> On Feb 17, 2025, at 22:56, John Walker via gnucash-user > <gnucash-user@gnucash.org> wrote: > > In standard bookkeeping, a liability is anything that a business owes for > more than the accounting period which is usually 12 months. A mortgage is a > good example. An expense is something that is paid out within the accounting > period. The electricity bill is a good example.
Wherever did you get that idea? See https://www.investopedia.com/terms/l/liability.asp and note in particular the section about 1/4 down the page “Current (near-term) Liabilities”: "Analysts ideally want to see that a company can pay current liabilities that are due within a year with cash. Some examples of short-term liabilities include payroll expenses and accounts payable which can include money owed to vendors, monthly utilities, and similar expenses.” Regards, John Ralls _______________________________________________ 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.
