Income Statements - 2 questions

[Mike or Penny Novack]

>.........  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.
>  
>
   And remember, just because the report was run for effective date Jan 
2nd =>  doesn't mean that in the "good copy" you submit (in my case 
present to the board of directors) you couldn't have taken the trouble 
to edit that to Jan 1st.

>Using 30 June / 1 July is a bit harder because you could theoretically
>still have legal transactions on both days.
>  
>
   Yep, a problem. Could somebody familiar with using export/import 
accounts describe what that does? If it includes the balance of all 
accounts then one could export and then import into a new set of books 
for the new fiscal period. I haven't experimented with that because all 
orgs for which I am keeping books use the fiscal year Jan 1 to Dec 31 so 
I don't have to.

Michael