Forum OpenACS Q&A: Re: Trial Balance - Balance Sheet relation

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Posted by Jim Lynch on
I'd like to edit my reply a bit, some parts don't make sense...

second paragraph, replace "income, " with "Any kind of income (salary, rent (if you rent something out), dividends paid to you, etc) is also called a revenue. All revenues and all expenses would be shown on what's called an income statement. Examples of expenses include rent and taxes you pay, paying your employee's salary, obtaining inventory usually means money goes out (an expense) to pay for it, "

If you're looking for tables where this is stored, I'm not sure where to look. But, it could help to know liabilities and assets are different from expenses and revenues. I'm hoping it will point you in the right direction.