How do I account for a promise to pay something?

[Maf. King]

On Sunday 23 November 2008 04:04:43 Tim Wunder wrote:
> I made a promise to pay my church X dollars for their building fund over
> the next 3 years. What's the best way to keep track of that?
>
> Right now, I've created a liability, Liabilities:Promise, of $X, debiting
> Opening Balances. When I make a payment against that liability, I credit
> Checking and debit Expenses:Charity, and add a split to debit
> Liabilities:Promise and credit Opening Balances the same amount.
>
> Is there a better way?
>
> Thanks,
> Tim

Hi Tim,

Sounds a perfectly reasonable way to keep track to me. IANAA!

Maf.