simple newbie question

[David T.]

Tom--

You handled it right, most likely. The only way you'd transfer money from the loan directly to the expense is if that was how the money got handled. That is, if your family paid the bills directly, you'd make the transfer in GC from the liability to the expense. If you wrote a check to pay your bills, then you handled it right. GC mirrors what the money did.

David

--- On Thu, 10/28/10, T. Howell-Cintron <thowellcintron at gmail.com> wrote:

> From: T. Howell-Cintron <thowellcintron at gmail.com>
> Subject: simple newbie question
> To: gnucash-user at lists.gnucash.org
> Date: Thursday, October 28, 2010, 6:16 PM
> I'm relatively new to GnuCash and I
> have a few questions.  First, my
> family was kind enough to help me with a loan for my first
> month's
> utilities and rent, so I added Liability:Loan and set
> transactions to
> transfer the said amount of money, say $1000, to my
> checking account.
> From there I created transactions under Expenses:Rent to
> absorb the
> money from Assets:Checking.  The end result looks
> right - the bills
> zero out and i have the right amount under the loan
> account.
> 
> Was that the right way of doing it?  Wouldn't it have
> been easier if i
> skipped the transfer to checking and went straight from
> Liability:Loan
> to the Expenses:*?
> 
> -- Tom
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