[GNC] Setting up a new accounting scheme in GnuCash

[David Cousens]

Frank,

I think the term Balans accounts will refer to Assets , Liability and Equity
accounts while Gain and Loss accounts will refer to Income and Expense
accounts. 

In accounting the latter are known as temporary accounts as they record the
income and expenses for the current accounting period and are used to
calculate the profit or loss for that period. In the end of period closing
calculations, this is usually transferred to an Equity:Retained Earnings
account to reflect the change in equity produced by that profit or loss.

The Assets Liability and Equity account balances on the other hand show the
overall long term position of your accounts at the date the balances are
taken.

David Cousens



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David Cousens
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