Liability entries

SumaSuma Member Posts: 1

Hello I am very new to Wave and trying to generate some reports.I have tagged all my expenses with a expense account. But I dont see any Liabilities generated for these expenses. Any ideas on how to enable that.

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @Suma,
    If you were using a credit card to incur the expenses then you would see a liability. If you are using cash from a bank account then no liability would exist because the expenses were paid for by an asset of the business. If a credit card was used then you would see a liability because the credit card is an advance and not yet paid. The other way expenses can sometimes increase a liability is when they are accrued through a journal entry. For example, Accruing rent due but not yet paid.

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