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

Derek Atkins warlord at MIT.EDU
Sun Dec 23 20:30:43 EST 2007


Quoting Mike or Penny Novack <stepbystepfarm at mtdata.com>:

>> Ah, yes, a Description for the transaction.  Good point!  Thanks,
>> I'll go add that.
>> Anything else
>>  -derek
> The date for which the closing takes place should be a user set 
> variable (OK to have it default to 12/31/current year).

You clearly missed the original message.  There was already
a "closing date" entry in the dialog.

[non-necessary supporting documentation elided]

>   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).

I was planning to close all the accounts in a single transaction.
Actually, two, one transaction for income and one for expense.

>    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.

Yep, already have that code written.  ;)

> Michael


       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

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