With Gnucash, one of the things I did every calendar year end (private
accounts) was to 'close books'. In summary, what it does is create two
transactions, the objective of which is to balance all
incomes/expenses to zero. The period of time covered is normally a
year, but configurable.
Quick example, initial stage:-
Expenses:Food 200 USD
Expenses:Drinks 100 USD
Income:Salary -400 USD
The 'close book' function would then create two transactions which
would be (in beancount syntax):-
2014-12-31 *
Expenses:Food -200 USD
Expenses:Drink -100 USD
Equity:CummulativeExpenses 300 USD
2014-12-31 *
Income:Salary 400 USD
Equity:RetainedEarnings 400 USD
The destination accounts would be configurable, I can't remember where
I got their names from really.
I found it necessary to do this every year so that within the year I
could have a clean view of how much I had spent just in this calendar
year in the account summary (without having to run reports). Of course
I now realize I should have used the internal view filter in gnucash,
but...
Anyway the primary question I guess is whether such 'close book'
transactions make sense, or whether I should get rid of them entirely.
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