How to account for rent cheque?
geo909
geo909.fora at gmail.com
Sun Mar 1 18:54:59 EST 2015
Dear all,
First off, I do realize that this is more of an accounting question, but I
took the liberty to post here. I'm very new to gnucash, accounting and
double entry bookkeeping and I find myself lost very often; I would really
appreciate any help.
The manual says that the rent that I pay should be accounted as an expense.
However, the way that I do it is that I give to my landlord a cheque with
the rent amount, each first day of the month. This seems to me like being a
liability, which disappears when my landlord cashes the cheque.
So, how should I account for it? If I create a Liabilities:Rent Payable
account, and increase it by the rent amount every first of the month, from
where should I transfer the money? If it is my bank account, then my bank
account shows a wrong balance, since it accounts for the cheque that is not
yet cashed..
Thanks a lot in advance.
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