A place for new bills...
r3al1tych3ck at gmail.com
Thu Oct 5 23:29:51 EDT 2006
That's what I was thinking...
On Thu, 2006-10-05 at 19:51 -0700, Paul Schwartz wrote:
> --- 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
> > account.
> > Wow, the more I think about that the more complex it
> > seems to get!
> > Jason
> > _______________________________________________
> 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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