Difference between Income Statement Closing vs Balance Sheet Closing Journals ?

Summary

Diffrence between Income Statement Closing vs Balance Sheet Closing Journals ?

Content

Hello 

I would like to know the diffrence between 

• Create Balance Sheet Closing Journals
• Create Income Statement Closing Journals

I think I should run the Create income Statement Closing Journals in order to cancal all the P&L Accounts and send the Balance to Retaining Earnings and the Create the Balance Shhet Closing Journals to transfers the retaining earnings from one period to another.

Please Advise