A place for new bills...
r3al1tych3ck at gmail.com
Thu Oct 5 23:27:39 EDT 2006
Well, I was thinking that incoming bills would be similar to credit card
transactions; "You've bought it but haven't paid for it yet". With
that, the bill would be an expense to an unpaid liability account. When
paying those bills, it would come from "checking" to the liability
account. Additionally, bills usually have late fees and beyond if you
are broke. Under normal financial circumstances, I would imagine a
"Bill Enter/Reminder" module would work. Of course, that gets
complicated if you go beyond the reminder. That brings me back to a
manual entry method where you can add any fees as necessary.
I received another email about estimating scheduled transactions and
adjusting them at the time of payment. I am not sure this would be any
better unless you have a secure cash flow...
I am still exploring here. Thank you for the input. I hope the
discussion keeps going (with maybe some more accountant type of advice?)
On Thu, 2006-10-05 at 18:21 -0700, Jason 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 account.
> Wow, the more I think about that the more complex it seems to get!
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