I'm no accountant, so I'm wondering what the difference is between
liabilities and expenses, and the importance of that difference.
I currently have GnuCash set up so that everything I spend is an
expense. Would it be "better" to have the recurring bills as
liabilities, i.e. rent, utilities, etc. If that is the case, would I
place a debt onto the liability at the statement date, and then payment
when I make a payment.
Does it really make any difference to anything?
Thanks
Griffin
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