PHPBalanceSheet is an effort to implement a web-based accounting package using PHP. It was initiated in response to a real-world situation: when filing a tax return, it is necessary to account for taxable income and tax-deductable expenditure. PHPBalanceSheet will initially fulfill just this role, but ultimately the intention is that it will be extended to encompass many accounting processes and eventually become something similar to a web-based version of, say, Sage Accounts.
The project is still in the early stages of planning and prototyping, having been approved by SourceForge in late November.
Unfortunately, since that time, my day-time work commitments have increased dramatically, so I now only have my spare time after work to dedicate to the project. This has itself been scuppered by a number of power outages at home that seem to have trashed parts of my hard drive, so I am currently in the process of rebuilding my development machine, until which point active development will be temporarily stalled.
Normal service will be resumed as soon as possible.