Balance Sheet Confusion

[Derek Atkins]

"Charles Day" <cedayiv at gmail.com> writes:

>> 1) Why does my Net Income not show up in the Equity portion of the
>> balance sheet (it does under QuickBooks)?

It does.  Net Income is included in Retained Earnings

>> 2) What is the $29,896.63 number and where did it come from?
>>
>
> According to the code, the GnuCash Retained Earnings line is supposed to be
> the sum of all expense and income account entries from the beginning of
> time. Assuming your books were closed properly, the balances of all income
> and expense accounts should have been zero at period start. So Retained
> Earnings should match Net Income. If there is a problem with the math and we
> can identify it, perhaps I can fix it. Does the balance sheet actually
> balance, by the way?

I believe that the Tools -> Close Books work that I did will affect
reports, but I don't recall if it affects reports in the previous
period or the future period.  I THINK it will only affect the previous
period reports.    HOWEVER I have not tested all the various reports
with a closed book transaction to see what happens.

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-derek

-- 
       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