>Ah, yes, a Description for the transaction. Good point! Thanks,
>I'll go add that.
>
>Anything else
>
>
>-derek
>
>
>
The date for which the closing takes place should be a user set variable
(OK to have it default to 12/31/current year).
a) You don't know the FISCAL calendar of your users. Not necessarily the
calendar year so should be able to close books as of any date.
b) You don't know if they close the books for ordinary transactions on
the 30th or the 31st and what day, if any, is a "no external
transactions" day.
Example:
The MA Chapter of TACF does use calendar year.
I will probably opt to make Jan 1st (next year) be the "day that has
no ordinary transactions". The reason is that I expect to have at least
a bank interest transaction on December 31st AND will want to be able
to produce and Income/Expense report for the year and burn" the pre
close books. Can THEN do a book closing as of Jan 1st. NOTE that this
would take place (real time) about a week into January to make sure that
I actually have all transactions for 2007.
The other issue is the fact not really how traditional accounting
would do this. More usual is a temporary equity account (receiving total
income and total expenses) which is then closed to retained equity with
a single entry, either gain or loss for the year (thus making it clear
which the case was).
A minor detail, but you probably do not want to generate a split for
those income or expense accounts which have a zero balance as of the
closing date. No harm mathematicly, but a zero amount transaction looks odd.
Michael
--
There is no possibility of social justice on a dead planet except the equality
of the grave.
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