On Fri, 23 Jun 2000, Rob Walker wrote:
> Richard> Actually, income and expenses get "closed" at the end of the
> Richard> accounting period by transferring their balance to the equity
> Richard> accounts. Some programs continuously do this "virtually" as
> Richard> of the present time.
>
> oh, greeaaaatttt....
>
> i can't make up my mind, do I have one accounting period which ends
> when I die, or do I have one per calendar year (thakn you mr. Federal
> Treasury and their Revenue arm)?
For those who want to close the accounting period for personal use and who
aren't versed in business accounting, I have these questions:
1) How should one go about "transferring" the equity? Just adjust the
balance of every Income/Expense account to 0.00 while transferring the
balance to a single equity account for everything?
2) If #1 is the right way of doing it then is there currently an automated
way in Gnucash of saying "close the financial period ending on 12/31/1999"
and have it go round up the balances and transfer them?
I was under the impression that there was something magical in "closing
the books" but it sounds like it's just a zeroing of the income/expense
accounts at a given break in the accounting cycle. Is that an accurate
way of putting it? I didn't see much specific mentioned in the Gnucash
docs regarding this....
Thanks,
Sean
(BTW: The 1.4.0 release is real nice, I'm using it all the time now)
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