Liabilities / Accounts

[Adrien Monteleone]

James,

Everyone has their own methods, but the Tutorial & Concepts Guide has a suggestion that I’ve followed and it’s served me well.

I always enter transactions working in the account register the money is coming FROM.

I never use the General Journal/Ledger.

In the case of a liability/expense situation, consider entering it in the particular liability register (Rent Due in your case) since it’s the liability that is ‘paying’ the expense until you actually fork over the cash. (and then enter that final payment transaction from the cash/checking register)

This way you will always keep the splits straight. Money always moves from one account to another, and if you're already in the FROM account, the TO account is much simpler to figure out.

Also, since this is likely to be a recurring transaction and the amount is likely to remain stable, consider learning how to use the Scheduled Transaction feature. You can have these weekly transactions automatically created for you. (with the ability to review and adjust them first) Then you’d only need to manually enter the actual payment each month when you make it.


Regards,
Adrien

> On Feb 27, 2018, at 5:34 AM, Maf. King <maf at chilwell.net> wrote:
> 
> On Tuesday, 27 February 2018 11:20:21 GMT you wrote:
>> Maf King
>> 
>> Thank you for responding.
>> Under liabilities we have listed an account Rent due (which is listed in
>> Parent Account under Liabilities and under Account type Liability) when I
>> enter a value in the Journal enteries I get two enteries the same entry
>> under Increase and Decrease and zero in the balance column, is it I 've set
>> it up wrong.
>> 
>> Thank you
>> James
>> 
> 
> Hi James,
> 
> Don't forget to reply to the list too, others may be able to help better than 
> me, and this conversation may benefit someone else in the future too.
> 
> The set up sound correct.  It sounds like you may not be entering the 
> transaction properly. (look at the GC concept guide about using a credit card 
> - chapter 7.  this is a conceptually very similar situation, just you are 
> acting as your own card until you pay the rent)
> 
> your weekly transaction should be between liability and expense, then when you 
> pay the bill once per month, the transfer is from the Bank Account to the 
> liability (so the liability goes back to zero)
> 
> HTH,
> Maf.
> 
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