Hi Mike
Answers embedded:-
> 1. My period runs 6/4/xxxx to 5/4/xxxx so on a calander basis
therefore I believe I should be choosing relative for period start and
period end.
- Correct.
> 2. I currently have access to all my transactions which is very
useful. If I understand the process correctly to maintain access to
these transactions I need to create separate files for each year prior
to doing the period close. So for future searches I would need to work
through several files.
- Nope. The Close Books process retains *all* your existing transactions.
It also generates two additional transactions - one that offsets the
balances in all your expense accounts, and one that offsets the balances
in your income accounts. The contra account for those transactions goes
to the account(s) that you nominate - usually under Equity.
> 3. If I have set the accounting periods and I have control over the
date ranges in other reports I am not clear as to what advantage I gain
by closing prior periods. When I used Quicken if I remember correctly
closing a period was part of the reconciliation process. However,
transactions were not zeroed as far as I remember and so that could
still be viewed.
- Moot point. Some on this forum are in favour, and some are against.
The good news is that you can try it out and see if it suits you. The
Close Books process is completely safe and fully reversible - merely
delete the two transactions I mentioned above and you are back at square
one.
Hope this helps.
Regards
Geoff
=====
On 7/01/2022 8:40 pm, Mike Stillingfleet wrote:
Dear All,
Several years ago I attempted to close off at end of year and it didn't end
well.
I am revisiting this topic and trying to work out if there is any benefit to it.
1. My period runs 6/4/xxxx to 5/4/xxxx so on a calander basis therefore I
believe I should be choosing relative for period start and period end.
2. I currently have access to all my transactions which is very useful. If I
understand the process correctly to maintain access to these transactions I
need to create separate files for each year prior to doing the period close. So
for future searches I would need to work through several files.
3. If I have set the accounting periods and I have control over the date ranges
in other reports I am not clear as to what advantage I gain by closing prior
periods. When I used Quicken if I remember correctly closing a period was part
of the reconciliation process. However, transactions were not zeroed as far as
I remember and so that could still be viewed.
Any advice / comment would be welcomed.
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