Closing books

[Yawar Amin]

Hi,

On January 6, 2013 12:51:33, Arne Hanssen wrote:
> [...]
> Is that a fact? I have never tested that as I always have closed
> books. From a bookkeeping point of view (sorry for my bad english),
> closing books should be the (only) correct procedure as this transfers
> all income and costs to an equity account and zeroes all income and
> cost account balances, ready for a new year (or whatever period).
>
> As far as I can see (and remember right now), the loss og gain for a
> given period is reported as not posted and equity balance is not
> updated until i close books. But if you mean that closing books is
> unnecessary when using GC for simple usage where formal correctness is
> not an issue, you may be right, or I am missing something?

Closing books is unnecessary for _any_ GnuCash usage. GnuCash takes care
of the `formal correctness' internally when you run reports. So you
should see correct equity, loss, gain etc. when you run reports, without
having to close books. See:

http://article.gmane.org/gmane.comp.gnome.apps.gnucash.user/37385/match=close+books

http://article.gmane.org/gmane.comp.gnome.apps.gnucash.user/44801

Regards,

Yawar


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