Advance liability payments

Jim & Grace Flowers dondiegoflores at verizon.net
Sun Oct 9 09:02:29 EDT 2011


I'm using version 2.4.7 on Windows 7 Home Premium 32 bit.  I'm still
learning how to use the program, but all in all, I like it.  However, I do
have a question.  I'm on a budget plan for one of my utility suppliers.
It's not municipal, it's a private business.  Should I set this up as a
liability, as I pay each month, then when I have to "pay"  for the propane,
just debit the expense account and credit the liability?  Right now, as I
pay each month, I debit the expense account and credit the bank account.  I
got to thinking about this, but don't know the answer.

 

Jim Flowers



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