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

[Michael or Penny Novack]

>
> GnuCash is designed to not need to. You can happily just keep plodding 
> along until the Sun consumes the Earth.
>
> Closing books was necessary in pen and paper days because books were 
> physical volumes with limited space. They were not infinite.
>
> This had the added benefit of catching errors periodically that 
> weren't caught before, and which were likely due to transcription 
> mistakes. (transactions and accounts were rarely even looked at much 
> less referenced or reported on in between closings) 

Actually, there was a lot more to "closing the books" (inn the old 
days). The process produced the P&L report (it was an ACCOUNT used in 
the process), And depending on the type of entity, it might be important 
to get profits into an actual account under equity.

For what the person asking the question wants to do, yes, would want to 
be closing the books (in his case, apparently quarterly)


Michael D Novack