This is exactly what I use closing entries for. So I do: ledger equity Expenses
I copy the output into my ledger file, change the signs, and change the balancing account to "Income Summary." Next: (I call "Revenues" "Income") ledger equity Income Same exact process for that one. Finally, I add an entry like: 12/31 Year End Income Summary =$0 Equity:Retained Earnings That balances it all out. On Thu, Mar 20, 2014 at 11:52 AM, Rick F <[email protected]> wrote: > Well, now that I'm dealing with a real accountant to get my taxes done, I > have to produce these accounting reports. How to produce these reports has > been covered already on this list, but to summarize (assuming you have the > standard five accounting categories): > > Profit and Loss: ledger bal '/^Revenues|^Expenses/' > Balance sheet: ledger bal '!/^Revenues|^Expenses/' > > Here's where having a real accountant comes in. The above produces a > balance sheet that doesn't balance. He expects there to be an > Equity:Retained Earnings account where this year's profits end up in order > to make the whole thing balance. I tried adding an entry: > > 12/31 Year End > Revenues =$0 > Expenses =$0 > Equity:Retained Earnings > > But that fails if Revenues and Expenses have subcategories, and frankly > they're not useful if they don't. Even if I get rid of subcategories just > to force this, it balances the balance sheet, but it also balances the P&L, > making it look like I made no money last year. > > How do others get this to work? > > -- > > --- > You received this message because you are subscribed to the Google Groups > "Ledger" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > For more options, visit https://groups.google.com/d/optout. > -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
