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Liability accounts you can create

add account

create account; create account

set up account; setup account

You can add as many liability accounts as necessary to track your debts. The types of liability accounts you can add are:

Accounts payable

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.

Credit card

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.

Other current
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 payroll taxes.

Loan Payable

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.

See also

KB ID# H_COA_INFO_LIABILITY_ACCOUNTS_OPTIONAL
9/16/2014 10:27:31 AM
PPRDQSSWS400 9102 Pro 2013 5c6835