On Wed., 26 Dec. 2018, 02:55 John Ralls <jra...@ceridwen.us wrote:

>
>
> > On Dec 25, 2018, at 9:08 AM, Michael or Penny Novack <
> stepbystepf...@comcast.net> wrote:
> >
> > On 12/25/2018 4:45 AM, Colin Law wrote:
> >>  You could be right though, perhaps the Close
> >> Books feature built into the s/w does what she wants.
> >>
> >> Colin
> >>
> > Because I don't use it, I don't know what gnucash's "close the books"
> actually does BUT what I described (entering a giant split transaction that
> zeroed out all the income and expense accounts into equity with the entry
> in equity being the net gain or loss) is what the MANUAL process would be.
> Doing it manually (with one or two* giant splits) would be a PITA.
> >
> > Michael D Novack
> >
> > * so split just one one side, two way splits are their own PITA
>
> That’s pretty much what the GnuCash close books function does. IIRC it’s
> two transactions, one for income accounts and one for expense accounts.
>

It is also a special transaction which has a KVP flag to mark it a closing
transaction, and the posted date is made to be end-of-day rather than
midday to ensure correct order in reports and register.

There's no other special formula associated with a closing transaction.

>
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