On 7/24/2026 6:52 PM, David Cousens wrote:
wWy would you wish to mix Income and Expenses Clint? One represent money coming into the entity you are measuring and the other money going out. In accounting terms these are both temporary accounts designed to measure the profitability (or surplus/deficit for non profits) and the change of personalwealth in the case of individuals.
But not REALLY (necessarily) money coming in and going out. That's why in addition you may need to do "cash flow" reports. You need to be profitable AND liquid, those two not necessarily always the same.
For example, expenses. You might be paying for things using a credit card. You are paying not with money but by assuming liability. Likewise income, you might not be receiving money but a liability of yours is being decreased. Or you might be paid by receiving an asset other than money.
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