Closing the books, Opening Balance & Profit & Loss

[Dave Niezby]

Ah.  I didn't even know I could close the books.  I thought that feature closes up everything.  Lol. 

So that's what the Close the Books feature does? close last years work? I'm on a standard calendar year. So i would just hit close the books and everything from last year would be carried over? Would it then hide everything from last year too? 

What if I need to go back to see something or run some type of report?

-------
Dave Niezby


On Feb 1, 2012, at 21:21, Wiliam Colls <william.colls at rogers.com> wrote:

> On 02/01/2012 07:25 PM, AndreeCrist wrote:
>> Hi,
>> 
>> I've been googling for hours, desperate to figure this one out. .
>> 
>> So my year end is 01/04/2008 - 31/03/2009.
>> I have moved transactions on the 31st to the 30th.
>> 
>> I have closed the books on the 31st. .
>> 
>> Now before I closed the books, the profit&  loss was showing a loss of say
>> £15k.
>> Now the books are closed, the profit / loss is balanced to zero with the
>> balance coming from a -£15k value in the Equity:ClosingBalance:2008-2009 . .
>> all good.
>> 
>> Now If I move the accounting period to 01/04/2009 - 31/03/2010 .. [next
>> fiscal year] .. then I really want to start this next new day / year..
>> showing we have a loss which were carrying forward.. of the £15k from the
>> previous fiscal year. .
>> 
>> -- this is where I get a bit shakey -
>> 
>> How can I carry this loss through onto the next year ? The overall net value
>> has remained the same, but how to carry the loss over ? Really stuck on
>> this.. maybe I'm just being a moron here..
> 
> The loss is carried forward in the equity (balance sheet) account, not in you income/expense accounts. For the year 2009-2010 your opening balance in the equity account is 15K less than it was for 2008-2009, reflecting that loss.
> 
> HTH.
> 
> William
> 
>> 
>> Please help.
>> 
>> Kind Regards,
>> Andree
>> 
>> --
>> View this message in context: http://gnucash.1415818.n4.nabble.com/Closing-the-books-Opening-Balance-Profit-Loss-tp4350065p4350065.html
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>> 
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> 
> -- 
> I know that you believe that you understand what you think I said, but I am not sure that you realise that what you heard was not what I meant.
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