You can add as many liability accounts as necessary to track your debts. The
types of liability accounts you can add are:
Use this type of account to track what your company owes to suppliers
and vendors. When you created your company file, QuickBooks may have already
set up an accounts payable account. Normally, you will have only one or
two accounts payable accounts.
You need not set up an accounts payable account for each vendor.
Use this type of account to track expenses that you charge to a credit card.
Create a separate credit card account for each credit card that you have.
Long term liability
Use this type of account to track a debt that you will pay off slowly
over time. Any loan that has lasted or will last for more than a year
is a long term liability.
Use this type of account to track short-term liabilities other than bills
and credit card charges. Examples of what you can track with an other liability
account include lines of credit, short-term loans, accrued payroll, and accrued
You can use this account to track payments you make on a loan.
Sales Tax Payable
QuickBooks creates this account when you set up your company if you
indicated that you charge sales tax. The account tracks your company's
sales tax liability.
Liability accounts you start
Adding new accounts