On 7/2/2017 7:02 AM, Dan Rawson wrote:
I've set up my mortgage as a liability, and the checks are split to
the liability, property tax, and interest. I'd like to be able to run
an Income/Expense report that ALSO includes the transfers to the
liability (let's face it, that's an "expense" :-), but the Liability
accounts aren't available to select when doing the income/expense
reports.
The alternative would be using the account summary, but I can't do a
date range limit on that report.
Do I have to write a custom report to to do this?
Thanks!
Dan
Misunderstanding about the basics. When you consider that portion of
your mortgage payment that is toward the principle (reducing the
liability) that is NOT an expense (in terms of "income and expense").
You are thinking of it as an "expense" because it affects cash flow.
That would be a different report. They show different things, and you
can be OK in terms of "income and expense" but in trouble in terms of
"cash flow" or vice versa (as well as being OK in both senses).
If you are having trouble understanding this concept you are probably
doing your credit card accounting wrong. Each time you use your credit
card to pay some expense you are crediting the credit card and debiting
the expense, but no cash went out (yet). When you make a payment on the
credit card (credit cash) you debit interest expense and credit card
balance. Cash went out, but only what (if any*) was for interest an expense.
Michael D Novack
* Some of us do not pay any interest on our credit cards. We pay the
balance in full each month.
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