[GNC] When closing books, equity statement report is incorrect

Quinn Wood qskwood at gmail.com
Sat Oct 21 22:44:39 EDT 2023


How do I close my books at the end of a period and have the Equity
Statement Report correctly show capital investments and withdrawals without
classifying retained earnings as either? Retained earnings are neither.

I've every combination of workflows I can think of.
* closing Q3 books into a separate top-level Income Summary account then
transferring (in Q4) retained earnings and any declared dividends into
Retained Earnings (an equity account) and Dividends Payable (a liability
account)
* closing Q3 books directly into Retained Earnings and later (in Q4)
transferring declared dividends into Dividends Payable
* using closing and dividend transaction descriptions that match the
closing entries pattern in the Equity Statement report, that do not, or any
combination of the two
* including and excluding the Income Summary and/or Retained Earnings
accounts in the Equity Statement report
* closing Q4 books the same way as I closed Q3

My Q4 report is either full of incorrectly-interpreted numbers it's pulling
from the Q4 closing entries (if I don't exclude them) or it's just missing
data (if I exclude a transaction that includes transfers to retained
earnings or dividends payable.)

I can't find a way to do this that works. What is this workflow supposed to
look like?


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