Resetting Income and Expenses at Year End

[sublime78ska at comcast.net]

This is what I did:

First, I made a copy of my data file.

Then, for all income and expense accounts that have a balance, I booked an entry to retained earnings.  To figure out all the account balances, I created an account summary report.  I think I used the provided Profit & Loss report, and expanded the account tree to the maximum to be sure to get all accounts.  I also selected to show the parent account balance.  Usually in my case this is zero but not always.  You need to know the the actual account that has the balance.

The total at the bottom of the report tells you what your retained earnings are.  After booking all of these entries, the retained earnings account should have the same balance as the report.  (If your retained earnings account already has a balance, then the difference should be the same as the total on the report.)  

Be sure not to include any balance sheet accounts.

I'm on 1.8.7.  I don't know anything about the 1.6 versions  If the report isn't available to you, you can still do it.  The report made it easy but it is by no means necessary.

hth,

Phil
> I suppose this is a FAQ, but I can't find it anywhere.  I'm using Gnucash
> 1.6.6 on Debian Woody.  On January 1, I'd like to keep my current
> asset/liability accounts and reset (to zero) my income/expense accounts.
> What's the recommended way to do that?
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