Benjamin Johnsen <ben.john...@gmail.com> writes:
> I don't know if you do you a Year End close out but as I understand it at
> the end of each year you should close out all of your Expense and Income
> accounts. Basically get them back to 0. The way I understand to do this is
> by creating an Asset account named for the year. Something like "2008 Year
> End". I then transfer all of my Expense and all of my Income to that Asset
> account.
Actually it's Equity, not Asset. And this is what Tools -> Close Books
does for you.
-derek
--
Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
Member, MIT Student Information Processing Board (SIPB)
URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
warl...@mit.edu PGP key available
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