Closing the Books

[Derek Atkins]

Quoting Girard Aquino <girardaquino at hotmail.com>:

> and from the accounting perspective, should closing books be done at the
> end of every cycle? what would happen as regards reading data in GnuCash
> when one doesn't close books?

Nothing.  All the data is still there.  The only difference is that
the CoA will report $0 for your Income and Expense accounts.

Personally, I don't use the feature; the reports all know how to
handle the period changeover, and I rarely use the "account balance"
to see how much money I've spent or earned on a particular thing.
I can just run a P&L report over the period I want to find that
info.

-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