On 1/23/2025 3:34 PM, Colin Penner wrote:
I want to switch from Quicken to Gnu-Cash. The only problem that I have is that Gnu-Cash Balance Sheet reports include a line of either "Retained Earnings" or "Retained Liabilities". For my requirements I MUST eliminate both of these lines. Is there any way that this can be accomplished? The Docs don't say.
Retained Earnings/Retained Liabilities is a virtual account representing the NET of all open income and expense accounts. It's the consequence of running a Balance Sheet without first doing a "close the books".
I have no idea what Quicken means by a Balance Sheet as AFAIK Quicken is not double entry bookkeeping.
The FUNDAMENTAL account types are Asset, Liability, and Equity. Long, long ago (hundreds of years ago) transactions we consider income or expense we written immediately against equity. The somebody came up with the bright idea of accounts of type income and expense, temporary accounts of fundamental type equity. Let people look at income and expense accounts. Then at the end of the period these closed to another temporary account of type equity called "profit and loss" and this account closed to equity (the necessary amount would be the net gain/loss for the period. It is THAT you are seeing in the balance sheet (gnucash is letting you produce the reports without actually closing the books.
Michael D Novack _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
