[Matthew T. Jachimstal <matthew@uniqsys.com>] Re: Closing out a year?

Linas Vepstas linas@linas.org
Thu, 10 May 2001 15:02:58 -0500

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On Thu, May 10, 2001 at 03:00:54PM -0400, Matthew T. Jachimstal was heard t=
o remark:
> This same topic came up in the past couple of days while I was given
> demos of GnuCash 1.4.11 and 1.5.6. (Which where very well received. I
> think there'll be a few people dropping MS Money.)=20


> I mentioned that this past January, I went to each expense and income
> account and adjusted the balance to 0.00 as of 1 Jan. There was a
> suggestion of keeping a list of accounts or flagging which ones should
> be zeroed like this.

Technically, what one does is transfer the ending balance of all
income/expense accounts to equity.  You can do this by hand, once you
are sure that things are correct.  At that point, you should have=20
equity =3D=3D assets - liabilities.

The reason it would be nice to automate this is to lock up old
transactions so that they can't be accidentally changed.  Also, so=20
that old, dead accounts can be pruned.  Also, to trim the size of the
files ... etc... =20

But you are right, in its basic form, it can be done by hand.


Linas Vepstas -- linas@gnumatic.com -- http://www.gnumatic.com/

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