Year end procedure...

[David T.]

Let's see if I can help:

Close books creates a single transaction for income accounts and one for expense accounts. Each transaction creates a zeroing line for each account, with the grand total coming from the account you designate.

Try running it once or twice and see how it looks. You can easily delete the resulting trasaction afterward and try again.

David


--- On Wed, 12/30/09, James Wilde <james.wilde at sunde-wilde.com> wrote:

> From: James Wilde <james.wilde at sunde-wilde.com>
> Subject: Re: Year end procedure...
> To: "FireFly" <fireflys_98 at yahoo.com>
> Cc: gnucash-user at gnucash.org
> Date: Wednesday, December 30, 2009, 10:05 AM
> 
> On Dec 29, 2009, at 21:10 , FireFly wrote:
> 
> > use the Close Books option from the Tools menu?
> 
> I'm also interested in this, but before I start
> experimenting, I'm wondering about a few aspects of closing
> down.
> 
> Does this transfer the balance on asset, liability and
> equity accounts as a single sum for each account, or are the
> transactions for the accounts transferred?
> 
> Does the balance on the income statement/profit and loss
> account get transferred as a single sum under equity, with
> expense and income accounts reduced to zero?
> 
> Does the procedure create a new file, and if so, can one
> choose the name of the new file?
> 
> Can one have the old file(s) and the new file(s) in the
> same directory, or is it adviseable to keep them in separate
> directories?  What happens when one presses 'Save' if
> they are in the same directory?
> 
> If one updates the old year file after running the Close
> Books option do changes to asset, liability and equity
> accounts get transferred to the new year?  I.e. can one
> create the new year's books before the final transactions of
> the old year are completed?  Can one enter new year
> transactions in the new year books before the final
> transactions of the old year are completed?
> 
> If changes to the old year are not propagated to the new
> year, can one change the opening balances in the new year
> without creating transactions in the new year which would
> affect account movements in the new year?
> 
> TIA
> 
> //James
> 
> > 
> > Is there something specific you're looking for (and if
> you're working with the XML files you can try it and see
> what it does if you're interested).
> > 
> > Thanks
> > 
> > - James Duerr
> > 
> > E-mail: FireFlys_98 at yahoo.com
> > ---------------------
> > Discover a lost art - play Marbles. May 2004
> > www.marillion.com
> > 
> > 
> > --- On Tue, 12/29/09, Ken G. <beachkid at insightbb.com>
> wrote:
> > 
> >> From: Ken G. <beachkid at insightbb.com>
> >> Subject: Year end procedure...
> >> To: gnucash-user at gnucash.org
> >> Date: Tuesday, December 29, 2009, 11:48 AM
> >> The end of the year is coming up and
> >> I need to know how to close out the books
> (personal). 
> >> Thanks,
> >> 
> >> Ken
> >> 
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> > 
> > 
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