[GNC] End of Year?

[Michael or Penny Novack]

On 1/13/2024 10:27 PM, R Losey wrote:
> Absolutely; there is no reason to do anything special at the end of the
> year; for many years, I have just kept using GnuCash and have had no
> issues, but some people like to make yearly archives, or do the "close the
> books" thing.

This perhaps bears repeating. MOST of us are using gnucash for personal 
accounting, sole proprietorships, organizations, etc. In other words, 
our entity type is "sole", which means no need for any accounting of 
ownership share in equity.

So MOST of us have no NEED to do any special YE processing beyond 
"journal entries"* for things like recording depreciation. Things that 
would be done BEFORE a "close the books". We can do special YE 
processing but do not have to. Gnucash can produce the normal YE reports 
without actually closing the books first.

BUT --- other forms of entities that are not "sole", that have to be 
able to show how shares of ownership and/or shares of income/losses are 
allocated to each owner, probably will have to do a "close the books" 
and will have to do much of that manually << the "tool" assumes all 
going to undivided equity >>  They will also need some "equity reports".

That means is that either we need to be very clear we are only speaking 
about entities that are "sole". Maybe  a reminder once a month? 
Something in the documentation?

Michael D Novack

* adjusting transactions where there is no money in or out