[GNC] End of Year?

[Gyle McCollam]

Phyllis,
If you enter unreconciled transactions again in 2024 you will have doubled counted them because they will be in 2023 and 2024.  They are already accounted for in the balance.  Since reconciliation is just matching what has cleared with the statement it is OK that the transactions are not in 2024 as long as you know that they were in 2023 and any that have not clear in 2024 are the difference between your statement and account balance per the statement.


Thank You,

Gyle McCollam

Gyle McCollam

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

________________________________
From: gnucash-user <gnucash-user-bounces+gylemc=gmail.com at gnucash.org> on behalf of Phyllis Bruce <pobruce46 at gmail.com>
Sent: Saturday, January 13, 2024 10:56 AM
To: adrien.monteleone at lusfiber.net <adrien.monteleone at lusfiber.net>
Cc: gnucash-user at lists.gnucash.org <gnucash-user at lists.gnucash.org>
Subject: Re: [GNC] End of Year?

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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