2017-06-21 GnuCash IRC logs
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03:48:17 <gjanssens> .
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09:25:23 <finster> hello. question to the accounting pros here: is it more common to keep one book per year or does a book usually span multiple years? it's for a small company
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10:26:28 <frozenjim> finster: I am working through this myself. GnuCash does not require you to close out your year end - in fact they recommend you just keep on going with one set of books to ensure you have great reporting.
10:27:47 <frozenjim> finster: However you may also use the "Close Book" tool at year-end which will zero all of your expense and income accounts and transfer them into your Retained Earnings. Now you have accurate account balances for the current year but lose the ability to run reports on previous years data.
10:29:22 <frozenjim> finster: Did that all make sense? I am choosing to close out my year-end. Then I will print my Income Statement and Balance Sheet along with reconcilliation reports for my accountant. First I save a copy of my .gnu file though - and will keep it forever in case I need historical reporting.
10:29:50 <frozenjim> finster: https://wiki.gnucash.org/wiki/Closing_Books
10:31:11 <frozenjim> jralls: please correct me if anything I have told finster is incorrect.
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11:48:20 <finster> frozenjim: so far that makes sense
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13:44:10 <gjanssens> frozenjim: you don't lose the ability to run reports on previous years as far as I know
13:45:31 <gjanssens> For some reports you may need to avoid the date on which the closing transaction happens (so best do that on a date there are no other transactions)
13:46:13 <gjanssens> And I'm not sure if all repors cope well with date ranges that do include such a closing transaction.
13:46:29 <gjanssens> I suspect some may have difficulty, but others wouldn't care.
13:47:05 <gjanssens> I'll admit I don't close my books myself so I don't have much detail nor experience...
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13:58:02 <finster> gjanssens: so you keep your books as compressed xml files?
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14:57:37 <gjanssens> finster: yes
15:02:16 <finster> gjanssens: alright. thanks!
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15:12:02 <gjanssens> finster: you're welcome
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16:23:04 <ssarah> hi, is there a way after finding a bunch of transaction by description, to move them alll into the same account?
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