[GNC] End of year

[Patrick James]

> On 01/30/2024 9:39 AM PST Michael or Penny Novack <stepbystepfarm at comcast.net> wrote:
> 
> ONE refers to closing all the accounts of type income and expense 
> (temporary accounts of fundamental type equity) into equity itself or 
> accounts under equity. You will have to be doing the latter if the 
> entity type isn't "sole" (personal books or a sole proprietorship) 
> because need to allocate to the individual partners or shareholders. 
> Just closing the accounts of type income and expense WILL start the new 
> year off with these at zero.

There are those who love the "Income Summary" account, and then there are those who would rather forget about it.