Changing to new financial year

[Michael McKay]

In general, you don't need to do anything.  All the reports will work with multiple years of data so you can see the asset and liability info at a point in time and income and expenses during a period.

You may want to save and archive a copy of the file once any end-of-year adjustments are made and keep it for reference.

The GNU Cash documentation/archives also mentions that you can zero out income and expenses accounts by adding a closing transfer to equity:closing balance or some such account on the last day of the year.  People do this so the account balances in the ledger makes sense for the following period.  If you don't, a salary account, for example, will show the sum of all salary received since the file was created.  If you do, then you have to ignore the closing transactions in the prior years.  Some of the reports include options to ignore the closing transactions. Other people suggest making these transactions on the last day, say 31/12/xx and then only reporting up to 30/12/xx on any reports.

Personally, I find the closing transactions to be a pain and don't bother with them.

Yours,

Michael McKay
MJM Consulting
613.724.8169


-----Original Message-----
From: gnucash-user-bounces at gnucash.org [mailto:gnucash-user-bounces at gnucash.org] On Behalf Of Jim Tippett
Sent: May-14-09 6:19 PM
To: gnucash-user at gnucash.org
Subject: Changing to new financial year

I am a new user of GnuCash.  Love it so far.

One question though.  How do I ¨roll over¨ the accounts to a new
financial year.

Financial year here in Australia starts on 1st July and I have set start
and end dates accordingly in GnuCash preferences (accounting period).

If this question is covered in any help files or forums please point me
in the right direction.

Thanks,

Jim Tippett

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