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QuickBooks 2007 on Demand by Gail Perry

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17. Recording Liabilities

The term liabilities refers to your company’s debts. QuickBooks groups liabilities into four types of accounts:

Accounts payableThese are the bills you owe currently.

Credit cardThis is the balance due on company credit cards.

Other current liabilitiesThis 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 liabilitiesThese are debts that won’t be paid back within ...

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