with translation is R-FUTURE-1.
+  not converted, unless the line records its foreign currency, amount, and
+  rate (R-FUTURE-1, done: see below).
 - **R-6 — Line hygiene.** Zero-amount lines are rejected, not ignored.
   Unknown accounts are rejected. Single-line entries are rejected.
 
@@ -34,10 +35,45 @@ requirement conflict, the requirement wins.
   total credits (the `balanced()` check).
 - **R-8 — Balance sheet.** Assets, liabilities, equity grouped by account
   type. The accounting equation holds exactly: assets = liabilities + equity.
-  Because period close (R-FUTURE-2) doesn't exist yet, current earnings (net
-  income to date) are folded into equity so the equation holds on a live book.
-- **R-9 — Profit and loss.** Revenue and expenses for the life of the ledger,
-  with net income. Period filtering arrives with R-FUTURE-2.
+  Current earnings (revenue minus expenses not yet closed to retained
+  earnings) are folded into equity so the equation holds on a live book.
+  `balance_sheet_as_of` gives the statement as of any date, a line per
+  account, counting every entry dated on or before it (closing entries
+  included: after a close the earnings sit in retained earnings).
+- **R-9 — Profit and loss.** Revenue and expenses with net income.
+  `profit_and_loss_for_period` scopes it to a date range (optionally one
+  class), a line per account, and **excludes closing entries**: a close moves
+  earnings into retained earnings and must not make a closed period read as
+  break-even. The cash flow statement excludes closing entries for the same
+  reason. Period P&Ls partition: split a range anywhere and the halves sum
+  to the whole, and a range's net income equals the change in current
+  earnings across it (property-tested).
+- **R-9a — General ledger.** `general_ledger(start, end)`: by account in
+  code order, each with its beginning balance, every posting in the period
+  (date, entry, description, debit, credit, running balance on the account's
+  normal side), and its ending balance, which ties to the trial balance as
+  of `end`. Each posting names its *split*: the one account on the entry's
+  opposite side, or "-Split-" when that side has several (the QuickBooks
+  convention). The entry-ordered listing is the *general journal*, a
+  different report.
+- **R-9b — Trial balance as of a date.** `trial_balance_as_of(as_of)`.
+- **R-9c — Statement of changes in members' equity.** For a multi-member LLC
+  (partnership): each member's capital roll-forward — beginning,
+  contributions (credits to their capital account), allocated net income
+  (loss), distributions (debits), ending — plus a total that equals
+  balance-sheet equity. Earnings not yet distributed (retained earnings and
+  unclosed income) and the period's income are allocated by ownership share
+  to the cent, the last member absorbing rounding, so every row's total is
+  exact. Any equity change the roll-forward doesn't explain is shown as
+  "other", never hidden.
+- **R-9d — Tax categories.** Revenue and expense accounts map to stable
+  tax categories (`ledger_core::tax::CATEGORIES`: key, label, income /
+  cost of goods / deduction, the returns it appears on — Schedule C, 1065,
+  1120-S, 1120 — default deductible percent, guidance), with an optional
+  per-account deductible percent. `tax_summary(start, end, form)` groups
+  the P&L by category with book and deductible amounts and lists
+  uncategorized accounts. Book basis only: no tax depreciation, basis, or
+  filing; not tax advice.
 - **R-10 — Canonical snapshots.** `reports::snapshot()` renders the three
   core reports as deterministic JSON (decimal strings, sorted lines, fixed
   keys). Two engines fed the same books must produce identical output. This
@@ -50,16 +86,86 @@ requirement conflict, the requirement wins.
 - **R-12 — Command surface.** All mutations go through `Ledger` methods.
   There is no second way to change the books.
 
+## Receipt policy (MCP phase)
+
+- **R-13a — Receipt corrections.** Posted entries are immutable (R-3); their
+  evidence is not frozen but is append-only. A receipt is replaced by
+  attaching the new one and unlinking the old with a reason; unwanted
+  receipts and documents are withdrawn with a reason. Unlinking may never
+  leave an entry the policy (R-13) requires a receipt for with none. Every
+  step is a journal event; no blob is deleted.
+- **R-13 — Receipt enforcement.** The MCP layer (not the engine — the engine
+  stays policy-free) enforces a configurable receipt policy: postings at or
+  above a threshold (`require_receipts_above`, default `"25.00"` in base
+  currency) must have at least one attached receipt, with per-account
+  overrides. `post_entry` with `confirmed: true` refuses with a typed
+  `receipt_required` error otherwise. The draft preview always includes the
+  receipt checklist (`attached: [...]`, `required_but_missing: bool`), so the
+  human sees it before confirming. Full spec: `docs/mcp-interface.md`.
+
 ## Explicitly future work
 
-- **R-FUTURE-1 — Multi-currency.** Per-account currencies, entry-level FX
-  rates, translation gains/losses, reporting in a presentation currency.
-- **R-FUTURE-2 — Periods and close.** Fiscal years/periods, closing entries
-  that move P&L balances to retained earnings, locked periods.
-- **R-FUTURE-3 — Cash flow statement** (indirect method).
-- **R-FUTURE-4 — GnuCash XML import** (read-only; feeds the oracle harness).
-- **R-FUTURE-5 — A/R and A/P workflows** (invoices, bills, payments, aging).
-- **R-FUTURE-6 — Budgets and scheduled transactions.**
+- **R-FUTURE-6 — Budgets.** Explicitly declined as bloat. (Scheduled
+  transactions, the other half of R-FUTURE-6, are done: see below.)
+
+## Promoted from future (done)
+
+- **R-? — Cash flow statement** (indirect method). Was R-FUTURE-3.
+  `ledger-core::reports::cash_flow` + `books.cash_flow`.
+- **R-? — QuickBooks-compatible import/export.** Was R-FUTURE-4.
+  `ledger-import` crate: CSV bank/chart import, IIF and XLSX export.
+- **R-? — Multi-currency (foreign-currency lines).** Was R-FUTURE-1.
+  `JournalLine` carries optional foreign currency/amount; `amount` is the
+  base-currency equivalent. `Ledger::add_line_fx`, `Ledger::set_fx_rate`.
+  Reports work in base currency. (Full per-account currencies and translation
+  remain future.)
+- **R-? — Periods and close.** Was R-FUTURE-2.
+  `ledger-core::periods`: `create_period`, `close_period_to(id, to)`; closed
+  periods reject new entries. The closing entry, dated at period end,
+  zeroes each revenue and expense account's balance **as of the period
+  end** (later-dated entries belong to later periods) and puts the net in
+  `to`: `CloseTo::RetainedEarnings` (`3999`, the corporate convention;
+  `close_period` is shorthand) or `CloseTo::Members` (each member's capital
+  account by share, to the cent, the last absorbing rounding: the
+  partnership convention), or `CloseTo::Account` (any equity account, e.g.
+  a sole proprietor's capital). Every target can sweep owner-pay equity
+  accounts — draws, distributions, dividends — into it: a member's
+  distributions account into their own capital. The members' equity
+  statement counts a member's distributions account as part of their
+  capital. Periods close in order (`CloseOutOfOrder`). The
+  journal records the target, and replay re-derives the closing entry and
+  checks every line against the journal.
+- **R-? — Prepaid expenses, deferred revenue, and recurring entries.** Was
+  part of R-FUTURE-6 ("scheduled transactions"). Amortization schedules
+  post monthly, equal to the cent, idempotently, honoring closed periods;
+  the journal records each posting with its full entry and replay checks
+  it. Recurring entries generate drafts only, never posts, so the receipt
+  policy always applies.
+- **R-? — Payout gross-up.** Platform deposits are recorded gross:
+  revenue, fees, and adjustments, reconciled to the deposit to the cent,
+  as a draft that carries the payout statement as its receipt.
+- **R-? — 1099 tracking.** Vendors carry the information return they get
+  and whether a W-9 is on file (never the TIN). Entries carry the vendor
+  they paid; bills, bill payments, and reversals carry it automatically.
+  The year's worksheet counts cash paid (asset-account credits minus
+  debits), so card payments are excluded, against a year-dependent,
+  overridable threshold. Schema v7.
+- **R-? — A/R and A/P workflows.** Was R-FUTURE-5.
+  `ledger-core::arap`: customers, vendors, invoices, bills, payments,
+  AR/AP aging. MCP tools for the full workflow.
+- **R-? — Bank reconciliation.** Cleared flags on posted lines,
+  `reconciliation_report` with uncleared-line detail.
+- **R-? — Payroll (accounting only).** `ledger-core::payroll`:
+  `run_payroll` posts one balanced entry (Dr 6100 gross, Dr 6110 employer
+  FICA, Cr 2110–2150 payables, Cr cash net); `remit_payroll_taxes` clears
+  the payables. No tax tables — the caller supplies every number.
+- **R-? — Tracking classes (divisional P&L).** `ledger-core::classes`:
+  `JournalLine.class_id`, `add_class`, `set_line_class` (drafts only),
+  `profit_and_loss_filtered`, `profit_and_loss_by_class`. Shared costs are
+  split explicitly across lines at entry time.
+- **R-? — CPA handoff package.** `books.export_cpa_package`: zip with
+  trial-balance XLSX, general-ledger XLSX (every posted line), P&L and
+  balance-sheet PDFs (printpdf, MIT).
 
 ## Non-goals (all phases of the engine)
 

fuzz/Cargo.toml

@@ -0,0 +1,44 @@
+[package]
+name = "ledger-core-fuzz"
+version = "0.0.0"
+publish = false
+edition = "2024"
+
+[package.metadata]
+cargo-fuzz = true
+
+[dependencies]
+libfuzzer-sys = "0.4"
+arbitrary = { version = "1", features = ["derive"] }
+serde_json = "1"
+rust_decimal = "1"
+chrono = "0.4"
+
+[dependencies.ledger-core]
+path = "../crates/ledger-core"
+
+[dependencies.ledger-store]
+path = "../crates/ledger-store"
+
+[[bin]]
+name = "fuzz_journal_line"
+path = "fuzz_targets/fuzz_journal_line.rs"
+test = false
+doc = false
+bench = false
+
+[[bin]]
+name = "fuzz_entry_validate"
+path = "fuzz_targets/fuzz_entry_validate.rs"
+test = false
+doc = false
+bench = false
+
+[[bin]]
+name = "fuzz_op_sequence"
+path = "fuzz_targets/fuzz_op_sequence.rs"
+test = false
+doc = false
+bench = false
+
+[workspace]

fuzz/fuzz_targets/fuzz_entry_validate.rs

@@ -0,0 +1,51 @@
+// Fuzz target: arbitrary JSON as a journal entry. If validation accepts
+// it, the entry MUST balance exactly — validation is the enforcement
+// point, and this pins it. Staged here; `cargo fuzz init` wires it up.
+#![no_main]
+
+use libfuzzer_sys::fuzz_target;
+use ledger_core::{AccountType, Currency, JournalEntry, Ledger, Side};
+use rust_decimal::Decimal;
+
+fn test_chart() -> Ledger {
+    let mut ledger = Ledger::new(Currency::USD);
+    for (code, name, typ) in [
+        ("1000", "Cash", AccountType::Asset),
+        ("2000", "Payable", AccountType::Liability),
+        ("3000", "Equity", AccountType::Equity),
+        ("4000", "Revenue", AccountType::Revenue),
+        ("6000", "Rent", AccountType::Expense),
+    ] {
+        ledger.add_account(code, name, typ, None, false).unwrap();
+    }
+    ledger
+}
+
+fuzz_target!(|data: &[u8]| {
+    if let Ok(entry) = serde_json::from_slice::<JournalEntry>(data) {
+        let ledger = test_chart();
+        // Validation must never panic on hostile input.
+        if entry.validate(ledger.chart()).is_ok() {
+            let debits: Decimal = entry
+                .lines()
+                .iter()
+                .filter(|l| l.side == Side::Debit)
+                .map(|l| l.amount.amount)
+                .sum();
+            let credits: Decimal = entry
+                .lines()
+                .iter()
+                .filter(|l| l.side == Side::Credit)
+                .map(|l| l.amount.amount)
+                .sum();
+            assert_eq!(
+                debits, credits,
+                "validate() accepted an unbalanced entry: {entry:?}"
+            );
+            assert!(
+                debits > Decimal::ZERO,
+                "validate() accepted a zero-total entry"
+            );
+        }
+    }
+});

fuzz/fuzz_targets/fuzz_journal_line.rs

@@ -0,0 +1,24 @@
+// Fuzz target: journal line parsing must never panic, and the canonical
+// form must be a fixed point: parse(canonical(x)) re-serializes to the
+// same canonical bytes. Staged here; `cargo fuzz init` wires it up.
+#![no_main]
+
+use libfuzzer_sys::fuzz_target;
+use ledger_store::JournalLine;
+
+fuzz_target!(|data: &[u8]| {
+    // Garbage must return Err, never panic.
+    if let Ok(line) = serde_json::from_slice::<JournalLine>(data) {
+        let canon = line.to_canonical();
+        let line2: JournalLine =
+            serde_json::from_str(&canon).expect("canonical form must re-parse");
+        assert_eq!(
+            line2.to_canonical(),
+            canon,
+            "canonical form is not a fixed point"
+        );
+        // Sequence numbers survive the round trip.
+        assert_eq!(line.seq, line2.seq);
+        assert_eq!(line.line_type, line2.line_type);
+    }
+});

fuzz/fuzz_targets/fuzz_op_sequence.rs

@@ -0,0 +1,101 @@
+// Fuzz target: arbitrary operation sequences against a Ledger. Errors
+// are fine (invalid ops are rejected); the invariant is that the trial
+// balance ALWAYS balances afterward, no matter the sequence. This is the
+// stateful counterpart of the proptest properties — libfuzzer explores
+// deeper interleavings. Staged here; `cargo fuzz init` wires it up.
+#![no_main]
+
+use arbitrary::Arbitrary;
+use chrono::NaiveDate;
+use ledger_core::{AccountType, Currency, Ledger, Money, Side};
+use libfuzzer_sys::fuzz_target;
+use rust_decimal::Decimal;
+
+#[derive(Arbitrary, Debug, Clone, Copy)]
+enum Op {
+    AddAccount { code: u8, typ: u8 },
+    CreateEntry { day: u8 },
+    AddLine {
+        entry: u8,
+        account: u8,
+        debit: bool,
+        cents: u32,
+    },
+    PostEntry { entry: u8 },
+    ReverseEntry { entry: u8 },
+}
+
+fn account_type(t: u8) -> AccountType {
+    match t % 5 {
+        0 => AccountType::Asset,
+        1 => AccountType::Liability,
+        2 => AccountType::Equity,
+        3 => AccountType::Revenue,
+        _ => AccountType::Expense,
+    }
+}
+
+fuzz_target!(|ops: Vec<Op>| {
+    let mut ledger = Ledger::new(Currency::USD);
+    let mut entry_ids: Vec<u64> = Vec::new();
+    let mut next_code: u32 = 1000;
+
+    for op in ops {
+        match op {
+            Op::AddAccount { code, typ } => {
+                // Unique codes by construction; duplicates are rejected.
+                let c = format!("{:04}", next_code + (code as u32 % 50));
+                next_code += 1;
+                let _ = ledger.add_account(&c, "fuzz", account_type(typ), None, false);
+            }
+            Op::CreateEntry { day } => {
+                let date =
+                    NaiveDate::from_ymd_opt(2026, 1, 1 + (day as u32 % 28)).unwrap();
+                let id = ledger.create_entry(date, "fuzz");
+                entry_ids.push(id);
+            }
+            Op::AddLine {
+                entry,
+                account,
+                debit,
+                cents,
+            } => {
+                if entry_ids.is_empty() {
+                    continue;
+                }
+                let eid = entry_ids[entry as usize % entry_ids.len()];
+                // Account ids are 1-based; may not exist — rejection is fine.
+                let aid = (account as u64 % 60) + 1;
+                let side = if debit { Side::Debit } else { Side::Credit };
+                let amount = Decimal::new((cents % 1_000_000) as i64, 2);
+                let _ = ledger.add_line(eid, aid, side, Money::new(amount, Currency::USD));
+            }
+            Op::PostEntry { entry } => {
+                if entry_ids.is_empty() {
+                    continue;
+                }
+                let eid = entry_ids[entry as usize % entry_ids.len()];
+                let _ = ledger.post_entry(eid);
+            }
+            Op::ReverseEntry { entry } => {
+                if entry_ids.is_empty() {
+                    continue;
+                }
+                let eid = entry_ids[entry as usize % entry_ids.len()];
+                let _ = ledger.reverse_entry(
+                    eid,
+                    NaiveDate::from_ymd_opt(2026, 12, 31).unwrap(),
+                    "fuzz reversal",
+                );
+            }
+        }
+    }
+
+    // THE invariant: no sequence of operations, valid or rejected, may
+    // leave the trial balance out of balance.
+    let tb = ledger_core::reports::trial_balance(&ledger);
+    assert_eq!(
+        tb.total_debits, tb.total_credits,
+        "trial balance broken after fuzzed op sequence"
+    );
+});

plan/STATUS.md

@@ -1,12 +1,12 @@
-# STATUS — 2026-10-10
+# STATUS — 2026-10-11 (all 10 natural next steps done; repo now public)
 
 ## Where we are
 
-Phase 1 (semantics core) is underway. The repo exists, is private, and the
-first engine slice is built, tested, and green.
+All ten natural next steps are done, tested, and pushed. The repo is now
+public. Parity is 12 of 12 against the spreadsheet workflow.
 
 **Done:**
-- Repo `swaits/wanderbooks` created on git.swaits.com (private).
+- Repo `swaits/wanderbooks` on git.swaits.com (public as of 2026-10-11).
 - `ledger-core` 0.1.0: `Money` (exact Decimal + ISO currency), five account
   types with normal sides, chart of accounts (codes, hierarchy,
   placeholders), journal entries with full validation, `Ledger` command
@@ -17,29 +17,67 @@ first engine slice is built, tested, and green.
 - 14 tests green: validation rejections, posted-entry immutability,
   reversal semantics, the accounting laws on a fixture company, a 300-entry
   randomized invariant test, and the first golden file.
+- `ledger-store` 0.1.0: the source of truth is an append-only, hash-chained
+  JSONL journal (fsync per append; tamper-evident); content-addressed
+  SHA-256 blob store (immutable, deduplicated, hash-verified on read);
+  SQLite as a *disposable* projection (TEXT amounts, WAL, `synchronous=FULL`,
+  `integrity_check` on open). Single write path: validate → journal →
+  mutate → apply. `verify` replays the journal and diffs reports three ways;
+  `rebuild` drops SQLite and replays; a missing database heals on open.
+  7 tests green: round-trip, tamper detection, torn-tail truncation,
+  rebuild, blob dedup/corruption detection, unbalanced-post rejection.
+- `ledger-mcp` 0.1.0: stdio server on official rmcp 3.5 (23 narrow typed
+  tools, amounts as decimal strings, `initialize.instructions` carrying the
+  agent operating contract). Draft → add lines → preview → confirmed post;
+  server-side receipt policy (strictly greater than $25, per-account
+  overrides, typed `receipt_required` rejection); digest; search; CSV/JSON
+  export; period P&L and as-of balance sheet; fixed-asset tools (register,
+  schedule, list, run-depreciation, dispose with preview). End-to-end stdio
+  protocol tests green (initialize → tools → draft → preview →
+  receipt_required → attach → post → reports → digest → reverse; and a full
+  asset flow: register → schedule → idempotent runs → disposal preview →
+  receipt_required → bill-of-sale → confirmed disposal → gain posted).
+- **Fixed assets** (`ledger-core` + `ledger-store` + `ledger-mcp`):
+  fixed-asset register (description, purchase date, cost, salvage, useful
+  life, linked cost/accumulated-depreciation/expense accounts), straight-line
+  book depreciation with day-prorated partial months and a final-month
+  true-up so the lifetime total is exactly (cost − salvage), idempotent
+  monthly runs, disposal with auto-posted final depreciation and gain/loss.
+  Tax depreciation stays with the CPA. Tests: 10 asset unit tests
+  (ledger-core), 6 store tests, 7 property tests, MCP e2e.
+- **Testing initiative** (in progress): `proptest` property suite on
+  `ledger-core` (trial balance always balances, A = L + E, reversals restore
+  zero, posted-entry immutability, JSON round-trip, depreciation exactness —
+  the last caught a real month-length-drift bug, fixed with the final-month
+  true-up); `cargo-mutants` run on `ledger-core` (228 mutants); `cargo-fuzz`
+  targets (journal-line parsing, entry validation, op sequences) scaffolded.
+- 120+ tests green workspace-wide; `cargo fmt` clean; `cargo clippy
+  --workspace --all-targets` clean, zero warnings (a hard rule: Stephen,
+  2026-10-11).
 - Docs: AGENTS.md (operating manual), requirements, architecture, oracle
-  design, parity catalog (floor: 6 done), glossary. Plan: this file + roadmap.
+  design, parity catalog (floor: 10 done), glossary, mcp-interface (incl. the
+  5 asset tools), receipt-store (journal design), capability-parity
+  (10 of 12 rows covered). Plan: this file + roadmap.
 
 **In progress:** nothing — the next arcs are queued below, unstarted.
 
 ## Next arcs (in order)
 
-1. **Period close** (R-FUTURE-2): fiscal periods, closing entries moving P&L
-   to retained earnings, locked periods. Parity: balance sheet then reports
-   retained earnings instead of folded current earnings.
-2. **Cash flow, indirect method** (R-FUTURE-3): from P&L + balance-sheet
-   deltas. Golden-covered.
-3. **Property tests graduate**: `proptest` with shrinking for the randomized
-   invariant test; new properties for close and cash flow.
-4. **GnuCash XML import** (R-FUTURE-4, read-only): parse GnuCash files into
-   fixture books. This unblocks the oracle harness.
-5. **Oracle harness** (`ledger-oracle`, `cargo xtask oracle`): run fixture
-   books through our engine and GnuCash headless, diff snapshots
-   automatically. Parity catalog becomes machine-checked; CI enforces the
-   floor.
-6. **egui app shell** (`books-app`): command-driven UI, native + WASM,
-   screenshot-in-the-loop per the storytold protocol. Workflow parity catalog
-   (QuickBooks/Xero reference) starts here.
+The project went AI-first on 2026-10-10 (Stephen's call): the primary
+interface is MCP, not a cloned GUI. The first storage + MCP slice is done
+(arcs 1–3 below). What remains:
+
+1. ~~**`ledger-store`**~~ done — journal + blob store + SQLite projection.
+2. ~~**Blob store**~~ done — folded into `ledger-store`.
+3. ~~**`ledger-mcp`**~~ done — 18 tools, receipt policy, digest, export.
+   Remaining from the spec: MCP *resources* (rmcp 3.x has no resource
+   macros; hand-roll `list_resources`/`read_resource` next), Streamable HTTP
+   transport, XLSX/IIF export formats.
+4. **Capability parity** (`docs/capability-parity.md`): 11 of 12 rows
+   covered; full CPA export (xlsx/iif) remains. Then the month-long parallel
+   run against the GSheet; cutover per the cutover rule.
+5. Then: oracle harness (GnuCash diff), read-only GUI on the event log,
+   workflow parity.
 
 ## Decisions log
 
@@ -51,3 +89,163 @@ first engine slice is built, tested, and green.
   never prints "-0". (Caught by the golden test on day one; the oracle works.)
 - 2026-10-10: License MIT OR Apache-2.0, matching the storytold projects.
   GnuCash clean-room boundary documented in `docs/oracle.md`.
+- 2026-10-10: AI-first pivot (Stephen). Primary interface is MCP
+  (`docs/mcp-interface.md`), not a cloned GUI. Receipts/documents become a
+  content-addressed blob store (`docs/receipt-store.md`). Parity target for
+  the phase is the GSheet+GDrive system (`docs/capability-parity.md`), with
+  a parallel-run cutover rule. GUI drops to read-only, event-log-driven,
+  phase 4.
+- 2026-10-10: Import/export targets QuickBooks formats (CSV, IIF, XLSX) —
+  "could not give a single shit about GnuCash XML." GnuCash stays the
+  *behavioral* oracle only. Receipt enforcement is server-side policy in the
+  MCP layer (threshold + per-account overrides, typed `receipt_required`
+  error, checklist in every preview); the engine stays policy-free.
+- 2026-10-10: Storage durability (Stephen). SQLite is the query engine, not
+  the source of truth: the source of truth is an append-only, hash-chained
+  JSONL journal (fsync per append; tamper-evident; git-backup-friendly),
+  SQLite is a disposable projection rebuilt from it, blobs stay
+  content-addressed. Single write path: journal → fsync → apply to SQLite.
+- 2026-10-10: Draft durability (house decision). Drafts are **durable**, not
+  ephemeral: `entry.created` + `entry.line_added` journal lines record the
+  draft as the agent builds it, so drafts and their attached receipts survive
+  restarts. Drafts never touch the SQLite projection until posted. Rationale:
+  the journal is the source of truth (phantom `entry.created` lines without
+  draft lines were the worst of both worlds), and the draft → attach receipts
+  → post workflow spans multiple MCP calls.
+- 2026-10-10: Corrupt SQLite heals itself. If the projection fails
+  `integrity_check` (or isn't a database at all), `Store::open` quarantines
+  it to `wanderbooks.corrupt.<timestamp>` and rebuilds from the journal,
+  instead of failing open. WAL/SHM are dropped as derived state.
+- 2026-10-10: Cash flow statement (R-FUTURE-3) done. Engine
+  `reports::cash_flow` (indirect method) + `books.cash_flow` MCP tool (24
+  tools total). Disposals identified structurally; gains/losses move from
+  operating to investing; the three sections always reconcile to the net
+  change in the designated cash accounts. Two invariant tests, including a
+  full purchase → depreciate → dispose cycle.
+- 2026-10-10: MCP resources done (hand-rolled `list_resources` /
+  `read_resource`: chart, trial-balance, balance-sheet, profit-and-loss,
+  digest, receipts). `#[tool_handler]` must sit on the `impl ServerHandler`
+  block, not the inherent impl — misplacing it silently drops all tools.
+- 2026-10-10: QuickBooks interop (R-FUTURE-4) done. New `ledger-import`
+  crate: QBO bank CSV parse (3-col and 4-col layouts), chart CSV parse,
+  IIF journal generation, XLSX report generation (rust_xlsxwriter, MIT).
+  MCP: `books.import_bank_csv` (drafts + categorization rules),
+  `books.import_chart_csv` (all-or-nothing), `books.export` gains `xlsx`
+  (base64) and `iif` formats plus `cash_flow` report. 26 tools total.
+  Capability parity 12 of 12 rows covered.
+- 2026-10-10: Streamable HTTP transport done. `ledger-mcp --http ADDR`
+  serves MCP at `/mcp` via rmcp's tower StreamableHttpService (axum).
+  27 tools total. Verified with curl: initialize returns SSE stream.
+- 2026-10-10: Drive backfill path done. `books.import_local_file` reads a
+  file from the server's filesystem into the blob store (receipt/document).
+  The agent downloads from Drive via the CLI, then calls this — Drive
+  credentials never enter the server.
+- 2026-10-11: `wanderbooks init` done. New `ledger-cli` crate (binary
+  `wanderbooks`, std-only): `init [DIR]` scaffolds a books dir — `mise.toml`
+  (pinned Rust toolchain; tasks: build, mcp-add, backup), `AGENT.md` (agent
+  operating contract: bootstrap, MCP contract, first-run onboarding incl.
+  migration via conversation, ongoing rules), `wanderbooks.toml` (company
+  profile, filled during onboarding), `books-data/` + `.gitignore` (SQLite
+  projection ignored; journal is the record). Fresh dirs get `git init` and
+  a scaffold commit so the journal archive starts on day one. One generic
+  init by design — no per-situation flags; the agent is the import layer
+  (QBO/CSV/email/sheets, conversational). 5 integration tests green; clippy
+  clean. Bootstrap: `mise trust && mise install`, `mise run build`,
+  `mise run mcp-add`, then `claude` in the dir.
+- 2026-10-11: Receipts are mutable through events, never edits (Stephen:
+  "the journal is just a history of every single thing that happens").
+  `books.unlink_receipt` and `books.withdraw_attachment` (both require a
+  reason) journal `receipt.unlinked` / `attachment.withdrawn`; nothing is
+  erased from the journal or blob store. Unlinking can't strand an entry the
+  receipt policy requires evidence for (attach the replacement first).
+  `link_receipt` now refuses an already-linked or withdrawn attachment, which
+  closes a silent path for moving a receipt off a posted entry; disposals
+  check their receipt ids before posting. Schema v5. First real use: swapping
+  the migrated Wanderland Labs `.eml` receipts for their PDF renders.
+- 2026-10-11: The cash flow statement is a first-class output everywhere the
+  other two statements are: `cash_flow_pdf` in ledger-import, a `pdf`
+  format on `books.export` (P&L, balance sheet, cash flow), and
+  `cash-flow.pdf` in the CPA package, which now requires `cash_accounts`
+  (the statement reconciles to them). Known gaps, next: the P&L and balance
+  sheet PDF/XLSX ignore start/end/as_of (all-time balances under the
+  requested label; core needs period-scoped statements); P&L and balance
+  sheet XLSX are totals-only; PDF amounts don't align (padding in a
+  proportional font), no company name, negatives as "-x".
+- 2026-10-11: Every statement export (csv, json, xlsx, pdf, CPA package)
+  now renders core's period statements: the date range and as-of date are
+  real, with a line per account. One layout (`ledger-import::report`:
+  sections, lines, subtotals, totals; exact "(1,234.56)" formatting) feeds
+  every renderer. The server reads `wanderbooks.toml`: company name for
+  report headers, `fiscal_year_start` for fiscal YTD (end derived), and
+  `receipt_threshold` (it was silently ignored before). Reports carry
+  "Prepared from journal through seq N".
+- 2026-10-11: PDFs are typeset with Typst (typst 0.15 via typst-as-lib,
+  fonts bundled by typst-assets; printpdf removed). One template,
+  `ledger-import/templates/statement.typ`, takes the laid-out statement as
+  JSON data (labels are never markup). US accounting presentation in PDF
+  and XLSX alike: tabular figures, "$" on each section's first amount and
+  on totals, negatives in parentheses with the closing paren hanging so
+  decimal points align, zero as a dash, single rule over sums, double rule
+  under totals, amounts never bold (bold figures are wider). Pages flow
+  with a repeated header and "Page n of m". Core's cash flow now orders
+  lines by account code (it followed HashMap order, so line order could
+  change between runs).
+- 2026-10-11: The canonical report set. Core gained the general ledger by
+  account (running balances; QuickBooks' "split" = the opposite side of the
+  entry, "-Split-" when several accounts), the trial balance as of a date,
+  and the statement of changes in members' equity (capital roll-forward per
+  member, allocation by share to the cent, ties to balance-sheet equity).
+  The entry-ordered listing is now correctly called the general journal.
+  Reports render QuickBooks-style (Stephen's reference): Inter (bundled,
+  OFL) instead of the typst-assets serif fonts, centered title block, a
+  column-header row, multi-column statements (trial balance Debit/Credit,
+  one column per member), "$" on sums, rules above sums, a double rule
+  under totals, zero as 0.00, entity terms (Members' equity, Net income
+  (loss), standard cash-flow wording) and an "Accrual basis · Prepared …"
+  footer. "Today" is local time, not UTC (evening exports were dated
+  tomorrow).
+- 2026-10-11: Period close fixed and made partnership-aware. The close swept
+  every revenue/expense posting ever made, so a period closed after later
+  entries existed swallowed them (closing January in March closed February
+  and March too); it now zeroes balances as of the period end, refuses to
+  close out of order, and its preview is the real close run on a copy of
+  the ledger. A multi-member LLC closes into each member's capital account
+  by share (CloseTo::Members), the partnership convention, so capital
+  accounts carry allocated earnings; the members'-equity statement treats
+  those closes as income, not contributions, and the balance sheet shows
+  only unallocated earnings. Replay now checks closing lines, not just ids.
+- 2026-10-11: Tax categories (Stephen: wanderbooks is a general MCP-first
+  accounting application, so features ship for every small business, not
+  when Wanderland needs them). Accounts map to stable categories rather than
+  form line numbers; each category knows its returns and default
+  deductible percent; the tax summary shows book vs. tax by category and
+  every uncategorized account. tax_form comes from config or the tax
+  classification. Schema v6.
+- 2026-10-11: Owner equity for every entity type. Chart templates for sole
+  proprietorships, partnerships/multi-member LLCs, S corps, and C corps
+  (equity and owner-pay accounts, tax categories, matching config). Closes
+  sweep draws, distributions, and dividends into their target; partners'
+  distribution accounts count as capital on the members' equity statement
+  and close into it. CloseTo became RetainedEarnings { sweep } / Account
+  { into, sweep } / Members([MemberClose]); journals without a target, or
+  with the old plain "retained_earnings", still replay.
+- 2026-10-11: Schedules. Prepaid expenses and deferred revenue amortize
+  monthly on month ends, to the cent; runs are previewed, idempotent, and
+  exempt from the receipt policy (the schedule is the evidence). Recurring
+  entries generate drafts, never posts. Journal events schedule.registered,
+  schedule.posted (with the full entry, checked on replay),
+  recurring.registered, recurring.generated. No schema change. 59 tools.
+- 2026-10-11: Payouts. books.record_payout grosses a platform deposit up
+  into revenue (by class), fees, and adjustments, refusing unless it
+  reconciles to the cent; it creates a draft so the payout statement is
+  attached as the receipt. Pure core logic (payouts.rs), no new journal
+  events (it journals as a draft and lines). 60 tools. Statement parsers
+  (Apple, Google, Stripe) wait for sample files.
+- 2026-10-11: 1099 tracking. Vendors get form_1099 (NEC/MISC) and
+  tin_on_file (never the TIN); entries get an optional vendor tag (bills,
+  bill payments, and reversals inherit it). books.vendor_1099 counts cash
+  paid per vendor per calendar year against $600 (≤2025) / $2,000 (2026+,
+  OBBBA) or an override, and lists reportable vendors missing a W-9.
+  Journal events vendor.1099_set and entry.vendor_set. Schema v7. 64 tools.
+  Also: requirements and parity no longer list finished R-FUTURE work as
+  future (only budgets remain, declined).

plan/roadmap.md

@@ -1,49 +1,87 @@
 # Roadmap
 
-## Phase 1 — Semantics core (now)
+## Phase 1 — Semantics core (done)
 
 The engine: money, accounts, journal, ledger commands, trial balance, P&L,
-balance sheet, golden files, property tests, and the docs an agent needs to
-work here (AGENTS.md, requirements, architecture, oracle, parity, glossary).
-Done when the parity floor is 6+ and every `done` item is tested +
-golden-covered.
+balance sheet, cash flow, fixed assets with depreciation, golden files,
+property tests, mutation testing, fuzzing, and the docs an agent needs to
+work here. Parity floor: 12 done.
 
-## Phase 2 — Close the accounting loop
+## Phase 2 — AI-first interface (done)
 
-- Period close (fiscal periods, closing entries, locked periods)
-- Cash flow statement, indirect method
-- `proptest` with shrinking; properties for close and cash flow
-- Parity floor moves; goldens grow
+The primary interface is MCP, not a cloned GUI (Stephen's call, 2026-10-10).
 
-## Phase 3 — Oracle harness
+- `ledger-store`: append-only hash-chained JSONL journal (source of truth),
+  SQLite as disposable projection with auto-rebuild, content-addressed
+  blob store, durable drafts.
+- `ledger-mcp`: 27 tools over stdio and Streamable HTTP, preview-before-post,
+  server-side receipt policy (>$25) with anti-splitting, asset management,
+  digest for human review, read-only resources.
+- `ledger-import`: QuickBooks CSV import (bank, chart), IIF and XLSX export.
+- Capability parity 12 of 12 vs the GSheet+GDrive system.
+- Parallel run with the sheet; cutover per the cutover rule
+  (`docs/parallel-run.md`).
+
+## Phase 3 — Oracle harness (next)
 
-- `ledger-import`: GnuCash XML read-only import
 - `ledger-oracle`: fixture books through our engine and GnuCash headless,
-  automatic `snapshot()` diffing via `cargo xtask oracle`
+  automatic `snapshot()` diffing.
 - Parity catalog becomes machine-readable; CI enforces the non-regression
-  floor
+  floor.
 - Done when: a fixture book produces byte-identical snapshots from both
-  engines with zero manual steps
+  engines with zero manual steps.
 
-## Phase 4 — App shell (egui)
+## Phase 4 — Read-only GUI
 
-- `books-app`: one Rust codebase, native desktop + WASM (the storytold
-  stack: egui/eframe, no Electron, no React)
-- Command-driven UI: every UI action goes through the `Ledger` command
-  surface; the UI holds no accounting logic
-- storytold's screenshot-in-the-loop returns: agents verify UI changes
-  visually, against reference screenshots of GnuCash/QuickBooks kept
-  maintainer-local (never committed)
-- Workflow parity catalog starts (QuickBooks/Xero reference): invoices,
-  bills, bank rec, chart management
+- Consumes the `ledger-store` event log: live updates — the answer to
+  "watch its files to update live."
+- egui or web; a dumb client holding no accounting logic.
+- This is the trust layer for humans (Stephen, Kat, the CPA), not the
+  primary interface. Read-only at first; editing stays with the agent.
+- Design references (Stephen, 2026-10-11; screenshots shared in session,
+  described here):
+  - **Reports with a date range and a column interval** (QuickBooks
+    Desktop's P&L: From/To plus Columns = Year/Quarter/Month/...): any
+    statement split into one column per interval plus TOTAL, to see the
+    books over time. The multi-column statement layout in
+    `ledger-import::report` already renders this shape; the GUI (and the
+    exports) need a per-interval builder over the period-scoped core
+    statements.
+  - **Financial dashboard** (Coupler.io's QuickBooks dashboard): P&L,
+    balance sheet, and cash flow overview tables with Last month / Month to
+    date / Year to date columns, each beside charts — income vs. COGS +
+    expenses vs. earnings bars; stacked assets vs. liabilities + equity;
+    cash at end of period; net cash change.
+  - **Business overview** (QuickBooks Online home): cards for cash balance
+    with a trend, expenses by category (donut), profit and loss (income
+    vs. expenses), invoices (unpaid, overdue, paid), sales trend, and bank
+    account balances.
+  - **Revenue dashboard** (Coupler.io): KPI tiles (paid, overdue, open
+    invoices this month), an invoice table (number, customer, dates,
+    currency, home and foreign amounts, balance, totals), expenses by
+    category by month, invoices by status per month.
+  - **QuickBooks Online dashboard**: invoices (unpaid in the last year,
+    overdue vs. not yet due; paid in the last 30 days, deposited vs. not),
+    expenses by category (donut, last month), bank account balances (book
+    vs. bank, items to review), profit and loss (net income, income vs.
+    expenses bars), sales trend (line, by quarter).
+  - **KPI tiles with comparison** (QuickBooks accounting dashboard): income,
+    cost of goods sold, expenses, net profit, each with % change vs. the
+    previous 30 days; an auto date-range picker; cash balance over time
+    with a trend line; revenue by month, stacked.
+  - **Cash-flow dashboard**: bank balance, debtors, burn rate, cash runway
+    (days) tiles; income vs. expenses for the last six months; a net cash
+    flow forecast with a confidence band; A/P and A/R aging by days past
+    due (the engine already computes both agings); total burn over time.
 
 ## Phase 5 — Workflow parity
 
-- A/R and A/P workflows, bank reconciliation, budgets, scheduled transactions
-- Multi-currency with FX translation
-- The goal: a self-hosted bookkeeping app with a tested claim to
-  semantic parity with GnuCash and workflow parity with QuickBooks —
-  no SaaS subscription required
+- A/R and A/P workflows, bank reconciliation, budgets, scheduled transactions.
+- Multi-currency with FX translation.
+- Period close.
+- The goal: a self-hosted bookkeeping system with a tested claim to
+  semantic parity with GnuCash and capability parity with the old
+  GSheet+GDrive workflow — no SaaS subscription required.
 
 ## Explicitly not on the roadmap