Closing books

Jay Ridgley jridgley2 at austin.rr.com
Thu Jan 3 10:19:08 EST 2013


On 01/03/2013 06:16 AM, Steve wrote:
> I'd be curious to hear what others are doing, also.  Problem with creating a
> new file for each year, you'd lose the functionality of running multiple
> year reports and all of the auto-fill info for transactions...
>
>
>
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Steve,

  Rightly or wrongly (I am not an accountant), each year I run a Close Book task 
with a date of 01/01/yyyy. After being sure I have entered ALL the transactions 
for the year.

I quit gnucash, make a copy of the file, and then start gnucash and run my 
year-end reports (Income Statement and Balance Sheet). Then I run Close Book 
with a date of 01/01/yyyy (where yyyy is the current year). I use 
Equity:Increased Equity YYYY as the account

The transaction creates an entry the zeros the expenses and income. The data 
remains and is viewable.

I have not noticed any problems for the past three years I have been using 
gnucash. I am NOT an authority, so I do not claim what I am doing is correct. 
You make your own decision...

Cheers,
Jay
-- 


Jay Ridgley
jridgley2 at austin.rr.com
Registered Linux User ID - 9115
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