[GNC] Do I Have Use for Liability Acounts

[Robert Heller]

At Fri, 17 Jan 2025 11:31:39 -0700 Griffin <griffin at bernevyl.com> wrote:

> 

> I am using Gnucash for my home accounts. I won't be trading for the
> foreseeable future as all my retirement money was stolen in a scam.
> 
> Do I need to use liability accounts for any of my home accounting accounts?

Car Loan, Credit Cards, Mortage, basicly any kind of debt.
 
> If I understand correctly, liabilities are usually, outside of trading 
> purposes, just for companies to track long-term expenses. 

No, liabilities are debt -- that is anything you owe someone else (eg a Bank)
is a liability.   Yes, businesses use various sorts of credit, commonly for 
capital expenses.  All of this use of credit is a liability.  But this is not 
limited to businesses.

> Do I not need to use them, or would I use them for contracted expenses, like
> rent, utilities, etc.

Expenses are Expense Accounts (note: paying off debt is not an "expense" in 
the same sense as rent or utilities).

> Or are they just overkill for home accounting.

Unless you never use a credit card, bought your car and house with cash, 
liability accounts are a normal part of home accounting.

Note: even if you pay off your credit card each month, the charges each month 
are liabilities.

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