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Liabilities are your company's debts. In a sense, liabilities represent the credit extended to your business. Liabilities include the bills you've received, money you owe on credit cards, sales tax you owe the government, employee withholdings you owe the government, and both short-term and long-term debts.

QuickBooks distinguishes between two types of liabilities:

Current liabilities

Debts your company expects to pay within a year, such as a short-term loan or a bill.

Long-term liabilities

Debts your company expects to pay off in more than one year.

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