[GNC] Fwd: liability or expense

[Graham Balin]

Forwarded as I forgot to 'reply  all'. Sorry. Newbie brain!

Cheerio

Graham

---------- Forwarded message ---------
From: Graham Balin <graham.balin at gmail.com>
Date: Mon, 6 Aug 2018, 10:12 pm
Subject: Re: [GNC] liability or expense
To: Baldero Mendoza <bzy711 at gmail.com>


I have found Gnucash to be a very powerful hammer to crack a very small nut
using it for domestic accounts only. Does the job well but there are
features of double entry bookkeeping that are superfluous. For example you
will have an expenses;groceries account that will be a mass of entries and
will never be reconciled because it is irrelevant.just ignore it. It is
there to help you categorise your spending. Well, you can reconcile it if
you want to spend half your life on your accounts!
I'm into my 3rd month and haven't done any reports yet. Just pleased that
all bank accounts and liabilities (credit cards)are balanced and
reconciled. Investments are taking a bit longer to get my head around.
Good luck!

Cheerio

Graham

On Mon, 6 Aug 2018, 10:02 pm Baldero Mendoza, <bzy711 at gmail.com> wrote:

> Please be patient with me - brand new to this.
>
> Household financial stuff. I want to post a "google play" purchase.
> Should I post as an expense or a liability?
>
> I have accounts open for things like "electricity" and that seems to
> work just fine, but "google play" looks like it works sort of like a
> credit card, so I listed it under  "liabilities", and that seems to
> work too. I made the connected account "checking" and it all seems to
> balance and work.
>
> However, what bothers me is that the "google play" entry under
> "liabilities" is listed as a red negative number. So I have two red
> negative numbers listed now, one under "liabilities" and one under
> "google play". Everything balances, so is it okay or should I place
> "google play" purchases as "expenses"? (I just started gnucash so
> there aren't any credit card or debit card purchases yet.) The
> "expenses" stuff gets listed as black positive numbers even though
> they're an outflow of money just like the "google play" stuff under
> "liabilities". Maybe it's optional and can be done either way?
> Confusing.
>
> Thank you everybody!
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