Hi, I have a question on how this transaction should be recorded which
involved the liability.
At the end of the whole transaction, I want the liability back to Zero, and
the whole expenses is reflected in the Expenses report.
Here my case where I run a childcare business.
Using the business module, I receive one of the payment from customer for
their Kid's Insurance (liability), and here how the transaction look like.
Account Debit
Credit
Liabilities:Insurance
$100
Asset:Current Assets:Checking Account $100
If I record the payment to the Insurance company as Expenses. The $100 will
still appear in the Liabilities:Insurance Account
Account Debit
Credit
Expense:Insurance $100
Asset:Current Assets:Checking Account
$100
If I record the payment to the Insurance company via Liabilities, then this
whole transaction will not capture in the expenses report
Account Debit
Credit
Liabilities:Insurance $100
Asset:Current Assets:Checking Account
$100
What is your suggestion as I want them to show up in the Profit and Loss
report? or how do you deal with this situation?
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