What does year-end closing do, exactly?

[Pablo Francesca]

It zeros out all of your expense and income accounts by creating an offsetting balance in each account of those types.  Your asset an liability accounts will remain unchanged.  Your total expenses and total income amounts are then place in the accounts you indicate during the procedure.  I experienced problems with how these totals were placed, so you might have to change the signs of these totals.  The amounts were correct though.

Its best to save a copy of your gnucash file before the procedure in case you want to add more transactions for the previous period after you close ur books.  You'll probably need to closed the books again after that.  Try to avoid doing this if at all possible.  Closed books should mean closed books.

--- On Thu, 4/15/10, Paul A. <abrahams at acm.org> wrote:

From: Paul A. <abrahams at acm.org>
Subject: What does year-end closing do, exactly?
To: gnucash-user at gnucash.org
Date: Thursday, April 15, 2010, 10:41 PM


Is there a description around of just what "Close Books" does?  I've seen
references to zeroizing transactions, but it's unclear just what they do. 
Does closing the books delete any transactions at all?
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