17. Recording Liabilities
What You’ll Do
The term liabilities refers to your company’s debts. QuickBooks groups liabilities into four types of accounts:
• Accounts payable—These are the bills you owe currently.
• Credit card—This is the balance due on company credit cards.
• Other current liabilities—This represents payroll owed to employees, taxes payable, advances, deposits, subscriptions your customers have paid, loans from shareholders, and other debt you expect to pay back within one year.
• Long-term liabilities—These are debts that won’t be paid back within ...