A place for new bills...
pmjs1115 at yahoo.com
Thu Oct 5 22:51:14 EDT 2006
--- Jason <jason at cougarcorp.net> wrote:
> r3al1tych3ck wrote:
> > I was wondering about entering bills as I received
> them. Would a good
> > way to do this be something like setting up an
> "Unpaid Bills" liability
> > account?
> This really does depend on your personal style I
> guess. I don't keep an
> 'unpaid bills' tally anywhere, instead transferring
> money directly from
> bank/credit card to the appropriate expense account
> when I pay them off.
> I suppose if you wanted to set up an 'unpaid bills'
> account, it would be
> a liability, but I'm not exactly sure where the
> 'source' would come from
> (double-entry bookkeeping, the deficit has to come
> from *somewhere*).
> When you pay these bills off then, you have to deal
> with a multi-way
> transfer. The money comes from bank/credit card into
> the liability
> account which also has to update the proper expense
> Wow, the more I think about that the more complex it
> seems to get!
I don't think it's that bad. When you incurr the
expense, you debit the expense account and credit a
liability account. When you pay it, you debit the
liability and credit your checking account.
Only one more step than waiting to enter when you pay
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