Why are my VAT accounts now classed as profit and loss?

[Mike or Penny Novack]

On 9/25/2015 9:32 AM, andy wrote:
> Hi,
> I recently upgraded to version 2.6.7 and my VAT accounts have now 
> started to behave as either income or expense accounts.
> They appear in the profit and loss sheet and they are automatically 
> included when I try to close the books. They also don't appear on my 
> balance sheet.
> Is this common? Does anyone know how to fix it
>
> kind regards
Review the basics of double entry bookkeeping.

Income and Expense accounts are NOT standing accounts. They are 
temporary accounts of fundamental type equity. As a result, they do not 
appear as in the Balance Sheet except as their net total "unrealized 
gain or loss".  When you do a "close the books" action the balances of 
all income and expense accounts zeroed out to equity (in the old days, 
first passing through the special equity account "profit and loss", then 
that closed to equity).

Michael D Novack