End-Of-Year date?

[David Brock]

On Thu, 2004-07-22 at 13:05, Ross Palmer Mohn wrote:
> When folks move account balances to Retained Earnings at the end of the
> year, do you record those transactions on 12/31 or 1/1? I'm guessing
> 12/31, but does that mess up reports based on last year's data?
> 
Either last year's or this years, depending on where you put it!

I haven't looked at this that closely, but I wondered about it as I was
considering stepping up my use (I've been a user for less than a year)

I suspect that there is a way to exclude the Retained Earnings account
from all reports except those which require it.  Does that exclude all
transactions whose other side is in that account?  Not sure, but thats
where I figured I'd look.

There has been some recent discussion about 'closing off the year', and
I understood at the time, that there is no function to do that.  I think
that a simple journal entry (or several) of all revenue and expense
account balances into RE would do it, just the way you state.

;-David