Closing the Books

[Girard Aquino]

Sorry to budge in a little late. I was just browsing through the mailing 
list I have downloaded in my mail to maybe learn a little bit more about 
using GnuCash. I've only been using it for about two months now.
Derek Atkins wrote:
> Hi,
>
> Quoting Tony Nelson :
>
>   
>> Hi All,
>>
>> I see an option in gnucash to "close the books" (Tools -> Close Book).
>> I could not find any documentation on this feature.  Can anyone tell me
>> how to determing exactly what happens when this tool is used?
>>     
>
> It zero-izes your Income and Expense accounts into Equity.
>   
Meaning all of the money you have left after all the expenses, all the 
assets you have, etc... will be summed and the remaining asset/money you 
have will be your Equity right? And this should be done when you want to 
start a new? like for example at the end of the year? what happens to 
all of the transactions for the previous year supposing.
>> Thanks!
>> --Tony
>>     
>
>   
>> Please remember to CC this list on all your replies.
>> You can do this by using Reply-To-List or Reply-All.
>>     
>
> -derek
>
>   



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