If you select a preset chart of accounts when you set up your QuickBooks
company, QuickBooks automatically sets up these liability accounts for you:
This account tracks what your company owes to suppliers and vendors.
You can use this account to track expenses that you charge to a credit card.
If you use more than one credit card, you can set up additional credit card
accounts for each card.
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.
If you indicate that you want to use QuickBooks payroll when you set up your
QuickBooks company, QuickBooks adds this liability account to your chart of
You use this account to track liabilities incurred for payroll taxes and
other deductions from employee paychecks. These include federal, state, and
local payroll taxes, company contributions such as a company-paid health plan
and the company-paid portion of taxes such as Social Security and Medicare.
Liability accounts you can