Time for action - keeping track of credit purchases
We will now go through the steps of adding a vendor to our database, entering a bill and making a payment against that bill when it becomes due:
- Prerequisites: Make sure you have an Accounts Payable account in your account hierarchy. Please see Chapter 1, Getting started with GnuCash for a tutorial on how to create an account. Typically, you will find this under Liabilities or under Current Liabilities. If you do not have one, go ahead and create a new Accounts Payable account. This should be of type A/Payable with Liabilities as the parent.
- You will find all of the modules for this tutorial under the menu Business | Vendor. Create a New Vendor.
- Create a new Bill and make the date of the bill of ...