[GNC] Best Practice - Year-End

[Steve Butler]

There is no preference.

Some folks just keep entering transactions in the new year and let the
software handle handle it.  Most reports know how to handle the
retained earnings automatically.

Some may add a column to the account register that will show the YTD
accumulated value.

Some, like myself, use the automated Close Books function to enter in the
closing transaction to transfer Income and Expense amounts to Equity.

Some may prefer to do that by hand ( which I presume is what you are doing).

It boils down to your preference.

On Sun, Nov 16, 2025, 10:15 Mike Brasler <mike at gilana.org> wrote:

> Dear all.
>
> In the past I have created a cumulative income and expense account and
> manually journalled every account to zero to end the year, allowing a
> zero balance to start the new.
>
> The advantage in this is that "learned" behavior such as expense
> allocations are remembered after rollover.
>
> In my previous and much loved accounting system a one button click
> rolled over, but post closing journal entries were allowed. (NewAge
> Accounting for DOS)
>
> Is there a preferred year-end procedure in GC?
>
> Regards.
> Mike.
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