The new close of income/expense was not clear to me and I closed Income/Expense before I was ready.... I had expected that my 2006 (Past Year) would close since I dated it 10312006...
Instead my 2007 (Current Year) closed to retained earnings. I have not yet closed the Fiscal Year for 2007.
I have been posting in BATCH for 2007 Current Year postings and in NEXT YEAR for my 2008 New Year postings)Should I continue in this way?
Once I am ready to close the fiscal year, can I Close Income/Expense again and date it 10312007???? or will it close next year's totals to retained earnings?