Chart of Accounts - Liability
Solar
Member Posts: 2
Hi since last year i found that the liability account that I created (highlighted in yellow) are not available in the drop down list when I create a new bill.
Can you please explain and what can I do? Thank you.
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Comments
Hi @Solar.
We recently introduced some changes to our accounting rules that prevent payment accounts (credit card & loan accounts) from being used as expense categories in the Bills page. The accounts that you highlighted were probably added as payment accounts, which is why they are not appearing. the Bills page was designed with Expense categories in mind for the "Expense Category" dropdown, rather than Liability categories.
Trying to use a payment account as a line item won't agree with your bookkeeping. When you create a bill, the journal entry created has accounts payable balanced against the line item account, and you cannot have a journal entry that is accounts payable on one side and a payment account on the other.
To sort this out, let me know the workflow that you use when adding bills (what the real-world bills reflect, the expenses that they contain), and I'm sure we can come up with some workarounds.
I'm trying to use an equity account. It will let me choose "Owner's Equity", but not the equity account I created. Why would it let me choose one equity account but not another? This is most definitely a frustrating change to the platform. I like to have these payments recorded in my bills like my old payments were. Now I'll have "bills" for old payments and I'll have to do journal entries for new ones?
I just checked the account I was trying to use in my chart of accounts. Noticed that I accidentally had "payment account" checked. Unchecked it. Now it's an option for me again in the bills module. Thank you!
I had the same problem not being able to select the owners equity i created. Un-checking the payment account worked for me too, phew was getting annoyed as i couldnt understand why i couldnt select it. All good now :-)