[GNC] When closing books, equity statement report is incorrect

[Michael or Penny Novack]

On 1/2/2024 12:49 PM, Quinn Wood wrote:
> On Tue, Jan 2, 2024, 10:43 Michael or Penny Novack 
> <stepbystepfarm at comcast.net> wrote:
>
>     Other than the suitability/unsuitability gnucash provided "tool" for
>     closing the books this isn't really a gnucash question.
>
>
> I've identified a solution for this issue that does not require a 
> custom report. Sweep revenues and expenses into a Retained Earnings 
> account and do not include it in the equity report. Take dividends / 
> distributions out of a subaccount called Dividends / Distributions 
> declared and do include it in the equity report. Put investments into 
> an account (e.g. Common Stock) that is included in the report as usual.
>
> If people think this kind of thing is out of scope, feature creep, 
> outmoded, etc., ok. If you want to give people a way to get their work 
> done that doesn't involve changing the way GnuCash works, I'd get this 
> workflow on the wiki so people have the option in their toolkit.

Please ---- "solutions" are a matter of accounting/law and have little 
to do with gnucash per se (if you could have done something the old 
fashioned way pen and ink on paper then you can do it with gnucash)

Although I am NOT "qualified" to give advice I will give one example 
related to the above to show not free to do just any old thing. If 
keeping books for a corporation, as soon as the Directors declare a 
dividend, it becomes a liability.

BTW, I disagree things like "how to keep books for a corporation" 
belongs in a gnucash wiki. We are NOT "qualified" to be giving this sort 
of accounting advice. And in any case, these things can vary somewhat by 
jurisdiction.

Michael D Novack


-- 
There is no possibility of social justice on a dead planet except the equality of the grave.