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

[Michael or Penny Novack]

On 12/27/2018 7:31 PM, David Cousens wrote:

> This was
> why accountants introduced an artificial 13th month into the financial year
> so that all closing transactions were forced to occur fater any other
> transaction that occurred within the year. Any required adjustments to the
> accounts  are also usually carried out before the closing transactions for
> the same reason.
Or increased the number of days in December past 31 or otherwise 
provided for dates that were not fiscal dates for external transactions 
<< that's what where I spent my working days did >> However that  sort 
of thing not so easy these days when using software that checks the 
validity of dates and doesn't know about "special dates" . When it is 
your own "date validity checker" written in house, more practical.

HOWEVER --- there ARE ways around this difficulty for those of us using 
gnucash, WORK FLOW solutions. After the last external transaction, copy 
the file to a name like "last external". Then do the internal 
transactions that DO affect income expenses (like recording 
depreciation) and again make a copy. Now you can do the "close" 
transaction(s) and make a copy "post close". IF there are "adjustment" 
transactions to be entered, do them and again make a copy you name for 
the next year or simply copy "post close" to that.

Michael D Novack