[GNC] Basic Question (I hope) - End of Year Procedure

[Stephen M. Butler]

On 12/25/18 10:53 AM, John Ralls wrote:
>
>> On Dec 25, 2018, at 9:08 AM, Michael or Penny Novack <stepbystepfarm at comcast.net> wrote:
>>
>> On 12/25/2018 4:45 AM, Colin Law wrote:
>>>   You could be right though, perhaps the Close
>>> Books feature built into the s/w does what she wants.
>>>
>>> Colin
>>>
>> Because I don't use it, I don't know what gnucash's "close the books" actually does BUT what I described (entering a giant split transaction that zeroed out all the income and expense accounts into equity with the entry in equity being the net gain or loss) is what the MANUAL process would be. Doing it manually (with one or two* giant splits) would be a PITA.
>>
>> Michael D Novack
>>
>> * so split just one one side, two way splits are their own PITA
> That’s pretty much what the GnuCash close books function does. IIRC it’s two transactions, one for income accounts and one for expense accounts.
>
> Regards,
> John Ralls
Correct.  I've used it solely to book those two transactions to an 
annual (new one yearly) "retained earnings" account.

-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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