Equity Question

[Maf. King]

On Thu 16 August 12 20:14:13 cyclontzy wrote:
> I just looked through search on this topic but couldn't find anything
> specific to what I'm wondering, sorry if I missed something.
> 
> So basically, at the end of monthly period, if I have no liabilities, and
> all profits during that period have already been distributed.  So at months
> end all I have left is current assets in the form of checking account.  So I
> transfer that amount in the equity:starting balances.  And then start a new
> month then transfer Equity:Starting balances back into checking?  Is this
> right?
> 
> 
> Thanks !
> 

Hi,

Seems like a lot of work to close your books out every month.  Yearly is more 
usual. Of course, it your local tax authorities say otherwise, then you have 
to do as they say!

If you were closing out the books, wouldn't you transfer to a Retained 
Earnings account?  I thought that Equity:opening Balances was for recording 
acount balances at the start of "gnucash time" ie. only when you want to bring 
an existing (bank) account with a running balance into GC's records.

Bit confused about what you are trying to do
Maf.