Hello, Griffin:
On 2025-01-17 10:31, Griffin 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.
I am sorry to hear that your money was stolen in a scam.
Do I need to use liability accounts for any of my home accounting accounts?
If I understand correctly, liabilities are usually, outside of trading
purposes, just for companies to track long-term expenses.
Do I not need to use them, or would I use them for contracted expenses, like
rent, utilities, etc.
Or are they just overkill for home accounting.
This is a question about accounting, not about GnuCash. GnuCash is a
very good program, but it does require the user to understand the basics
of accounting and of double-entry bookkeeping.
No, liability accounts are not just for trading or for "companies to
track long-term expenses". Your credit card's expenditures are normally
tracked in a GnuCash Liability account. So yes, you probably should use
liability accounts for your home accounting.
You should probably (re-)read the GnuCash Tutorial and Guide, section
2.1 "Accounting Concepts" and section 2.8. "Accounts"
<https://gnucash.org/viewdoc.phtml?rev=5&lang=C&doc=guide>. Also follow
some of the links at the FAQ, "Can you recommend a book on Accounting?"
<https://wiki.gnucash.org/wiki/FAQ#Q:_Can_you_recommend_a_book_on_Accounting.3F>.
You might also want to re-read the answers to your question here on
Gnucash-user from last November, "Liabilities vs Expenses"
<https://lists.gnucash.org/pipermail/gnucash-user/2024-November/114343.html>.
I thought Murugan Mariappan's reply
<https://lists.gnucash.org/pipermail/gnucash-user/2024-November/114346.html>
was especially helpful.
Best regards,
—Jim DeLaHunt
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