Advanced Budget Report Question

[Benjamin Johnsen]

Derek,

Thanks for the correct.

I will have to check out the Close Books.  It will save me a lot of manual
data entry.

Thanks,
Ben

On Tue, Jan 19, 2010 at 10:48 AM, Derek Atkins <warlord at mit.edu> wrote:

> 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
>       Member, MIT Student Information Processing Board  (SIPB)
>       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
>       warlord at MIT.EDU                        PGP key available
>