Matthew Vanecek <[EMAIL PROTECTED]> writes:
> What's the proper way in gnucash to zero account balances? Like at
> end-of-year, when you want to start over gross income at zero, and
> income/expense categories...
>From the accounting perspective, the right thing to do is to have an
account of type 'Equity' called "retained earnings" or something like
that. At the end of the accounting period, you make a transaction
which transfers the balance of each income/expense account to
"retained earnings".
This is suboptimal because ATM gnucash will generate reports that
include the closing entries as expenses and/or income. That's not
right. We are discussing how to do this correctly in an intermittent
thread that pops up every so often :)
Bill Gribble
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