Starting a new year

[Derek Atkins]

Rich Shepard <rshepard at appl-ecosys.com> writes:

> On Fri, 3 Feb 2017, Derek Atkins wrote:
>
>> There is a "Close Books" function (in the Tools menu) which will roll up
>> all the Income/Expense transactions up to the closing date into Equity.
>> However, this will not create a new set of books, and it wont "lock"
>> anything because there is no such thing as "locking" in GnuCash.
>
> Derek,
>
>   That's different from the previous software so I'll ask my accountant
> (after tax season, of course) how she wants me to handle this. As far as I'm
> concerned it does not matter as long as I can get account summaries for
> specific date ranges. Another thing for me to learn as I use GnuCash (now
> for business as well as personal.)

You will only be able to get account summaries for dates within the data
file.  If you start a new data fle then it will depend on which one you
have open, and you wont be able to get summaries across the file
boundaries.  This is one of many reasons we suggest not starting a new
datafile.

In addition, the Close Books tool only zero-izes you Income/Expense
accounts, which means your Chart of Accounts return to zero.  However
your reports will work either way.  There is no requirement (from a
reporting standapoint) to actually close the books; the only difference
is on your CoA.

> Much appreciated,
>
> Rich

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-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available