ABSTRACT
After all transactions have been recorded, one additional account should be opened, which is named in various localities, the Profit and Loss, Profit and Damage, or Increase and Decrease account, into which all other accounts in the Ledger must be closed. Entries to this account should not be made in the Journal, but only in the Ledger. They differ from other entries in that they originate from debit and credit balances in the accounts and not from exchange transactions.
