Liabilities

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Liabilities

csmbTreasurer
New MMEX User

Posts: 3
Joined: Sat May 06, 2017 3:00 pm
Is there a way to set up Liability accounts?  Specifically, there is a payee that I owe commissions to on a per transaction basis but it's payable quarterly so I'd like to be able to allocate the commissions to a liability account and show them as paid each quarter.
Re: Liabilities
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stef145g
MMEX Developer

Posts: 57
Joined: Fri Aug 13, 2010 9:40 pm
Location: Canberra, Australia
The way I understand your example, I would do the following:
1. Create a loan account for your payee.
2. After entering your regular transaction, create a 2nd transaction to transfer the commission component to the loan account.
3. When you actually make your payment, you would create a withdrawal transaction in the loan account.

This way you can keep track of how much commission you owe, and if there is any other charges, you would add these to the loan account.

Hopefully this suite your situation.
Regards: Stefano
Re: Liabilities

heatherrosado
New MMEX User

Posts: 2
Joined: Wed May 30, 2018 2:47 am
Location: United States
In money related bookkeeping, an obligation is characterized as the future penances of financial advantages that the element is obliged to make to different elements because of past exchanges or other past occasions
Re: Liabilities

heatherrosado
New MMEX User

Posts: 2
Joined: Wed May 30, 2018 2:47 am
Location: United States
casdasdas
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