monthly rent, one annual payment

[Buddha Buck]

You need to use a liability account to capture the fact that the
expense occurred, but you haven't payed it.  Traditionally, that
liability account is called "Accounts Payable".

Each month, record a transaction that pays the $5 rent expense out of
the "Accounts Payable" liability.  At the end of 12 months, you will
have $60 rent expense accrued and $60 accounts payable liability
accrued.

When you write the check for the $60, record that as a payment to the
liability account, not the expense account.  That will lower your bank
balance by $60 when it actually was lowered, and also eliminate the
liability.

On Thu, Jan 10, 2013 at 2:38 PM, Johnson33 <wireless at tampabay.rr.com> wrote:
> Sorry Just read my post. (typos)
>
> Let me try this again.
>
> Accural based using gnucash.
>
>
> I write one rent check at the end of the year ($60), for the
> previous 12 months. I want the rent (check-cash accout) payment ($5) on the
> 28th of each month. I tried to do a "split transaction" where the $60
> is allocated to each month in $5 increments, but that did not work.
>
> Maybe I need to create 2 additional  accounts  for this sort of transaction?
>
> I know I can just enter the rent once as a single payment of $60 at the
> end of the year, but since the obligation occurs montly, I really need to
> to show these rents on a monthly basis. I have several other items that
> work the same way (mileage, electricity, etc reimbursements). In all
> I wirte just one check for each category to cover the payments for the
> entire previous year.
>
> Ideas on how to do this via gnucash are most welcome
>
> Johnson
>
>
>
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