Table of Contents
As explained in section 2.1, every transaction you record in GnuCash requires at least two accounts. An account is a record of either:
changes in value of something you own or owe OR
money that comes in or goes out
The first type of account represents the traditional Balance Sheet accounts: assets, liabilities and equity. These basically represent things you own or things you owe. The second type of account, called Categories in other financial programs like QuickenŽ, measures incoming money (income) or outgoing money (expenses).