End of year close book

[Derek Atkins]

Chris,

Chris Henderson <henders254 at gmail.com> writes:

> Anyone?
>
>
> On Wed, Jul 3, 2013 at 11:42 AM, Chris Henderson <henders254 at gmail.com>wrote:
>
>> At the moment I can see the Expense over time report by month. If I close
>> the book at the end of year, will I be able to compare expense over time
>> from this year to next year month by month or will it only show report for
>> the next year? If I don't close the book by the end of this year, will
>> expense over time report get bigger and bigger as more years get pile on to
>> it?
>>
>> I am trying to keep my file clutter free but also be able to see records
>> over multiple years to get an assessment on progress.

You asked this over a Holiday Weekend, so don't be surprised that you
didn't get a response right away!

To answer your question: Some reports will ignore closing transactions,
some reports do not know how to ignore them.  So alas, YMMV based on
which reports you need.

All that closing the books does for you is zero out your income and
expense accounts at the start of the period so that your CoA is showing
you current-period totals.  That's *ALL* it does.  It does nothing else.
There is no need to do it if you don't care about your Income/Expense
CoA balances.  For example, I have never closed my books.  All reports
will properly deal with "period balances" without the closing
transactions.

>> Thanks.

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-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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