On 12/4/2023 8:07 PM, Eric Chapman wrote:
Hi, Geoff,
OK, it looks as if it's just as good not to close the books, if, e.g.,
I might want to run an income statement comparing 2022 and 2023.
Eric
But THAT would unlikely be a good reason unless you were not regularly
running/storing such reports.
Thus for every set of books I keep, that entity has a directory, with
sub directories under it. One for the books (and the logs, etc.) and one
for "financial reports". After a report is run, export to there. So you
would have all back reports to compare.
But also, a matter of dates. IF you have a YE date that is not a fiscal
date (no external transactions on that date) you could use that date for
the close the books transactions. For example, Jan 1st is a bank holiday
so you could use that date. You could still run an end of the year
income statement/P&L at the end of business 12/31.
Note that some of us closing the books would be doing it for entities
where we would do it manually, not using the the tool << for example,
"pass through" entities, so we want to distribute gains and losses to
accounts under equity, not just to equity itself. >>
Michael D Novack
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