what is this called? the yearly translation to calculate balance and adjust equity

[Mike or Penny Novack]

>>>
>>>So no option for "close books". Using 2.2.1 version. Is closing the
>>>books a new feature?
>>>      
>>>
>>Yes, it's new.  2.2.5 is current.  You should update.
>>
>>-derek
>>
>>    
>>
>Oh I worry the Chinese translation did not follow up latest version.,
>because my girlfriend who use it for her personal business doesn't speak
>English. Maybe I should translate it. Anyway too busy.
>
>Thanks.
>  
>
The AUTOMATED feature is new. However accountants managed to and reopen 
books back in the days books were still being kept using pen and ink on 
paper.

Income and expense type accounts are "temporary" accounts of the 
fundamental type equity. You could close your books by entering two 
(split) transactions with the description "gross income for period" and 
"gross expenses for period" --- one side of the split closing all the 
income accounts (the other side increase of equity) and the other split 
closing all the expense accounts (the other side a decrease of equity). 
Or you could more closely mirror the pen and ink on paper days where 
there would be an account of type equity named "Profit and Loss" to 
which the income and expense accounts would be closed by individual 
transactions and a final transact (either net gain or net loss) closing 
Profit and Loss to equity (they did it this way because they did not 
have a "report generator" --- If you imagine what a print out of this 
"Profit and Loss" account would look like you will see that it IS that 
report).

Michael