[GNC] Order of accounts when closing the book

[Michael or Penny Novack]

AH ....... "ordinary income"  "extraordinary income"  ........

So this really had nothing to do with order in the closing transactions 
except you wanted to use that order in some way for another purpose?

It really helps, when people want to do something that they ask about 
that something instead of deciding that they might do that something 
using some method but that method doesn't quite do all they need it to 
do so they instead ask about that.

Since I was mainly doing organizational bookkeeping, this is a COMMON 
matter. Ordinary vs extraordinary income (or expenses). At the very 
least going to need annotation in the "Statement of Revenues and 
Expenses". Do note, however, that if this is a frequent issue, I would 
question what is meant by ordinary vs extraordinary.

Thus an organization usually getting ~$100,000 of income gets a large 
donation from the estate of a long time member of $200,000. How will 
this be handled? Even if there were no strings attached, the BoD is very 
likely to be attaching some, creating a special fund, etc. Or an 
extraordinary expense, say the result of embezzlement.

Michael D Novack