What You'll Do
Manage Accounts Payable
Record Payroll Tax Accruals
Set Up Credit Card Accounts
Account for Deposits or Retainers
Use the QuickBooks Loan Manager
Record Loan Payments
The term liabilities refers to your company's debts. QuickBooks groups liabilities into four types of accounts:
Some liabilities are paid quickly. Utilities, for example, are paid each month, and new bills come in to take their place. Other liabilities linger; mortgages stretch out over decades. Credit card balances, although constantly refreshed, might never seem to go away.
Companies are required to report their liabilities on financial statements so investors and lenders have a clearer picture of the value of the company.