Hi Geoff, Thank you very much this is exactly what I needed to know. I am currently assuming that I can close off prior years and bring everything up to date year by year.
Regards Mike On Fri, Jan 7, 2022, at 10:16 AM, Geoff wrote: > Hi Mike > > Answers embedded:- > > > 1. My period runs 6/4/xxxx to 5/4/xxxx so on a calander basis > therefore I believe I should be choosing relative for period start and > period end. > - Correct. > > > 2. I currently have access to all my transactions which is very > useful. If I understand the process correctly to maintain access to > these transactions I need to create separate files for each year prior > to doing the period close. So for future searches I would need to work > through several files. > - Nope. The Close Books process retains *all* your existing transactions. > It also generates two additional transactions - one that offsets the > balances in all your expense accounts, and one that offsets the balances > in your income accounts. The contra account for those transactions goes > to the account(s) that you nominate - usually under Equity. > > > 3. If I have set the accounting periods and I have control over the > date ranges in other reports I am not clear as to what advantage I gain > by closing prior periods. When I used Quicken if I remember correctly > closing a period was part of the reconciliation process. However, > transactions were not zeroed as far as I remember and so that could > still be viewed. > - Moot point. Some on this forum are in favour, and some are against. > The good news is that you can try it out and see if it suits you. The > Close Books process is completely safe and fully reversible - merely > delete the two transactions I mentioned above and you are back at square > one. > > Hope this helps. > > Regards > > Geoff > ===== > > > On 7/01/2022 8:40 pm, Mike Stillingfleet wrote: >> Dear All, >> >> Several years ago I attempted to close off at end of year and it didn't end >> well. >> >> I am revisiting this topic and trying to work out if there is any benefit to >> it. >> >> 1. My period runs 6/4/xxxx to 5/4/xxxx so on a calander basis therefore I >> believe I should be choosing relative for period start and period end. >> >> 2. I currently have access to all my transactions which is very useful. If I >> understand the process correctly to maintain access to these transactions I >> need to create separate files for each year prior to doing the period close. >> So for future searches I would need to work through several files. >> >> 3. If I have set the accounting periods and I have control over the date >> ranges in other reports I am not clear as to what advantage I gain by >> closing prior periods. When I used Quicken if I remember correctly closing a >> period was part of the reconciliation process. However, transactions were >> not zeroed as far as I remember and so that could still be viewed. >> >> Any advice / comment would be welcomed. >> -- Mike Stillingfleet mikestillingfl...@fastmail.co.uk _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org 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.
