"Close Books" revisited - was Re: Account Balances Louse-up? .

[Felix Karpfen]

On Thu, Apr 8, 2010 at 4:23 PM, David T. <sunfish62 at yahoo.com> wrote:
> Ooh, it sounds like you made some work for yourself. The Close Books routine just creates a big Zeroing Transaction as of a given date;

This time round I really want to invoke "Close Books"; 30 June is the
end of our Financial Year!

When clicking on the "Close Books" option, I get a little window with
default entries that reads currently:

Income Total :  Equity
Expense Total: Equity

Other options are available - e.g. I could select "Equity:Opening
Balances" or create a new account.

Before I <accept|change> the offered option, I would really like to
know what I am being offered.  I have saved a copy of the current data
as a separate file and would like to start the new Financial Year with
zero entries in the Income and Expense accounts in the gnucash file
that I use on a daily basis.

I hope this query makes sense; my knowledge of accounting practice is
close to zero and I have failed to find any relevant entries in the
GnuCash Manual.

All advice will be gratefully received.

Felix Karpfen

-- 
Felix Karpfen