A simple End-of-Period question

[Derek Atkins]

That's one way... A better way would be to just transfer your
income and expenses to Equity:Retained Earnings (no real need
to transfer your assets).  Another thing to keep in mind is that
the 1.8.5 Balance Sheet (and P&L) reports will deal just fine if
you do not move your transactions...  But moving I/E to Equity
is really better than moving it to an asset.

-derek

rwh <webmeister at zzbzurich.ch> writes:

> davidxgreen at netscape.net wrote:
> 
> >I have a very simple question regarding the closing of accounts at the end of 
> the accounting period.
> >  
> >
> >I have been running GnuCash for a couple of months in a trial manner and want 
> to tranisition to full use for the next financial year (July 03 - Jun 04).
> >
> >How do I close off the accounts and begin afresh in the new accounting year? 
> That is, roll-over the balances but clear out the transactions?
> >  
> >
> -- 
> 
> Somewhere in one of the gnucash manuals or posts etc, the question of how to 
> handle eoy summaries was approached  like so:
> 
> Create the following accts.:
> 
> assets/income/income_summary
> assets/expenses/expense_summary
> assets/currentassets/grand_summary
> 
> these accts contain a single entry for each income/expense category closing 
> entry eg
> 
> assets/income/income_summary:widget_sales		+$$$$$$
> this is the closing $$ balance in widget_sales on 31.12.jjjj
> 
> you will no longer be able to create a P&L statement dated 31.12.jjjj as the 
> accts will have a 0$ balance. workaround in "options" by setting the 
> reporting period to 01.01.jjjjj - 30.12.jjjj. (that seems to work ok)
> 
> create similar closing xsactions for all income and expense accts.
> now, close these two accts out to:
> assets/currentassets:grand_summary
> and then
> close out grand_summary to the equity account.
> 
> by creating:
> 
> assets/income/income_summary
> assets/expenses/expense_summary
> 
> one creates, in effect, a summary transaction register.
> 
> seems to work for me. what do you think?
> 
> robert
> 
> 
> 
> 
> 
> 
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-- 
       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