Was this page helpful?
Thank you!

Comments or suggestions?



Enter Email Address (optional)
email

Liability accounts that QuickBooks creates for you

If you select a preset chart of accounts when you set up your QuickBooks company, QuickBooks automatically sets up these liability accounts for you:

Accounts Payable

This account tracks what your company owes to suppliers and vendors.

Credit Card

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.

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.

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 accounts:

Payroll Liabilities

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.

See also

KB ID# H_COA_INFO_LIABILITY_ACCOUNTS_PRESET
9/26/2016 3:27:05 AM
QYPPRDQBKSWS09 9138 Pro 2017 81d445