Creditors

[David Ryder]

Thanks.
To explain my situation:
1.
I am an Executor of a Will.
I am owed money by the Estate for expenses I paid (bills etc before my 
father's death).

2.
I am keeping the books for the Executors.
They are creditors for their expenses paid (funeral as an example).

So, I'm lost where to put the creditors accounts - does each person have 
their own 'account'?
Under what Placeholders do  I place the accounts?

3.
Amounts are owing to the Estate. I assume these are Equity accounts?

Many thanks,
David


On 21/11/12 17:00, Mike or Penny Novack wrote:
> 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
>
> Accounting fundamentals ---- what you owe somebody else is a 
> liability; what somebody else owes you is an asset; and this is the 
> origin of the terms "debit" and "credit" (he owes (me) and he trusts 
> (me) in Latin).
>
> What you owe your creditors is a liability for you. How you enter the 
> transaction depends upon how this debt came into being (that's what 
> determines the other account).
>
> Michael D Novack
>