> On Feb 17, 2025, at 22:56, John Walker via gnucash-user
> 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
On 2/18/2025 1:56 AM, John Walker via gnucash-user 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.
Dear John,
Liability can be short-term or long-term (less than 1 year or more than 1
year). Liability arises when Goods are delivered or Services are done.
Payment of Goods and
Services is another question. It can be prepayment or payment after the job
is completed. So when you receive Goods with I
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.
Cheers
John
On
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.
That's a good way for folks doing personal accounting to look at it as
less likely to have a CONDITIONAL liabilit
-user@gnucash.org
Subject: [GNC] Liabilities vs Expenses.
I'm no accountant, so I'm wondering what the difference is between
liabilities and expenses, and the importance of that difference.
I currently have GnuCash set up so that everything I spend is an
expense. Would it be "better" to
I do my credit cards the same way, but I don't do individual bills that
way. For instance the water bill, gas bill, medical copayments, and any one
time spending, I just record it as a transaction between the bank and the
expense. The liability accounts are very good for aggregating what's going
to
> On 21 Nov 2024, at 19:08, Griffin 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
I'm no accountant, so I'm wondering what the difference is between
liabilities and expenses, and the importance of that difference.
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, e
