Close books trashes Income Statement and Net Income on Balance Sheet

Mike or Penny Novack stepbystepfarm at
Sun Feb 7 07:52:33 EST 2010

JT Morée wrote:

>I realize the close books issue has been dealt with for years but I'm coming up empty on searching for this particular aspect.  Please tell me if there is another way to fix this issue that I'm not seeing.
As I have mentioned before (more than once) the way around this is to 
use a date for the "close the books" transactions which is after the 
last date of the previous fiscal period and before the first date of the 
current fiscal period (and to allow no other fiscal transactions on that 
date). That's what I do for the books of the organization of which I am 
treasurer -- our fiscal year ends Dec 31st and I allow no outside 
transactions on Jan 1st so I can assign that date to "closing" (and then 
the next year starts Jan 2nd -- the 1st isn't IN any year).

Back when I did this for a living, easier. In house software so we could 
make it do what we wanted and "calendar" allowed for the special date 
"year end". In other words, we could insert a date in between two (real) 
calendar dates that fell after the first but before the second. Think of 
it as a December 32 or a Jan 0

Not an easy problem for GnuCash (no way of knowing what the user's 
"fiscal year" might be)

Michael D Novack, FLMI

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