Year End Dates

[James Leone]

warlord at MIT.EDU wrote:

>Hi,
>
>James Leone <linuxcpa at netscape.net> writes:
>
>  
>
>>Hi,
>>
>>Pardon me if this has been brought up before.  I have a need to have
>>the ability to set the year end date for one of my gnucash files. I am
>>using 1.8.2. Any suggestions?
>>The reason that it is important is because Net Income is not properly
>>reflected on the balance sheet.
>>    
>>
>
>Unfortunately GnuCash does not (yet) support accounting periods.  In
>some reports you can set a beginning or an ending date (and sometimes
>both ;)
>
>If you need to end a period, you can File -> Export your account tree
>into a new file and then start a new data file (with new opening
>balances).  But this is a long, tedious, manual process to
>re-initialize all your asset and liability accounts at the end of
>every period.
>
I was kinda hoping to find out what piece of source code, or whatever, 
could be changed from December to June, etc.

>
>Question: in what way is Net Income not properly reflected on tha
>Balance Sheet?
>  
>
This is only as a result of the year end date, and when compared to net 
income as reported on the income statement.

If I were to run an income statement from July 1 - June 30, net income 
from that report would not equal net income on the balance sheet. Net 
equity would be correct, but net income does not adjust itself to 
reflect July 1 - June 30.


>  
>
>>Now, having said that, and tat I am new here, I just want to _thank_
>>the people that work on this project, it is a very good software suite.
>>    
>>
>
>You're welcome :)
>
>-derek
>

Fantastic job Derek!

James Leone