Setting up a Liability account

Robert K. Tompsett's Avatar

Robert K. Tompsett

30 Jul, 2009 12:04 AM

How do I set up a Liability Account so that a payment from checking reflects the decrease owed in the liability area?

  1. 1 Posted by Ben Spencer on 30 Jul, 2009 01:11 AM

    Ben Spencer's Avatar

    Hi

    Create a new liability account by clicking Account->"New Account"

    Set the type to be Liability.

    Give the account a name, e.g. "Debt"

    Set the initial balance to be the value of the liability.

    To pay the liability click on your checking account on the home page.

    Click the new transaction button.

    Enter a transaction and select the liability account from the category list in the category column.

    Enter the amount in the payment column.

    See the attached screen shot.

    Sincerely

    Ben Spencer

  2. 2 Posted by Robert K. Tomps... on 03 Aug, 2009 01:42 AM

    Robert K. Tompsett's Avatar

    Your reply helped me thank you.

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