Incorporation of P&L into balance sheet

[James Leone]

A Big THANK YOU to Derek who fixed the minor glich below and more
importantly, added a very useful feature. :-)

Cheers,

James Leone


I wrote:

 >
 > Ok, we've actually made a lot of progress on the year end dates.  You
 > got the right idea.
 >
 > However,  Gnucash 1.84 will report an out of balance balance sheet,
 > but it should be easy to fix.
 >
 >
 > Right now the balance sheet is missing  Retained Earnings accumulated
 > prior to the current reporting period.
 >
 >
 > On the balance sheet....        Assets - Liabilities = Equity.
 >
 > And....                                        Equity = (Opening
 > Balances +current period profit & loss + retained earnings accumulated
 > prior to the current period)
 >
 > Ergo....algebraicly....
 >
 > (Assets - Liabilities) - Equity = 0
 >
 > (Assets - Liabilities) - (Opening Balances +profit & loss + retained
 > earnings) = 0
 >
 > (Assets - Liabilities) - (Opening Balances +profit & loss ) = Retained
 > Earnings
 >
 > Set your math this way, and add a line to show retained earnings, and
 > _Guess What! ---> GnuCASH will support _Accounting periods!!!!!_   :-)
 > * YOU DID IT! * :-)
 >
 >
 > To avoid confusion on the balance sheet, you should label the balance
 > sheet dates as "reporting period."
 >
 > Note that I really like the flexibility of GNU cash here with regard
 > to reporting periods.
 >
 > Gnucash will actually be _more_ flexible then Quickbooks!!!  :-)
 >
 >
 > On a separate issue.....
 >
 > If you run a profit and loss and click on a description in the profit
 > and loss, you will see a list of all transactions from the beginning
 > of time.
 >
 > It would be more useful if it only showed the transactions that make
 > up the total on the profit and loss.
 > After clicking on report, it would be useful to also be able to change
 > the date range in the options tab.  This feature would not be used
 > often, but would be the little extra that turned the ordinary into the
 > extraordinary here.
 >
 >
 >
 > Good job guys!
 >
 >
 > James Leone, CPA
 >
 >
 >
 >
 >
 >
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 >