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Documentation -> Accounting/Bookkeeping -> Books Auto Close

 

If you enable this option when creating your set of books, flowlog will create your equity account(s) and automatically close your books at the end of the fiscal year. This is just a convenience feature to relieve the user from having to manually create these entry items. This feature supports sole proprietorships and corporations at this time.

How does it work, specifically?

flowlog will debit the income accounts with their balance, credit the capital account by the same amount, credit the expense accounts by their balance and debit the capital account by that same amount. Finally, if the books are for a sole proprietorship, flowlog will credit the owner's drawing account and debit the owner's capital account.