Close Year

[Christopher Lam]

You can 'close the year' with Tools > Close Year which adds a 'Closing
entry' transaction from Expense and Income accounts on a specific date to
the Equity account. The benefit is that the Income & Expense balances will
reflect 'balance this year' so far.
It doesn't however prevent modification of prior entries.

In practice, few of us actively close the books.

To create an income/expense report, you can use the 'Report > Transaction
Report' and display transactional data, or run 'Report > Income & Expense >
Income Statement' for summaries. You will have to tweak the options. Please
be aware that the "Income Statement" can exclude the closing entries
created above, whereas the Transaction Report will include Closing Entries
unless you actively filter them out by selecting "Accounts > Filter By" to
"exclude transactions to/from" and Filter-accounts to closing-entries
equity account.

On 4 January 2018 at 02:03, Richard Barmann <dick at stripingthetown.com>
wrote:

> How do I close out the year and what do I need to print out for taxes.
>
> I think last year I printed out several sheets that had expenses and
> income listed.
>
> Thank You.
>
> Richard Barmann
>
> reb at barmannsbar.com
>
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