On 1/17/25 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.
Oh. Sorry about that. Thankfully mine is still sitting in the IRA and
Roth accounts.
Do I need to use liability accounts for any of my home accounting accounts?
Do you have credit cards? Even if you don't carry a balance past the
due date!
If I understand correctly, liabilities are usually, outside of trading
purposes, just for companies to track long-term expenses.
Also short term. Any time you owe somebody for even a short period of
time (might be just days).
Do I not need to use them, or would I use them for contracted expenses, like
rent, utilities, etc.
You don't really "owe" the expense until it comes due. Rent is usually
due on the first. If you pay then it is just like a regular expense.
However, if you get a month or two behind then you do have a Liability.
Same for utilities.
But stuff you put on the CC is something you owe and will pay off when
they send you a monthly statement.
Now, a mortgage on your house is also a liability as is the loan for
your car/boat/etc.
Or are they just overkill for home accounting.
Depends on if you want to keep track of the outstanding balance to
verify the loan payments are applied correctly.
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