I agree.
Regards,
Adrien
On 1/4/24 9:18 AM, Michael or Penny Novack wrote:
Users should keep in mind that when we say things like "you don't have
to close the books; gnucash can produce the necessary reports without
doing that" we are talking about PERSONAL books and sole
proprietorships. Equity in these cases is simply the equity of the "sole".
Businesses with more complex ownership will need a complex structure
under equity because the ownership is not sole. That structure is
keeping track of how equity is divided up among the "owners" -- plural.
In that case probably will have to close the books to get the net
income/loss properly distributed among these interests. And the "close
the books" tool provided by gnucash might or might not be of use (it
won't do the distribution part of it).
Sorry, but I think "how to keep books for a partnership" and "how to
keep books for a corporation" is not what we should be giving advice
about beyond "when using gnucash as the accounting software" (any
peculiarities vs other software or pen and ink on paper). Both of these
organizational forms will require equity to be structured. Not the same
structure and the activities to be tracked will be different.
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