[GNC] Closing Books - Pros & Cons

[Ryan Carver]

Hi All,



I am using Gnucash for my small business (a design consultancy) and I have
no experience or knowledge of accounting.



Could someone please explain the PROs & CONs of using the “Close Books”
feature in layman’s terms?



The online database states that using the “Close Books” tool will result in
some report inaccuracies.  Could someone elaborate on which reports would
result in inaccurate reports?  I ran a few test reports after using the
“Close Book” tool and I did not notice any report inaccuracies.



Given my limited accounting knowledge it only seems intuitive that one
would always want to reset their chart of accounts for each fiscal year so
you can quickly see the correct period totals for each account.



What does everyone else do when starting a new fiscal year?





Thanks,

Ryan Carver