Interesting history... but I don't think I'll bother... I was forced into doing this under Quicken because the file was so large that it was unmanageable (possibly because Intuit said to do it) If that ever becomes a problem with GnuCash, I'll just make a copy of the datafiles, and then go through and delete older transactions
On Mon, Nov 7, 2022 at 7:55 PM Michael or Penny Novack < [email protected]> wrote: > On 11/7/2022 7:11 PM, Kevin Buckley wrote: > > In the "old days" of pen and ink on paper accounting, it was common to > open new books each year. They were, after all, bound volumes of finite > size, that's why we say "the books". The process was: > > a) Do a "close the books" operation with all income and expense accounts > closed to equity. They are, after all, temporary accounts of fundamental > type equity. Usually this would be through first closing them to another > temporary account of type equity (profit and loss) and then THAT closed > to equity by the net profit or loss to bring into balance. > > b) At this point the only accounts with non-zero balances would be the > standing accounts of types asset, liability, and equity. Run the Balance > Sheet report.. > > c) Open the books for the new accounting period --- create the CoA with > all zero amounts and then the first transaction is the opening > transaction from the balance sheet << it would be a giant transaction, > split on both the debit and credit sides. > > You can do this with gnucash too. It is time consuming and a lot of work > if/f you have lots of accounts of type asset, liability, and equity. > Otherwise it is a snap. > > Michael D Novack > > > _______________________________________________ > gnucash-user mailing list > [email protected] > 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. > -- _________________________________ Richard Losey [email protected] Micah 6:8 _______________________________________________ gnucash-user mailing list [email protected] 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.
