B/S Liab numbers (neg)

[kr]

Thanks. As I was writing my reply to the first, rather unhelpful reply, to my
op I did more checking and found this setting. 


Edward Doolittle wrote
> Preferences -> Accounts -> Reverse Balanced accounts set to Credit
> accounts?
> 
> On 11 March 2017 at 11:14, kr <

> kr@

> > 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
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