![]() It is a neat solution from an accountant’s point of view. ![]() Each transaction is split across all of the Income or Expense accounts and the total is balanced by a matching amount in the nominated transfer account (Equity:Opening Balances). What it actually does is add one transaction to all of your Income accounts transferring the money to another account (such as Equity:Opening Balances) and one transaction transferring all of your expenses to another account (often the same one: Equity:Opening Balances). This is well-intentioned but doesn’t remove any transactions. GnuCash has a menu option “Tools”, “Close Book”. If you have lots of transactions and lots of accounts this can take some time. Delete all transactions just like you did with the first account. Repeat this for every transaction in the account. This isn’t as easy as it could be because you can’t select multiple transactions: Open the first account. Use “File”, “Save As” from your current year’s file to create a new file with a new name. The way to do this is not as obvious as it should be. If you do use a new file for each year, each year you need to create a new file with the same account structure (Chart of Accounts) and with a new set of opening balances. It supports multiple accounting files (so you can have multiple businesses) but you can also have a separate file for each financial year of the business. GnuCash is a free accounting package based on double-entry bookkeeping. Lots of people want to start a new GnuCash file for a new year.
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