End of financialyear

Derek Atkins warlord at MIT.EDU
Fri Nov 22 15:30:56 EST 2013


Brian Funk <gnucash at stoneladder.ca> writes:

> On 11/22/2013 1:19 AM, Chris Bester wrote:
>> Hi
>> I am still awaiting a reply regarding closing off my books at the end of the
>> financial year and restarting with the closing balances as opening balances
>> in the new year.  Books cannot just run continuously.  Please help.
>> Thanks
>> Chris
>
> You need to remember to send your mail to the list...
>
> If none of the options outlined in the wiki or the other link below
> than I have no other suggestions... other folk on the list may have
> some ideas for you but again, you need to mail to the list.. not just
> me.

Moreover, I'm not sure what you mean by "Books cannot just run
continuously".  Why do you think that?  The reports can boil down your
data to the timeframe you require.  There is no technical requirement
that you close your books yearly.

GnuCash has a tool (Tools -> Close Book) that will zeroize your Income
and Expense accounts and roll it up into your Equity (Retained
Earnings).  However it will not create a new file and transfer the
opening balances.  There is no tool to do that.

If you choose to do it manually you can, but I would suggest you think
long and hard about why you feel you need to do it before you spend the
time.

-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
       warlord at MIT.EDU                        PGP key available


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