new year

[Katie Eldridge]

Gary,
Michael referred to Gnucash having a method to do this, but didn't 
explain how...
If you go to 'tools' -> 'close book', this will move the 'retained 
earnings' balance to the equity account you specify and zero out all the 
income and expense accounts, so whilst you will still have the same file 
(and therefore keep all your client and vendor details etc), all the 
totals on your accounts page will be for the current year.
Whilst I can follow the logic for not doing this, I also couldn't see 
how I could easily keep track of our taxed profits (ie the amount which 
we'd paid corporation tax on already) without moving the year's profits 
to an account from which I could then take the tax...
hope that helps,
Katie

On 09/11/15 02:06, Gary Holtum wrote:
>>> 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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