[GNC] End of year Archive of Accounts

[Michael or Penny Novack]

On 12/11/2023 12:19 PM, Grace wrote:
> Hello,
>
> As we approach the end of the year (Happy Christmas everyone) I am 
> wondering how I would archive off 2023 accounts leaving opening 
> balances for 2024.
>
> I don't see this an action available, so is there a process I need to 
> know?
>
> Thanks
>
> Grace 

a) You can make an "archive" at any time. Your books are a file. Make a 
"keep forever" copy (I do my backups to a removable drive, normally kept 
in a safe location. Back when doing organizational books, would burn a 
copy and hand that to another officer of the org)

b) But you mean something in addition to the archive. You are asking to 
only see opening balances for the current year.

Now did you mean for ALL accounts. In the old days, it was common to do 
a "close the books" and so all income and expense accounts would have 
zero balances at the start of the new accounting period. It was NOT 
common to do that for the "standing" accounts. IF you do an end of year 
"close the books" (either with the tool or manually) and IF you have few 
standing accounts you COULD do what you want manually (from the post 
closing Balance Sheet). In other words, just start a new set of books 
entering the starting amounts from the balance sheet << in that case you 
might want to change the name of you books -- include the year in the 
name >>

Michael D Novack