[GNC] Basic Question (I hope) - End of Year Procedure

classic Classic list List threaded Threaded
25 messages Options
12
Reply | Threaded
Open this post in threaded view
|

Re: [GNC] Basic Question (I hope) - End of Year Procedure

Jennym
Thank you for your help, Michael.

The system automatically has been creating backups, in my ignorance, I now
see the files as running logs, and the actual file is .gnucash.

I've now corrected this thinking, copying the .gnucash file to Google Drive
for backup.

Thanks for pointing me towards the right path, I've now got my head around
the file structure, which was something I was scared of in case I messed up
the register or something.



--
Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html
_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
Reply | Threaded
Open this post in threaded view
|

Re: [GNC] Basic Question (I hope) - End of Year Procedure

Jennym
In reply to this post by Stephen M. Butler
Thanks Stephen,

Not sure what 'the GnC method' but thanks for your suggestions. Think I now
have my head around my 'problem'.



--
Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html
_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
Reply | Threaded
Open this post in threaded view
|

Re: [GNC] Basic Question (I hope) - End of Year Procedure

Jennym
In reply to this post by Colin Law
Thanks Colin, will now religiously back up, now I've taken the time to work
it out.



--
Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html
_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
Reply | Threaded
Open this post in threaded view
|

Re: [GNC] Basic Question (I hope) - End of Year Procedure

Michael or Penny Novack
In reply to this post by David Cousens
On 12/27/2018 7:31 PM, David Cousens wrote:

> This was
> why accountants introduced an artificial 13th month into the financial year
> so that all closing transactions were forced to occur fater any other
> transaction that occurred within the year. Any required adjustments to the
> accounts  are also usually carried out before the closing transactions for
> the same reason.
Or increased the number of days in December past 31 or otherwise
provided for dates that were not fiscal dates for external transactions
<< that's what where I spent my working days did >> However that  sort
of thing not so easy these days when using software that checks the
validity of dates and doesn't know about "special dates" . When it is
your own "date validity checker" written in house, more practical.

HOWEVER --- there ARE ways around this difficulty for those of us using
gnucash, WORK FLOW solutions. After the last external transaction, copy
the file to a name like "last external". Then do the internal
transactions that DO affect income expenses (like recording
depreciation) and again make a copy. Now you can do the "close"
transaction(s) and make a copy "post close". IF there are "adjustment"
transactions to be entered, do them and again make a copy you name for
the next year or simply copy "post close" to that.

Michael D Novack
_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
Reply | Threaded
Open this post in threaded view
|

Re: [GNC] Basic Question (I hope) - End of Year Procedure

Stephen M. Butler
In reply to this post by Jennym
On 12/28/18 6:08 AM, Jennym wrote:
> Thanks Stephen,
>
> Not sure what 'the GnC method' but thanks for your suggestions. Think I now
> have my head around my 'problem'.

GnC method lets you ignore the close accounts step as it knows about the
accounting period (you did set that up) and that Income and Expense
accounts start over automatically -- even if you have prior year's
transactions in them.

The only advantage I see to running the close books transaction is that
it books the retained earnings to the account(s) you want rather than
just showing it as an accumulated retained earnings on the Balance Sheet
report.

The downside is if you ever have to make adjustments to prior year's
activity you will need to either adjust the two close books transactions
or delete them and re-close that year.  I did that for my business. 
Think I'll not do that for my personal finances.

>
>
> --
> Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html
> _______________________________________________
> gnucash-user mailing list
> [hidden email]
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
>

--
Stephen M Butler, PMP, PSM
[hidden email]
[hidden email]
253-350-0166
-------------------------------------------
GnuPG Fingerprint:  8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8

_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
12