In many cases, current metallurgical accounting practice does not consider the errors associated with the measurements used in obtaining the metal balance. Considering all measurement errors, including errors associated at each step of the process - from sampling and analytical errors to measurement errors in circuit instrumentation, can improve the accuracy of the final metal balance - assisting in the improvement of process performance, optimisation and control.The consequences of the inclusion of measurement errors on metal balance for different circuit configurations and typical metallurgical accounting practice (two product and three product formulae) will be discussed in this paper.Examples of the tools, methodology of implementation, and periodical metal balance tasks are presented to illustrate the advantage of this approach in meeting the different requirements of each department.CITATION:Brochot, S and Durance, M-V, 2012. A new approach to metallurgical accounting, in Proceedings 11th AusIMM Mill Operators' Conference, pp 217-224 (The Australasian Institute of Mining and Metallurgy: Melbourne).