Advanced Budget Report Question

[Derek Atkins]

Benjamin Johnsen <ben.johnsen at gmail.com> writes:

> I don't know if you do you a Year End close out but as I understand it at
> the end of each year you should close out all of your Expense and Income
> accounts.  Basically get them back to 0.  The way I understand to do this is
> by creating an Asset account named for the year. Something like "2008 Year
> End".  I then transfer all of my Expense and all of my Income to that Asset
> account.

Actually it's Equity, not Asset.  And this is what Tools -> Close Books
does for you.

-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
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