N/APosted on - 04/20/2012
I just have one quick question about GNU Cash software. How can I close an accounting year and open a new accounting year with the required balances brought forward in GNU cash software? Please help if you can teach me.Thank you in advance.
Query about accounting year in GNU Cash Software
First of all, it will depend on the GNU Cash Software that you are using. Since 2.2.4, there is already a "Book-Closing" feature that was added.
But for other versions, it is possible only with some work around. One is by copying your data file to create a new file to be edited and to add zeroing transactions to each income/expense accounts.
Just a side note, even without closing the books, reports such as Profit and Loss and Balance Sheet, still work. However, account balances won't show the year-to-date.
Lastly, you could use the third party tool Gnucasheditor which can split your files at a given date keeping balances, accounts, invoices, customers and stock-quotes intact.
I hope this helps. Good luck!