RFC: A "book-close dialog" to help auto-zeroize all Inc/Exp accounts

[Mike or Penny Novack]

>Ah, yes, a Description for the transaction.  Good point!  Thanks,
>I'll go add that.
>
>Anything else
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>-derek
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The date for which the closing takes place should be a user set variable 
(OK to have it default to 12/31/current year).
a) You don't know the FISCAL calendar of your users. Not necessarily the 
calendar year so should be able to close books as of any date.
b) You don't know if they close the books for ordinary transactions on 
the 30th or the 31st and what day, if any, is a "no external 
transactions" day.

Example:
   The MA Chapter of TACF does use calendar year.
   I will probably opt to make Jan 1st (next year) be the "day that has 
no ordinary transactions". The reason is that I expect to have at least 
a bank interest transaction on December 31st AND  will want to be able 
to produce and Income/Expense report for the year and burn" the pre 
close books. Can THEN do a book closing as of Jan 1st. NOTE that this 
would take place (real time) about a week into January to make sure that 
I actually have all transactions for 2007.

   The other issue is the fact not really how traditional accounting 
would do this. More usual is a temporary equity account (receiving total 
income and total expenses) which is then closed to retained equity with 
a single entry, either gain or loss for the year (thus making it clear 
which the case was).

    A minor detail, but you probably do not want to generate a split for 
those income or expense accounts which have a zero balance as of the 
closing date. No harm mathematicly, but a zero amount transaction looks odd.

Michael



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