[GNC] End of Year?

[Phyllis Bruce]

I did mean checking/savings and credit card accounts.  Thanks

Since I use Gnucash for personal rather than business use, I don't
"close" the books.  However, if I wanted to archive 2023 and start fresh on
Jan 1, 2024, I would enter any unreconciled transactions in those accounts
in your A2b example because the beginning balances would include them.

On Sat, Jan 13, 2024 at 8:19 AM Adrien Monteleone <
adrien.monteleone at lusfiber.net> wrote:

> *ALL accounts are 'credit and debit' accounts. But perhaps you mean
> Checking & Credit Card accounts? (i.e., those held at a 3rd party
> financial institution, since you are referencing 'reconciliation'.)
>
> Reconciliation is usually done prior to a Trial Balance as part of the
> End of Year process and that not infrequently is done up to a month
> (sometimes more) after the calendar date of the end of the period. It is
> not uncommon to see P&L and Balance Sheet reports published in February
> for periods ending December 31.
>
> Otherwise, correcting entries are employed. This is usually the case
> with Accruals that cross period boundaries. You reverse the portion of
> an amount that doesn't apply to the period being closed, and add it back
> in the following period. (this also occurs for interim periods such as
> months or quarters)
>
> Exactly what you do, depends on the requirements of your local
> jurisdiction.
>
>
> Regards,
> Adrien
>
> On 1/13/24 8:03 AM, Phyllis Bruce wrote:
> > Hmmmm, would you not also need to re-enter any unreconciled transactions
> in
> > your credit and debit accounts?
>
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