B/S Liab numbers (neg)

[kr]

My op referred only to LIABILITY accounts and your reply only to EQUITY
accounts and while they are dissimilar in that they record a completely
different type of transaction they are similar in that for both the normal
balance is a ‘credit’.  Of course at the base (raw) level the math for
accounting requires that assets be positive and liabilities & equity be
negative and I can assure you that the liability accounts in my GC setup do,
in fact, have negative balances. All entries follow this pattern:

Dr. expense
    Cr. Credit card (which would be a liability)

There are no accounts under Equity with a debit balance (no losses to date)
nor are there any Liability accounts with an “incorrect” debit balance since
it is unfortunately the case that my credit card does not owe me money!

What I was referring to is that usually for presentation purposes the
amounts shown in the Liability section of a B/S are positive for accounts
with a Credit balance. However, on the B/S my credit card account (for
instance) shows a negative balance, as do all individual liability accounts,
while the total for all liability accounts is positive. All I want to do is
create a B/S with positive numbers in the Liability section. I note that the
I/E statement handles this correctly ……. WAIT, HOLD THE PHONE!! I just found
a setting on the preferences>accounts page which does what I want. So I will
end my accounting #101 reply here.

Thanks




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