[GNC] Changing from one year to the next

[Adrien Monteleone]

Asset & Liability are not normally 'closed' in any case.

The purpose of 'closing' Income/Expense was because those were special 
cases of Equity, existing for the purpose of Income/P&L reporting at the 
end of the period. 'Closing' them merely facilitated resetting their 
balance to zero for the next period's reporting.

You don't do that with Assets & Liabilities. They remain on the Balance 
sheet until sold or discharged.

Regards,
Adrien

On 1/19/26 3:02 PM, R Losey wrote:
> True, Stan. I do have it set for current year, and that does work for
> income/expense... but not for categories under Assets or Liabilities.