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

[Stephen M. Butler]

On 12/28/18 6:08 AM, Jennym wrote:
> Thanks Stephen,
>
> Not sure what 'the GnC method' but thanks for your suggestions. Think I now
> have my head around my 'problem'.

GnC method lets you ignore the close accounts step as it knows about the 
accounting period (you did set that up) and that Income and Expense 
accounts start over automatically -- even if you have prior year's 
transactions in them.

The only advantage I see to running the close books transaction is that 
it books the retained earnings to the account(s) you want rather than 
just showing it as an accumulated retained earnings on the Balance Sheet 
report.

The downside is if you ever have to make adjustments to prior year's 
activity you will need to either adjust the two close books transactions 
or delete them and re-close that year.  I did that for my business.  
Think I'll not do that for my personal finances.

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