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QuickBooks 2009 on Demand by Laura Madeira, CPA Gail Perry

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Chapter 17. Recording Liabilities

<feature><title>What You’ll Do</title> <objective>

Manage Accounts Payable

</objective>
<objective>

Record Payroll Tax Accruals

</objective>
<objective>

Set Up Credit Card Accounts

</objective>
<objective>

Account for Deposits or Retainers

</objective>
<objective>

Record Loans

</objective>
<objective>

Use the QuickBooks Loan Manager

</objective>
<objective>

Record Loan Payments

</objective>
</feature>

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, ...

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