[GNC] Period Ends

Mike Stillingfleet mikestillingfleet at fastmail.co.uk
Fri Jan 7 05:37:24 EST 2022


Hi Geoff,

Thank you very much this is exactly what I needed to know. I am currently assuming that I can close off prior years and bring everything up to date year by year.

Regards

Mike

On Fri, Jan 7, 2022, at 10:16 AM, Geoff wrote:
> Hi Mike
>
> Answers embedded:-
>
>  > 1. My period runs 6/4/xxxx to 5/4/xxxx so on a calander basis 
> therefore I believe I should be choosing relative for period start and 
> period end.
>   - Correct.
>
>  > 2. I currently have access to all my transactions which is very 
> useful. If I understand the process correctly to maintain access to 
> these transactions I need to create separate files for each year prior 
> to doing the period close. So for future searches I would need to work 
> through several files.
>   - Nope.  The Close Books process retains *all* your existing transactions.
> It also generates two additional transactions - one that offsets the 
> balances in all your expense accounts, and one that offsets the balances 
> in your income accounts.  The contra account for those transactions goes 
> to the account(s) that you nominate - usually under Equity.
>
>  > 3. If I have set the accounting periods and I have control over the 
> date ranges in other reports I am not clear as to what advantage I gain 
> by closing prior periods. When I used Quicken if I remember correctly 
> closing a period was part of the reconciliation process. However, 
> transactions were not zeroed as far as I remember and so that could 
> still be viewed.
>   - Moot point. Some on this forum are in favour, and some are against.
> The good news is that you can try it out and see if it suits you. The 
> Close Books process is completely safe and fully reversible - merely 
> delete the two transactions I mentioned above and you are back at square 
> one.
>
> Hope this helps.
>
> Regards
>
> Geoff
> =====
>
>
> On 7/01/2022 8:40 pm, Mike Stillingfleet wrote:
>> Dear All,
>> 
>> Several years ago I attempted to close off at end of year and it didn't end well.
>> 
>> I am revisiting this topic and trying to work out if there is any benefit to it.
>> 
>> 1. My period runs 6/4/xxxx to 5/4/xxxx so on a calander basis therefore I believe I should be choosing relative for period start and period end.
>> 
>> 2. I currently have access to all my transactions which is very useful. If I understand the process correctly to maintain access to these transactions I need to create separate files for each year prior to doing the period close. So for future searches I would need to work through several files.
>> 
>> 3. If I have set the accounting periods and I have control over the date ranges in other reports I am not clear as to what advantage I gain by closing prior periods. When I used Quicken if I remember correctly closing a period was part of the reconciliation process. However, transactions were not zeroed as far as I remember and so that could still be viewed.
>> 
>> Any advice / comment would be welcomed.
>>

-- 
  Mike Stillingfleet
  mikestillingfleet at fastmail.co.uk


More information about the gnucash-user mailing list