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  	Updated	Bengt Thuree <bengt@thuree.com>
Originally written by
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<sect1 id="chapter_accts">
  <title>Accounts</title>

  <para>This section discusses some useful concepts for organizing your accounts. Since &app; does not
    impose any specific account tree layout, you are free to design your account structure in any
    manner you wish. However, there are a few basic accounting concepts which you will probably want
    to follow when designing your accounts to maximize their utility.
  </para>

  <sect2 id="accts-concepts1">
    <title>Basic Accounting Concepts</title>

    <para>As we saw in the previous chapter, accounting is based on 5 basic account types:
      <guilabel>Assets</guilabel>, <guilabel>Liabilities</guilabel>, <guilabel>Equity</guilabel>,
      <guilabel>Income</guilabel> and <guilabel>Expenses</guilabel>. We will now expand on our
      understanding of these account types, and show how they are represented in &app;. But first,
      let&rsquo;s divide them into 2 groups, the balance sheet accounts and the income and expense
      accounts. As the name says the balance sheet accounts can be summarized in the balance of what
      you own and owe <emphasis>at a point in the time</emphasis>, while the income and expense
      accounts can be summarized in the Profit &amp; Loss report, which shows the <emphasis>change
      of values in a period of time</emphasis> like the economic year.
    </para>

    <para>Let&rsquo;s have a quick look at the Accounting Equation (<emphasis>Assets - Liabilities = Equity +
      (Income - Expenses)</emphasis>) again as a reminder, before we go deeper into each account
      type.
    </para>

    <figure pgwide="1">
      <title>The basic accounts relationships</title>

      <screenshot id="accts-AccountRelationships">
        <mediaobject>
          <imageobject role="html">
            <imagedata fileref="figures/basics_AccountRelationships.png"
                       srccredit="Geert Janssens"/>
          </imageobject>

          <imageobject role="fo">
            <imagedata fileref="figures/basics_AccountRelationships.svg"
                       srccredit="Geert Janssens"
                       contentwidth="4in"/>
          </imageobject>

          <caption>
            <para>A graphical view of the relationship between the 5 basic accounts. Net worth (equity) increases
              through income and decreases through expenses. The arrows represent the movement of
              value.
            </para>
          </caption>
        </mediaobject>
      </screenshot>
    </figure>

    <sect3 id="accts-bsa2">
      <title>Balance Sheet Accounts</title>

      <para>The three so-called <emphasis>Balance Sheet Accounts</emphasis> are <guilabel>Assets</guilabel>,
        <guilabel>Liabilities</guilabel>, and <guilabel>Equity</guilabel>. Balance Sheet Accounts
        are used to track the things you own or owe.
      </para>

      <para><guilabel>Assets</guilabel> is the group of things that you own. Your assets could include a car,
        cash, a house, stocks, or anything else that has convertible value. Convertible value means
        that theoretically you could sell the item for cash.
      </para>

      <para><guilabel>Liabilities</guilabel> is the group of things on which you owe money. Your liabilities
        could include a car loan, a student loan, a mortgage, your investment margin account, or
        anything else which you must pay back at some time.
      </para>

      <para><guilabel>Equity</guilabel> is the same as "net worth." It represents what is left over after you
        subtract your liabilities from your assets. It can be thought of as the portion of your
        assets that you own outright, without any debt.
      </para>
    </sect3>

    <sect3 id="accts-ie2">
      <title>Income and Expense Accounts</title>

      <para>The two <guilabel>Income and Expense Accounts</guilabel> are used to increase or decrease the value
        of your accounts. Thus, while the balance sheet accounts simply <emphasis>track</emphasis>
        the value of the things you own or owe, income and expense accounts allow you to
        <emphasis>change</emphasis> the value of these accounts.
      </para>

      <para><guilabel>Income</guilabel> is the payment you receive for your time, services you provide, or the
        use of your money. When you receive a paycheck, for example, that check is a payment for
        labor you provided to an employer. Other examples of income include commissions, tips,
        dividend income from stocks, and interest income from bank accounts. Income will always
        increase the value of your Assets and thus your Equity.
      </para>

      <para><guilabel>Expense</guilabel> refers to money you spend to purchase goods or services provided by
        someone else <emphasis>for early consumption</emphasis>. Examples of expenses are a meal at
        a restaurant, rent, groceries, gas for your car, or tickets to see a play. Expenses will
        always decrease your Equity. If you pay for the expense immediately, you will decrease your
        Assets, whereas if you pay for the expense on credit you increase your Liabilities.
      </para>
<!--
  Translators:
    Your language might have a generic term for 'income and expense'.
    Then you should introduce it here in a separate paragraph
    and replace 'income and expense' by it in the latter sections of this book.
-->
    </sect3>
  </sect2>

  <sect2 id="accts-types1">
    <title>&app; Accounts</title>

    <para>This section will show how the &app; definition of an account fits into the view of the 5 basic
      accounting types.
    </para>

    <para>But first, let&rsquo;s begin with a definition of an <guilabel>account</guilabel> in &app;. A &app;
      <guilabel>account</guilabel> is an entity which contains other sub-accounts, or that contains
      <guilabel>transactions</guilabel>. Since an account can contain other accounts, you often see
      <guilabel>account trees</guilabel> in &app;, in which logically associated accounts are
      grouped together within a common parent account.
    </para>

    <para>A &app; account must have a unique name (that you assign) and one of the predefined &app;
      <quote>account types</quote>. There are a total of 12 account types in &app;. These 12 account
      types are based on the 5 basic accounting types; the reason there are more &app; account types
      than basic accounting types is that this allows &app; to perform specialized tracking and
      handling of certain accounts. There are 6 asset accounts (<emphasis>Cash</emphasis>,
      <emphasis>Bank</emphasis>, <emphasis>Stock</emphasis>, <emphasis>Mutual Fund</emphasis>,
      <emphasis>Accounts Receivable</emphasis>, and <emphasis>Other Assets</emphasis>), 3 liability
      accounts (<emphasis>Credit Card</emphasis>, <emphasis>Accounts Payable</emphasis>, and
      <emphasis>Liability</emphasis>), 1 equity account (<emphasis>Equity</emphasis>), 1 income
      account (<emphasis>Income</emphasis>), and 1 expense account (<emphasis>Expenses</emphasis>).
    </para>

    <para>These &app; account types are presented in more detail below.
    </para>

    <sect3 id="accts-gc-bsa2">
      <title>Balance Sheet Accounts</title>

      <para>The first balance sheet account we will examine is <emphasis>Assets</emphasis>, which, as you
        remember from the previous section, refers to things you own.
      </para>

      <para>To help you organize your asset accounts and to simplify transaction entry, &app; supports several
        types of asset accounts:
      </para>

      <orderedlist>
        <listitem>
          <para><guilabel>Cash</guilabel> Use this account to track the money you have on hand, in your wallet, in
            your piggy bank, under your mattress, or wherever you choose to keep it handy. This is
            the most <emphasis>liquid</emphasis>, or easily traded, type of asset.
          </para>
        </listitem>

        <listitem>
          <para><guilabel>Bank</guilabel> This account is used to track your cash balance that you keep in
            institutions such as banks, credit unions, savings and loan, or brokerage firms -
            wherever someone else safeguards your money. This is the second most
            <emphasis>liquid</emphasis> type of account, because you can easily convert it to cash
            on hand.
          </para>
        </listitem>

        <listitem>
          <para><guilabel>Stock</guilabel> Track your individual stocks and bonds using this type of account. The
            stock account&rsquo;s register provides extra columns for entering number of shares and
            price of your investment. With these types of assets, you may not be able to easily
            convert them to cash unless you can find a buyer, and you are not guaranteed to get the
            same amount of cash you paid for them.
          </para>
        </listitem>

        <listitem>
          <para><guilabel>Mutual Fund</guilabel> This is similar to the stock account, except that it is used to
            track funds. Its account register provides the same extra columns for entering share and
            price information. Funds represent ownership shares of a variety of investments, and
            like stocks they do not offer any guaranteed cash value.
          </para>

          <para>&app; treats account types Stock and Mutual Fund the same.
          </para>
        </listitem>

        <listitem>
          <para><guilabel>Accounts Receivable</guilabel> (A/Receivable) This is typically a business use only
            account in which you place outstanding debts owed to you. It is considered an asset
            because you should be able to count on these funds arriving.
          </para>

          <para>Transactions involving an Accounts Receivable account should not be added, changed or deleted in any
            way other than by using
          </para>

          <itemizedlist>
            <listitem>
              <para>post/unpost bill/invoice/voucher or
              </para>
            </listitem>

            <listitem>
              <para>process payment
              </para>
            </listitem>
          </itemizedlist>
        </listitem>

        <listitem>
          <para><guilabel>Asset</guilabel> No matter how diverse they are, &app; handles many other situations
            easily. The account type <quote>Asset</quote>, covers all assets not listed above.
          </para>

          <para>&app; treats account types Cash, Bank and Asset the same.
          </para>

          <para>Accounts are repositories of information used to track or record the kinds of actions that occur
            related to the purpose for which the account is established.
          </para>

          <para>For businesses, activities being tracked and reported are frequently subdivided more finely than
            what has been considered thus far. For a more developed treatment of the possibilities,
            please read the descriptions presented in <xref linkend="chapter_other_assets"/> of this
            Guide.
          </para>

          <para>For personal finances a person can follow the business groupings or not, as they seem useful to the
            activities the person is tracking and to the kind of reporting that person needs to have
            to manage their financial assets. For additional information, consult
            <xref linkend="chapter_other_assets"/> of this Guide.
          </para>
        </listitem>
      </orderedlist>

      <para>The second balance sheet account is <emphasis>Liabilities</emphasis>, which as you recall, refers to
        what you owe, money you have borrowed and are obligated to pay back some day. These
        represent the rights of your lenders to obtain repayment from you. Tracking the liability
        balances lets you know how much debt you have at a given point in time.
      </para>

      <para>&app; offers three liability account types:
      </para>

      <orderedlist>
        <listitem>
          <para><guilabel>Credit Card</guilabel> Use this to track your credit card receipts and reconcile your
            credit card statements. Credit cards represent a short-term loan that you are obligated
            to repay to the credit card company. This type of account can also be used for other
            short-term loans such as a line of credit from your bank.
          </para>
        </listitem>

        <listitem>
          <para><guilabel>Accounts Payable</guilabel> (A/Payable) This is typically a business use only account in
            which you place bills you have yet to pay.
          </para>

          <para>Transactions involving an Accounts Payable account should not be added, changed or deleted in any
            way other than by using
            <itemizedlist>
              <listitem>
                <para>post/unpost bill/invoice/voucher or
                </para>
              </listitem>

              <listitem>
                <para>process payment
                </para>
              </listitem>
            </itemizedlist>
          </para>
        </listitem>

        <listitem>
          <para><guilabel>Liability</guilabel> Use this type of account for all other loans, generally larger
            long-term loans such as a mortgage or vehicle loan. This account can help you keep track
            of how much you owe and how much you have already repaid.
          </para>

          <para>&app; treats account types Credit Card and Liability the same.
          </para>
        </listitem>
      </orderedlist>

      <tip>
        <para>Liabilities in accounting act in an opposite manner from assets: <emphasis>credits</emphasis>
          (right-column value entries) increase liability account balances and
          <emphasis>debits</emphasis> (left-column value entries) decrease them. (See note later in
          this chapter)
        </para>
      </tip>

      <para>The final balance sheet account is <emphasis>Equity</emphasis>, which is synonymous with <quote>net
        worth</quote>. It represents what is left over after you subtract your liabilities from your
        assets, so it is the portion of your assets that you own outright, without any debt. In
        &app;, use this type of account as the source of your opening bank balances, because these
        balances represent your beginning net worth.
      </para>

      <para>There is usually only a single &app; equity account, called naturally enough,
        <guilabel>Equity</guilabel>. For companies, cooperatives etc. you can create a subaccount
        for each partner.
      </para>

      <tip>
        <para>In equity accounts, credits increase account balances and debits decrease them. (See note later in
          this chapter)
        </para>
      </tip>

      <note>
        <para>The accounting equation that links balance-sheet accounts is Assets = Liabilities + Equity or
          rearranged Assets - Liabilities = Equity. So, in common terms, the <emphasis>things you
          own</emphasis> minus the <emphasis>things you owe</emphasis> equals your <emphasis>net
          worth</emphasis>.
        </para>
      </note>
    </sect3>

    <sect3 id="accts-gc-ie2">
      <title>Income and Expense Accounts</title>

      <para><emphasis>Income</emphasis> is the payment you receive for your time, services you provide, or the
        use of your money. In &app;, use an <guilabel>Income</guilabel> type account to track these.
      </para>

      <tip>
        <para>Credits increase income account balances and debits decrease them. As described in
          <xref linkend="basics-accounting1"></xref>, credits represent money transferred
          <emphasis>from</emphasis> an account. So in these special income accounts, when you
          transfer money <emphasis>from</emphasis> (credit) the income account to another account,
          the balance of the income account <emphasis>increases</emphasis>. For example, when you
          deposit a paycheck and record the transaction as a transfer from an income account to a
          bank account, the balances of both accounts increase.
        </para>
      </tip>

      <para><emphasis>Expenses</emphasis> refer to money you spend to purchase goods or services provided by
        someone else. In &app;, use an <guilabel>Expense</guilabel> type account to track your
        expenses.
      </para>

      <tip>
        <para>Debits increase expense account balances and credits decrease them. (See note later in this
          chapter.)
        </para>
      </tip>

      <note>
        <para>When you subtract total expenses from total income for a time period, you get net income. This net
          income is then added to the balance sheet as retained earnings, which is a type of
          <guilabel>Equity</guilabel> account.
        </para>
      </note>

      <para>Below are the standard <guilabel>Income</guilabel> and <guilabel>Expense</guilabel> accounts after
        selecting <guilabel>Common Accounts</guilabel> in the assistant for creating a new Account
        Hierarchy (
        <menuchoice>
          <guimenu>Actions</guimenu><guimenuitem>New Account Hierarchy...</guimenuitem>
        </menuchoice>
        ).
      </para>

      <figure pgwide="1">
        <title>Default Income Accounts</title>

        <screenshot id="accts-DefaultIncomeAccounts">
          <mediaobject>
            <imageobject>
              <imagedata fileref="figures/accts_DefaultIncomeAccounts.png"
                         srccredit="Cristian Marchi"/>
            </imageobject>

            <caption>
              <para>This image shows the standard <emphasis>Income</emphasis> accounts.
              </para>
            </caption>
          </mediaobject>
        </screenshot>
      </figure>

      <figure pgwide="1">
        <title>Default Expense Accounts</title>

        <screenshot id="accts-DefaultExpenseAccounts">
          <mediaobject>
            <imageobject>
              <imagedata fileref="figures/accts_DefaultExpenseAccounts.png"
                           srccredit="Cristian Marchi"/>
            </imageobject>

            <caption>
              <para>This image shows some standard <emphasis>Expense</emphasis> accounts.
              </para>
            </caption>
          </mediaobject>
        </screenshot>
      </figure>
    </sect3>

    <sect3 id="accts-other-types">
      <title>Other Account Types</title>

      <para>There are some special other account types.
      </para>

      <para><emphasis>Trading</emphasis> Multiple currency transactions have splits in <quote>Trading</quote>
        accounts to make the transaction balance in each currency as well as in total value. See
        <xref linkend="chapter_currency" /> for more information.
      </para>

      <para><emphasis>Money Market</emphasis> and <emphasis>Credit Line</emphasis> are used only in the OFX
        importer, apparently for completeness with the specification.
      </para>
    </sect3>
  </sect2>

  <sect2 id="accts-examples1">
    <title>Putting It All Together</title>

    <para>Let&rsquo;s go through the process of building a common personal finance <emphasis>chart of
      accounts</emphasis> using the information we have learned from this chapter. A chart of
      accounts is simply a new &app; file in which you group your accounts to track your finances.
      In building this chart of accounts, the first task is to divide the items you want to track
      into the basic account types of accounting. This is fairly simple, let&rsquo;s go through an
      example.
    </para>

    <sect3 id="accts-examples-situation2">
      <title>Simple Example</title>

      <para>Let us assume you have a checking and a savings account at a bank, and are employed and thus receive
        a paycheck. You have a credit card (Visa), and you pay monthly utilities in the form of
        rent, phone, and electricity. Naturally, you also need to buy groceries. For now, we will
        not worry about how much money you have in the bank, how much you owe on the credit card,
        etc. We want to simply build the framework for this chart of accounts.
      </para>

      <para>Your <guilabel>assets</guilabel> would be the bank savings and checking account. Your
        <guilabel>liabilities</guilabel> are the credit card. Your <guilabel>Equity</guilabel> would
        be the starting values of your bank accounts and credit card (we do not have those amounts
        yet, but we know they exist). You have <guilabel>income</guilabel> in the form of a salary,
        and <guilabel>expenses</guilabel> in the form of groceries, rent, electricity, phone, and
        taxes (Federal, Social Security, Medicare) on your salary.
      </para>
    </sect3>

    <sect3 id="accts-examples-toplevel2">
      <title>The Basic Top Level Accounts</title>

      <para>Now, you must decide how you want to group these accounts. Most likely, you want your
        <emphasis>Assets</emphasis> grouped together, your <emphasis>Liabilities</emphasis> grouped
        together, your <emphasis>Equity</emphasis> grouped together, your
        <emphasis>Income</emphasis> grouped together, and your <emphasis>Expenses</emphasis> grouped
        together. This is the most common way of building a &app; chart of accounts, and it is
        highly recommended that you always begin this way.
      </para>

      <para>Start with a clean &app; file by selecting
        <menuchoice>
          <guimenu>File</guimenu><guimenuitem>New File</guimenuitem>
        </menuchoice>
        from the menu. The <guilabel>New Account Hierarchy Setup</guilabel> assistant will start.
        Press <guibutton>Cancel</guibutton> to close the assistant as we don&rsquo;t want to use one
        of the predefined accounts structure; instead we will build a basic starting account
        structure from scratch. In the empty &app; window select
        <menuchoice>
          <guimenu>View</guimenu><guimenuitem>New Accounts Page</guimenuitem>
        </menuchoice>
        from the menu: the <guilabel>Accounts</guilabel> tab will open. Finally select
        <menuchoice>
          <guimenu>Actions</guimenu><guimenuitem>New Account...</guimenuitem>
        </menuchoice>
        .
      </para>

      <para>Now you are ready to build this basic starting account structure
      </para>

      <orderedlist>
        <listitem>
          <para>Account name <guilabel>Assets</guilabel> (account type <guilabel>Asset</guilabel>, parent account
            <guilabel>New top level account</guilabel>)
          </para>

          <figure pgwide="1">
            <title>Creating an Assets account</title>

            <screenshot id="accts-CreateAssetsAccounts">
              <mediaobject>
                <imageobject>
                  <imagedata fileref="figures/accts_CreateAssetsAccount.png"
                             srccredit="Cristian Marchi"/>
                </imageobject>

                <caption>
                  <para>This image shows the dialog to create an asset account.
                  </para>
                </caption>
              </mediaobject>
            </screenshot>
          </figure>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Liabilities</guilabel> (account type <guilabel>Liability</guilabel>, parent
            account <guilabel>New top level account</guilabel>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Equity</guilabel> (account type <guilabel>Equity</guilabel>, parent account
            <guilabel>New top level account</guilabel>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Income</guilabel> (account type <guilabel>Income</guilabel>, parent account
            <guilabel>New top level account</guilabel>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Expenses</guilabel> (account type <guilabel>Expenses</guilabel>, parent
            account <guilabel>New top level account</guilabel>)
          </para>
        </listitem>
      </orderedlist>

      <para>When you have created the top-level accounts, the main Account page in &app; should look like below.
      </para>

      <figure pgwide="1">
        <title>The Basic Top-level Accounts</title>

        <screenshot id="accts-toplevel">
          <mediaobject>
            <imageobject>
              <imagedata fileref="figures/accts_toplevel.png"
                         srccredit="Cristian Marchi"/>
            </imageobject>

            <caption>
              <para>This image shows the basic top-level accounts.
              </para>
            </caption>
          </mediaobject>
        </screenshot>
      </figure>
    </sect3>

    <sect3 id="accts-examples-organization2">
      <title>Making Sub-Accounts</title>

      <para>You can now add to this basic top-level tree structure by inserting some real transaction-holding
        sub-accounts. Notice that the tax accounts are placed within a sub-account named
        <emphasis>Taxes</emphasis>. You can make sub-accounts within sub-accounts. This is typically
        done with a group of related accounts (such as tax accounts in this example).
      </para>

      <tip>
        <para>Instead of selecting
          <menuchoice>
            <guimenu>Actions</guimenu><guimenuitem>New Account...</guimenuitem>
          </menuchoice>
          from the menu, you can alternatively create a new sub-account of an account by right
          clicking on the main account&rsquo;s name and selecting the <guilabel>New
          Account...</guilabel> entry. This will open a dialog similar to the one depicted in
          <xref linkend="accts-examples-toplevel2" /> where the new sub-account will be already set
          as a child of the main account.
        </para>
      </tip>

      <orderedlist>
        <listitem>
          <para>Account name <guilabel>Cash</guilabel> (account type <guilabel>Cash</guilabel>, parent account
            <emphasis>Assets</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Checking</guilabel> (account type <guilabel>Bank</guilabel>, parent account
            <emphasis>Assets</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Savings</guilabel> (account type <guilabel>Bank</guilabel>, parent account
            <emphasis>Assets</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Visa</guilabel> (account type <guilabel>Credit Card</guilabel>, parent
            account <emphasis>Liabilities</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Salary</guilabel> (account type <guilabel>Income</guilabel>, parent account
            <emphasis>Income</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Phone</guilabel> (account type <guilabel>Expense</guilabel>, parent account
            <emphasis>Expenses</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Electricity</guilabel> (account type <guilabel>Expense</guilabel>, parent
            account <emphasis>Expenses</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Rent</guilabel> (account type <guilabel>Expense</guilabel>, parent account
            <emphasis>Expenses</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Groceries</guilabel> (account type <guilabel>Expense</guilabel>, parent
            account <emphasis>Expenses</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Taxes</guilabel> (account type <guilabel>Expense</guilabel>, parent account
            <emphasis>Expenses</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Federal</guilabel> (account type <guilabel>Expense</guilabel>, parent account
            <emphasis>Expenses:Taxes</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Social Security</guilabel> (account type <guilabel>Expense</guilabel>, parent
            account <emphasis>Expenses:Taxes</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Medicare</guilabel> (account type <guilabel>Expense</guilabel>, parent
            account <emphasis>Expenses:Taxes</emphasis>)
          </para>
        </listitem>

        <listitem>
          <para>Account name <guilabel>Opening Balance</guilabel> (account type <guilabel>Equity</guilabel>, parent
            account <emphasis>Equity</emphasis>)
          </para>
        </listitem>
      </orderedlist>

      <para>After you have created these additional sub-accounts, the end result should look like below
      </para>

      <figure pgwide="1">
        <title>The Basic Chart of Accounts</title>

        <screenshot id="accts-tree">
          <mediaobject>
            <imageobject>
              <imagedata fileref="figures/accts_tree.png"
                         srccredit="Cristian Marchi"/>
            </imageobject>

            <caption>
              <para>This image shows a simple chart of accounts.
              </para>
            </caption>
          </mediaobject>
        </screenshot>
      </figure>

      <para>Save this chart of accounts with the name <filename>gcashdata_3</filename>, as well as
        <filename>gcashdata_3emptyAccts</filename>, as we will continue to use them in the later
        chapters.
      </para>

      <para>You have now created a chart of accounts to track a simple household budget. With this basic
        framework in place, we can now begin to populate the accounts with transactions. The next
        chapter will cover this subject in greater detail.
      </para>
    </sect3>
  </sect2>
</sect1>
