How to close an accounting year and open a new accounting year

Shokster ashok.sinha at gmail.com
Mon Apr 23 04:23:01 EDT 2012


I'm also dealing with investments and accounting in the Indian financial
framework. Largely, it's similar to any other country. 
 
I'm using GnuCash for personal accounting. I've used paper based books for
my accounts for the past 20 years. Now I'm converting to GnuCash and running
in parallel this entire financial year. 
 
About closing books - 
1. To close books would mean generating a pdf report that cannot be changed
for the time period Apr1 to Mar 31. 
2. Once the report is generated, don't mess with numbers the previous
financial year. If changes need to be made, make them in the current year.
Once a pdf report has been generated at the end of the financial year, then
in principle, those numbers should be locked for editing - this is something
that needs to be kept in mind all the time. 
 
I've also been thinking about how long should I go on adding to that one
single GnuCash file. The file size will keep growing. At the moment, I'm
quite happy with the file size <1MN and hence I can imagine using it at
least for a few years before file size becomes an issue. 

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