Close Book?

[brian.levy.esq at rogers.com]

The capital account or retained earnings should only update at the end of the  fiscal period when the revenues aare cosed to it as well as expenses, cost of sales, i.e. the items and amounts contained in the income statement.Interim balance sheets should close to an account usually titled something similar to "Year-to-date Profits".

Dr. Brian Levy

251 Consumers Road

Suite 1200

Toronto ON M2J 4R3

416-644-8515

--- On Tue, 12/2/08, Peter Randall <peter.randall1 at googlemail.com> wrote:
From: Peter Randall <peter.randall1 at googlemail.com>
Subject: Close Book?
To: gnucash-user at gnucash.org
Received: Tuesday, December 2, 2008, 9:00 PM

I am trying to build my first GNUcash file for personal accounting. So far I
have built and populated a fairly conventional structure with the usual
suspects. However I am struggling to make Equity respond to changes in the
other main accounts. For instance if I add an income item to the Current
(Checking) account this shows, as you might expect, as an increase in the
main Assets account, but it does not produce any change in the Equity
account.
I believe this might have something to do with the Close Book function found
under the Tools drop-down menu which on one occasion did make the
Equity+Liability=Assets equation balance. But but now it stubbornly refuses
to have any effect on Equity. I cannot find any reference to the 'Close
book' function in the Tutorial & Concepts Guide.

Any help would be much appreciated.
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