On Fri, 28 Apr 2000, Rob Coker wrote:
> At the end of last year (my accounting period), I did a closing transaction
> (a huge split) to move all accumulated income and expenses into my equity
> account. For the start of this year then, my income and expenses were back
> to 0. This was not automated - actually it was kind of a pain.
However, it would not be difficult to automate it. A "report generator" type
of procedure can generate journal entries rather than printable output.
After posting the transaction that you generate, the income and expense
accounts would be zero.
In the days of "pen and (red) ink", the accountants literally closed the
income/expense books and got a new book for the next period.
> I don't understand the deal about overlapping periods. You should do all
> your closing entries at once, then start the new period. You can't overlap
> periods and have your accounts be right.
It is perfectly valid to generate reports which cover any arbitrary period of
time. As an example, consider a company that starts its fiscal year on March
1. They would close their books on Feb 28/29. However you can reasonable
generate a report for the calendar year. That report would not want to
include the closing entries.
In a single entry system, this is no problem because there are no
income/expense accounts to be closed.
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