Creditors

[Kash]

It sounds like you're trying to track money you owe. The standard way to 
track this is with a liability account called 'accounts payable'.

Please go to accountingcoach.com and search for 'accounts payable'. I'd 
also recommend reading the sections 'basic accounting' and 'the 
accounting equation'. It will take an hour or so.

**Note: the following is complex enough that you should create a backup 
copy of your file before you start. There are some quirks with GnuCash 
that mean you will not be able to rollback the file to its previous 
state if you screw up the entry. Best to dump your work and restore from 
backup until you get the hang of what you're doing.**

For each entity you owe money to, you'll create a new vendor; business > 
vendor > new vendor. Each time you receive a bill or invoice from one of 
them, you'll create a new bill; business > vendor > new bill. GnuCash 
can be configured to pop up a reminder of bills due soon each time you 
open the program. You will also be able to see totals due to each vendor 
by date through the reports > business > payable aging and reports > 
business > vendor report.

Do not enter the bills you owe directly as transactions, and do not 
create multiple accounts of type 'accounts payable' because it will 
screw up reporting. GnuCash has a simpler method that lets you generate 
reports to keep track of what you owe, who you owe it to, and when each 
bill is due. Look up the 'bills' topic in GnuCash help.

Note that if you're tracking money owed to you, GnuCash can do that too 
and the process is similar, but you have to create 'customer' instead of 
vendor, and you'll track the amounts and due dates in 'receivable aging'.

Unfortunately, if you buy and sell from the same entity, I have found no 
way to avoid having two entries, one for customer, and one for vendor, 
with duplicate information.

On 11/21/2012 7:47 AM, David Ryder wrote:
> I've been using gnucash for years in my business - but I never had 
> creditors.
>
> Now I do.
>
> I am not accountant orientated - so please could anybody tell me where 
> I put 'Creditors' and how I post them against another account (is the 
> latter equities?)?
>
> Thanks,
> David
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