Income/Expense report

[Donald Allen]

On Fri, Jun 12, 2009 at 8:56 AM, <hendrik at topoi.pooq.com> wrote:
> On Thu, Jun 11, 2009 at 03:11:55PM -0400, Tom Porcher wrote:
>> Mike,
>>
>> You are correct... I didn't try the "Income statement" since I wanted
>> expenses.  But in fact the Income Statement lists Expenses as well!!!
>>
>> So you can forget the report I just sent and use the "Income Statement"
>> to find your Expenses!!  It does essentially the same thing.
>>                        --tom
>
> Suggesting that calling the "Income Statement" an "Income and Expense
> Statement" might have saved someone a lot of work.

The term "Income Statement" is common accounting lingo. Corporate
financial reports include "Balance Sheets" and "Income Statements",
the former being a snapshot of the assets and liabilities at a point
in time, the latter being a report of flows in and *out* over some
previous time period. The bottom line of the "Income Statement" is net
income, or income net of expenses, or profit, so, arguably, the name
of the report isn't misleading.  I'm guessing that the Gnucash report
is so named because it follows accounting tradition.

/Don

>
> -- hendrik
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