> On 21 Nov 2024, at 19:08, Griffin <grif...@bernevyl.com> wrote: > > I'm no accountant, so I'm wondering what the difference is between > liabilities and expenses, and the importance of that difference.
Nor I, so my comments are not definitive. > > 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. Liabilities accounts are used to record money you’re going to have to pay at some time in the future, and I use them from credit and debit cards in my personal Gnucash accounts. Credit card spending is recorded as a transaction between Liabilities:Mastercard and Expenses:Groceries (or whatever) and the Liability disappears when you pay off the credit card (recorded as a transaction between your bank (e.g. Assets:Current Assets:Bank) and Liabilities;Mastercard). Michael > > Does it really make any difference to anything? It means you can reconcile expenditure on your credit card with the credit card statement. > > Thanks > > Griffin > > > -- > This email has been checked for viruses by Avast antivirus software. > www.avast.com > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
