advice please: end of year

[Derek Atkins]

Laura Lincoln <cblist1 at gmail.com> writes:

> I think I phrased that incorrectly. I did not mean that the system would
> automatically close the year on 12/31/xx..
>
> What I am used to with accounting systems is when running balance sheet
> reports at the beginning of the year (based on report date not calendar
> date) that the system automatically "rolls" the prior year Net Income/Loss
> into Retained Earnings. I DON'T have to do manual journal entries to "close"
> the year.

Yes, the Balance Sheet report will do that.

I never use the Tools -> Close Books feature and my reports all come out
fine (or at least my accountant has never complained).

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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
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