On Nov 01, 1996 07:17am, BRUCE WILSON wrote to CAROLE CAPUANO:
 BW> On 31 Oct 96 04:08pm, CAROLE CAPUANO wrote to CHUCK THOMPSON:
 CC>> Different no, completely against standard accounting procedures,
 CC>> yes.
 BW> Huh?  Credit balances are liabilities on the balance sheet without
 BW> regard to how the account may be captioned.  (Okay, a few are known
 BW> as "contra-assets" -- such as accumulated depreciation and bad debt
 BW> reserves.)
We were talking about using a bank account to record credit card purchases,
bank account: asset, credit card: liability.
 CC>> What if it's not an asset but an expense, you're getting
 CC>> double-banged.
 BW> The expense gets debited and the liability credited when you make
 BW> the entry recognizing the credit card purchase.  The liability gets
 BW> debited and the cash asset credited when you make the payment.  In
 BW> the case of an asset purchase, it's the asset that's debited in the
 BW> first step.
I agree with all these statements, but my original question was why use a 
asset
account to setup a liability, nothing more, nothing less. You answer is
basically the DOS version doesn't allow reconciliation of a liability/card 
card
account.
Upgrade to Quicken 6 and then you can. But you're not ready yet....
cya,
carole
... Platinum Xpress & WC!5 & Win/NT 4.0..... Perfect Together!!!!
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