[GNC] How to run Year End Procedures for the Tax Year (UK end 5 April 2023), and start new Data set for the New Tax Year starting 6 April 2023

[Gyle McCollam]

1st , you should run your yearend reports before you "Close" and if you need to rerun at some future point, you could just delete the "closing" entries and rerun any reports then reclose after.  As for not closing, when you run reports for the next fiscal year you would use the start date of that year as the starting date for the new reports.  Either way, you can get what you need, the choice is yours.


Thank You,

Gyle McCollam

Gyle McCollam

gmccollam at live.com<mailto:gmccollam at gyleshomes.com>           email

________________________________
From: CJN.... ... <cjn_international at hotmail.com>
Sent: Friday, April 7, 2023 10:48 AM
To: G R Hewitt <hewittgr at gmail.com>; Gyle McCollam <gmccollam at live.com>
Cc: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Subject: RE: [GNC] How to run Year End Procedures for the Tax Year (UK end 5 April 2023), and start new Data set for the New Tax Year starting 6 April 2023


7 April 2023



Thanks to Gyle & GR Hewiitt for useful tips.



I’ve been reading the Help  section on Closing the Book at Year End.



And can see a benefit in starting the New Year with clean sheet for Income & Expenses. (Hopefully it carries forward Year End Assets – for bank accounts, etc).



And I see the note on reservations about accuracy of Reports for TB & P&L ( - that’s  a bit worrying of course).

(Quote: Note that closing the books in GnuCash is unnecessary. You do not need to zero out your income and expense accounts at the end of each financial period. GnuCash’s built-in reports automatically handle concepts like retained earnings between two different financial periods. In fact, closing the books reduces the usefulness of the standard reports because the reports don’t currently understand closing transactions. So from their point of view it simply looks like the net income or expense in each account for a given period was simply zero. ).

So, if the consensus is that better not to Close Book at year end, how would I then continue forward in GNU-Cash  to store new transactions for current financial year? And get subsequent Trial Balance & Reports that only includes current year transactions (excluding data from previous financial periods)?

My bookkeeping needs nowadays are probably very simply – simply managing income & expenses for couple rented properties (in retirement!). And being able to collate the data for the annual tax returns.



Any further comments or advice most welcome.

This is my (boring but necessary) Easter weekend project.



Have a good Easter Hol Weekend wherever!



Chris



London

Cjn_international at hotmail.com





From: G R Hewitt [mailto:hewittgr at gmail.com]
Sent: Friday, April 7, 2023 3:16 PM
To: Gyle McCollam <gmccollam at live.com>
Cc: CJN.... ... <cjn_international at hotmail.com>; gnucash-user at gnucash.org
Subject: Re: [GNC] How to run Year End Procedures for the Tax Year (UK end 5 April 2023), and start new Data set for the New Tax Year starting 6 April 2023



And don't forget, as per the manual, if you close the books, the reports mightn't run right.

I tested this out and they don't - the totals are not right; the TB and P&L where way out.



On Fri, 7 Apr 2023 at 14:05, Gyle McCollam <gmccollam at live.com<mailto:gmccollam at live.com>> wrote:

Chris,
In the "Tools" option there is a "Close Book..." selection, but before you use that click on "Help", then "Contents" and search for close book.  That will explain how to "Close Book" and explain that you don't actually have to do that for Gnucash to function correctly for the new year.  It is your choice whether to do that or not.  I do it every year, but some don't as it is not necessary for proper functioning.  You could also copy the and rename the current data file, before you start the new year to preserve a backup of the year end status.


Thank You,

Gyle McCollam

Gyle McCollam

gmccollam at live.com<mailto:gmccollam at live.com><mailto:gmccollam at gyleshomes.com<mailto:gmccollam at gyleshomes.com>>           email

________________________________
From: gnucash-user <gnucash-user-bounces+gylemc=gmail.com at gnucash.org<mailto:gmail.com at gnucash.org>> on behalf of CJN.... ... <cjn_international at hotmail.com<mailto:cjn_international at hotmail.com>>
Sent: Friday, April 7, 2023 1:28 AM
To: CJN.... ... <cjn_international at hotmail.com<mailto:cjn_international at hotmail.com>>; gnucash-user at gnucash.org<mailto:gnucash-user at gnucash.org> <gnucash-user at gnucash.org<mailto:gnucash-user at gnucash.org>>
Subject: Re: [GNC] How to run Year End Procedures for the Tax Year (UK end 5 April 2023), and start new Data set for the New Tax Year starting 6 April 2023

7 April 2023

I'm not sure I'm using the GNU-Cash subscriber message system correctly to get feedback & help.
But no doubt someone will advise me if the message is received at Help Line.
Chris

-----Original Message-----
From: gnucash-user [mailto:gnucash-user-bounces+cjn_international<mailto:gnucash-user-bounces%2Bcjn_international>=hotmail.com at gnucash.org<mailto:hotmail.com at gnucash.org>] On Behalf Of CJN.... ...
Sent: Friday, April 7, 2023 6:21 AM
To: gnucash-user at gnucash.org<mailto:gnucash-user at gnucash.org>
Subject: [GNC] How to run Year End Procedures for the Tax Year (UK end 5 April 2023), and start new Data set for the New Tax Year starting 6 April 2023

6 April 2023

I have just completed using GNUCash for my first full year of data.
As I'm UK based the tax reporting year ends 5 April.
I've printed out all the data that I need for a hard copy record.

But in the HELP Manual I cannot seem to find instructions on how I would run any Year End Procedure, possibly clear out data files for the year just ended. (Or save/store the previous year data files) Or how to set up the GNUCash programme to start the New Year 6 April 2023 to 5 April 2024.

Can you help with advice?

Thanks

Chris
cjn-international at hotmail.com<mailto:cjn-international at hotmail.com><mailto:cjn-international at hotmail.com<mailto:cjn-international at hotmail.com>>
London

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