Long Term

QuickBooks Period End Tasks: The Accounting Side – Chpt.3

This brings us to the final chapter on QuickBooks period end tasks. What will be covered here is Long Term Debts, Audit Trail and Setting the Closing Date. Long Term Liabilities – If this type of liability was financed by a lending or banking institution, then at the end of each year, a statement from the lender should be reconciled to the Balance Sheet amount. Here one has to be cognizant...

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QuickBooks Liability Accounts and Working with Them

If you have viewed your QuickBooks Chart of Account Liability Types, you will notice that there are two. One is the Other Current Liability, which is used to track liabilities that a company expects to pay within a year. Some examples might be Accounts Payable, Credit Card Accounts, Accrued Vacation Pay, Payroll Liabilities or the HST Payable. The other liability type is Long Term, which is...

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