Creditors

[Mike or Penny Novack]

Kash wrote:

> 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.

Whether it would be an "account payable" entirely on the nature of the debt.

That would be the case where you bought goods, etc. from some supplier 
but had not yet paid them. It would not be the case for many other sorts 
of debts to creditors like your line of credit at the bank or loans from 
outside investors.

Michael.

PS -- Bears repeating perhaps. Gnucash is a way to automate your 
bookkeeping. You still have to know enough basic accounting to 
understand what you are automating.