Yes, you COULD switch to accrual basis accounting. In which case you
would enter the bill into "payables" (and the example expense
"electricity). But doing that in personal accounting where MOST expenses
not billed might be excessive << you are in effect naturally "cash
basis" for most of your expenses >>
An alternative which you might prefer is to stay on cash basis but enter
a transaction when bill is received (or possibly date DUE if not "due on
receipt") against a liability account. In other words, you would debit
"electricity expense" and credit "electric account" (under liabilities).
When you make a bill payment, debit "electric account: and credit "cash"
(your bank account, probably. The balance of "electric account" would be
the amount you owe (it's a liability)
Michael D Novack
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