Search found 2 matches
- Thu Feb 21, 2013 11:46 pm
- Forum: Accounting
- Topic: Liability and Expense Accounts in the I/E Report
- Replies: 7
- Views: 4290
Re: Liability and Expense Accounts in the I/E Report
Vic, Thanks. Great explanation. I debit the liability account and credit the checking. This transaction shows in the Balance Sheet. But when I print a Income and Expense report for that month, that transaction is not seen even though the money has left the bank account. Is there a way around this? I...
- Thu Feb 21, 2013 5:23 pm
- Forum: Accounting
- Topic: Liability and Expense Accounts in the I/E Report
- Replies: 7
- Views: 4290
Liability and Expense Accounts in the I/E Report
I am using v. 11.5 with Windows 8. When you post a payroll check, the taxes are applied to a liability account. However when you pay the taxes (write the check), do you pay out of the respective liability account or an expense account (then which one)? The Problem: If you debit out of the respective...