Go to the “Equity:Opening Balances” account (or whichever you specified) and delete the two transactions. If you do “Tools”, “Close Book” and want to reverse it, that’s pretty easy. They are correct because every transaction in every asset and liability account is still there. Their balances are correct but not because of a fresh opening balance transaction. It would also have been nice to have had new opening balances for each of the asset and liability accounts. We wanted an empty file and a new start for a new year. We don’t want them there to edit by mistake (and mess up the starting balances). We’ve been through that pain, and we never want to have to re-reconcile those transactions ever again. We’d reconciled all of last year’s transactions. However, for those of us that don’t think like an accountant, it is a pain in the neck. The Income and Expense accounts are all zero-ed ready for the new year and the opening balances have been tweaked to reflect the new starting position. 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. The open source (GPL v3) project has been growing and improving since its initial release in 1998, and the latest version, 3.8, released in December 2019, adds many improvements and bug fixes.Lots of people want to start a new GnuCash file for a new year. See more about getting started at Getting started with GnuCashįor the past four years, I’ve been managing my personal finances with GnuCash, and I’m quite satisfied with it. It doesn’t have an integrated payroll system according to the documentation, you can track payroll expenses in GnuCash, but you have to calculate taxes and deductions outside the software. With GnuCash, you can track personal finances as well as small business accounting and invoicing. This makes it easy to convert from other personal finance applications, including Quicken, which it was created to replicate. The application implements a double-entry bookkeeping system and can import a variety of popular open and proprietary file formats, including QIF, QFX, OFX, CSV, and more. GnuCash is available for Windows, MacOS, and Linux. Tips on using an Anytone 878 with an Openspot.
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