new year

[Gary Holtum]

>>BTW, you probably meant "in all but expense AND income accounts".<<
You are correct. That is what I meant. Thanks for the correction.

I guess "close the books" does nothing about migrating balances to new year
accounts. I will have to do things differently or find another program.
Gary 

-----Original Message-----
From: gnucash-user
[mailto:gnucash-user-bounces+diamondhranchqh=earthlink.net at gnucash.org] On
Behalf Of Mike or Penny Novack
Sent: Sunday, November 08, 2015 2:44 PM
To: gnucash-user at gnucash.org
Subject: Re: new year

On 11/8/2015 1:06 PM, Gary Holtum wrote:
> Is there a way to close this year's file and start a new year (new 
> file) carrying over balances in all but the expense accts?
>
> Gary
>
Look up "close the books". That is the traditional way to do accounting, and
gnucash has a facility for automating the process. Of course casual users
will probably not bother, since gnucash can produce the usual reports as if
books had been closed. BTW, you probably meant "in all but expense AND
income accounts". Accounts of type income and expense are actually
"temporary" accounts of fundamental type equity. What "close the books" is
doing is closing them to equity.

I strongly suggest that if you do "close the books" you make a backup copy
of the books immediately before and immediately after so that in the future
you can easily rerun reports.

Michael
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