Properly Closing a year in Gnucash for a business

[Derek Atkins]

Create Equity:Retained Earnings.

For each Income/Expense account with a non-zero balance, transfer that
balance to the E:RE account.

At this point there is no automated way to do this.

I'll also note that the P&L and Balance Sheet reports don't need you
to do this -- they internally figure the differences at your
start/end, and indeed it can cause problems with the reports going
back in time if you do this.

-derek

Patrick Scott <scottpe at ix.netcom.com> writes:

> I apologize in advance is this is a repeated or simplistic questions, but I am trying out gnucash with my new consulting business.  Based on what I read I saw recommendations to transfer the net profit amount to retained earnings and zero out all the expense and income account and start the new year.  Can some one give me step by step on how that is done.  For instance the P&L report that I generated shows a $500.00 net profit, what account to I transfer that amount from in order to put it into the retain earnings account.
>
> Regards,
> Patrick Scott
>
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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
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