To Add a new Liability Account:In the software, you can define Liability Accounts for current, payroll and long term liabilities. Some accounts are predefined for you. These accounts include: deferred payments, supplier invoices not yet posted, transfer slips not yet posted, consignment liabilities, and taxes collected on sales. Accounts Payable are created using the contacts manager.
The software allows you to set up and maintain any number of Liability Accounts. You will set them up using the Liability Accounts Setup dialog.
To access the Liability Accounts Setup dialog:
Click on Tools
Select Location
Select General Ledger Accounts
Choose the type of liability account from the list.
To Add a new Liability Account:
To Update a Liability Account:
To Remove a Liability Account:
IMPORTANT: You may not remove a Liability Account if it has a balance. If you attempt to remove a Liability Account with a balance (positive or negative), The software will display a dialog which displays the account balance. Therefore, to remove a Liability Account, ensure it has a $0.00 balance first.
