Income Statements - 2 questions

[Derek Atkins]

felix.karpfen at gmail.com writes:

> As indicated in a previous reply, I appear to have stumbled on a third
> choice/tweak that saved the day (change the date of the recorded
> "splits"  in the Income and Expenses accounts).

Just note that the 'date' per se is the date of the whole transaction.
Splits themselves do not have separate dates.  This is what is meant by
the fact that the closing transaction needs to happen on a date that
cannot be used by real transactions.  It works best on 1/1 because
generally you wont have real transactions on 1/1, so you close on 1/1
and then report from 2 Jan - 31 Dec.

Using 30 June / 1 July is a bit harder because you could theoretically
still have legal transactions on both days.

> Thank you for the advice.
>
> Felix

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-derek

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       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
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