B/S Liab numbers (neg)

[Edward Doolittle]

Preferences -> Accounts -> Reverse Balanced accounts set to Credit accounts?

On 11 March 2017 at 11:14, kr <kr at bell.net> wrote:

> 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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-- 
Edward Doolittle
Associate Professor of Mathematics
First Nations University of Canada
1 First Nations Way, Regina SK S4S 7K2

« Toutes les fois que je donne une place vacante, je fais cent mécontents
et un ingrat. »
-- Louis XIV, dans Voltaire, Le Siècle de Louis XIV, Chap. XXVI