On 9/4/2023 1:04 PM, Paras Desai wrote:
Hello Michael
Thanks for your feed back.
I fully agree that Dynamic COA can create havoc while comparing two
period (dates) financial report.
That is the precise reason, I have very precisely structured primary
account and secondary sub account so far my work accounts are concern.
No one can change without authorisation. No created account to be
deleted even if have zero balance and so on. There is a detailed SOP
implemented as how to handle COA.
I was NOT talking about "unauthorized changes". Nor was I talking about
accounts no longer being used. I was talking about things like this:
At time A there is an account with name X. The transactions in there
almost all fit X with a couple odd ones more fitting a not yet existent
Y (but still close enough to put in X). Over the course of the year, a
lot more of these Y's, and less close to X. So decided it makes sense to
create and account Y, move the few from X that really better fit Y to Y,
and from now on use Y for the ones that best belong there. But since X
and Y are related, a new parent Z for them to be children of.
Or... one of your bank accounts is with bank XXXX and so naturally
the name of the account reflects that. At some point in the year the
bank changes its name to YYYY. Do you leave the account name alone? Do
you change it to match the new bank name? Mind, you might not see this
as much of an issue as I do since I have been mainly keeping books for
organizations (I'd not be wanting to present reports to the BoD with the
old name, would be sure to be questioned on "why not fixed")
I other words, I expect the CoA to be somewhat dynamic.
Michael D Novack
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