[GNC] Closing books questions

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[GNC] Closing books questions

attesa
I have been using Gnucash for years, each time the accountant audits the
books, he commented Gnucash fails to show accurate brought forward
figures.  My last audit was two years ago. Since then, I have been putting
in entries as time goes by.  For this year, I want to try get all the
numbers correct in the book (i.e. the brought forward numbers from the last
audit).

I have the audit reports with audit adjustments as well as figures of  the
trial balance of all accounts provided the accountant.
My questions are:

Should I do a  GNUcash close book feature for 2016?
or
Should I just put in the numbers of the trial balance given by the
accountant at the beginning of 2017?

If I chose Close book, will all the entries I have put in since 2017 will
be lost?

What would be the best way to handle this situation?

Any feedback of suggestions are much appreciated.



Regards,
--
Terence Wong
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Re: [GNC] Closing books questions

Adrien Monteleone-2
If you don’t ‘close books’ there really aren’t any ‘brought forward’ numbers. (there’s nothing to bring forward from, the books are still ‘open')

If your books don’t agree with your CPA, you’ll have to make the adjusting entries he recommends.

You won’t lose the >2017 transactions, but your reporting abilities might be more limited. Unlike other accounting applications, you don’t have to close the books with GnuCash, but your accounts can still balance and be correct.

Someone who regularly performs the close book operation should be able to lend more assistance.

Regards,
Adrien


> On Feb 20, 2019, at 11:31 PM, Terence Wong <[hidden email]> wrote:
>
> I have been using Gnucash for years, each time the accountant audits the
> books, he commented Gnucash fails to show accurate brought forward
> figures.  My last audit was two years ago. Since then, I have been putting
> in entries as time goes by.  For this year, I want to try get all the
> numbers correct in the book (i.e. the brought forward numbers from the last
> audit).
>
> I have the audit reports with audit adjustments as well as figures of  the
> trial balance of all accounts provided the accountant.
> My questions are:
>
> Should I do a  GNUcash close book feature for 2016?
> or
> Should I just put in the numbers of the trial balance given by the
> accountant at the beginning of 2017?
>
> If I chose Close book, will all the entries I have put in since 2017 will
> be lost?
>
> What would be the best way to handle this situation?
>
> Any feedback of suggestions are much appreciated.
>
>
>
> Regards,
> --
> Terence Wong


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Re: [GNC] Closing books questions

Michael or Penny Novack
On 2/21/2019 12:59 AM, Adrien Monteleone wrote:
> If you don’t ‘close books’ there really aren’t any ‘brought forward’ numbers. (there’s nothing to bring forward from, the books are still ‘open')
>
> If your books don’t agree with your CPA, you’ll have to make the adjusting entries he recommends.
>
I think the latter are probably the issue.

Please confirm for us whether or not, when your accountant gave you
"adjustments" you entered them. I think the confusion is about what the
process was in the old days. Close the books (for external transactions)
and then enter adjustment transactions.

The balances of the "standing account" (asset, liability, equity) are
what would be "brought forward" to the start of the new accounting
period. Those are what show on a "Balance Sheet"

Michael D Novack
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