[GNC] Tracking UnPaid Bills

[Michael or Penny Novack]

On 3/16/2025 12:13 AM, R Losey wrote:
> Hi. I'd just set such accounts up as sub-accounts under Liabilities. Using
> your example (electricity)
>
> 1) Create an "Electricity" account under "Liabilites" (alternatively, you
> could use the provider as the name of the account
> 2) Using your $120 bill as an example, when you pay $60 and owe them $60,
> you'd create a three-way split
>         Checking: decrease (credit) $60
>         Expenses->Utilities->Electricity: increase (debit) $120
>         Liabilities->Electricity: increase (credit) $60

You COULD do it that way. Splits when paying the bill.

But I suggested entering the expense/liability when the bill arrives 
with an effective date the due date of the bill. Then when you pay all 
or part of the bill, the transaction just liability/bank account. No 
split transactions involved. (well MAYBE no splits -- besides being 
billed for electricity might also have late fees and/or interest 
charges. You MIGHT just bundle those into electricity expense but also 
might instead might want to see how much you are being hit with late 
fees and interest on all your bills).

Michael D Novack