On Fri, 23 Jun 2000 21:25:07 EDT, the world broke into rejoicing as
Sean Millichamp <[EMAIL PROTECTED]> said:
> 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....
You _do_ have to sacrifice chickens under the full moon to expect it to
work out successfully ;-].
But as you suggest, it's really just a matter of zeroing out the income
and expense accounts for a given period, and sticking those balances
somewhere permanent...
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