Other Current Liability

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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QuickBooks Quik Tip – Accrued Vacation Pay Payroll Item

For anyone that is using QuickBooks Payroll, you will notice that certain Payroll Items are arbitrarily assigned to specific general ledger accounts.  Take for example CPP, IE, Federal Income Tax and even Accrued Vacation Pay. If you have more than a handful of employees, this can result in confusion on how much is actually owed in accrued vacation pay, at any given time. To make your life a...

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