Year end (was Re: Reconcilation of accounts)

Keith Royall kthroyall9 at gmail.com
Tue May 29 11:39:59 EDT 2012


Thanks Tim for pointing me in the right direction.

I was able to use the 'Close Book' Tool even though I have entered 5 months
of the Current Years Transactions, and it's worked as expected.

Regards

Keith



On Tue, May 29, 2012 at 7:17 AM, Tim Frost <timfrost at xtra.co.nz> wrote:

> Keith,
>
>
> On Mon, 2012-05-28 at 08:29 +0100, Keith Royall wrote:
> > I have just sent a post with questions about how the year end is handled
> > (Question 1),
>
> When you are happy that all transactions for the year have been
> recorded, the "Close Book" tool can be used to generate two new
> transactions, one each for your income and expense [or debit and credit,
> if you use those terms] accounts.  Each of these transactions will have
> a split for each non-zero account of the relevant type that sets the
> balance of that account to zero. Each of these transactions will be
> balanced with a split that goes into an equity account of your choosing.
> In my case, I have an equity account named 'Retained Earnings', with a
> separate sub-account for each financial year.
>
> You need to specify the date for the close-off to be either the last day
> of the old financial year, or the first day of the new financial year,
> and ensure that it catches all of the transactions for the applicable
> year, and no transactions that belong in other years.
>
> Note that the 'close book' tool does not affect accounts for assets or
> liabilities (cheque account or credit card, etc), because the balance in
> those accounts are not affected by closing the books :)
>
> > and how to reconcile a bank statement when it doesn't show a
> > payment I have made (Question 2).
> >
> > Please ignore question 2 as I have just discovered where I went wrong.  I
> > didn't enter the month end balance shown on the bank statement. I used
> the
> > register balance.
> >
> > regards
> >
> > kthroyall
>
> Tim
>
> --
> Tim Frost <timfrost at xtra.co.nz>
>
>


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