'Type' and 'due date' fields in A/P account, and how to record a payment

def dddeeefff at gmail.com
Wed Nov 9 10:31:29 EST 2011


I've noticed that my accounts payable account includes fields such as "type"
(P or I) and "due date". What do these fields mean?

*Here's why I want to know:*
The business received £100 for contract work. This was recorded in an
account register as a split transaction of £100 in income meaning £100 more
in the bank, plus incurring an expense for labour of £50 resulting in a
liability of £50.
Later, the labourer was paid his £50. This has not yet been recorded.

What is the best way of recording that the labourer was paid? My thinking is
that this may be related to the "type" and "due date" fields mentioned
above.

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