I'm here to provide information about the Other Current Liability account in QuickBooks Desktop (QBDT)., @LM537.
The Current Liabilities are the amounts that are due to be paid within a year. This includes the accounts payable, payroll liabilities, and amounts due on short-term business loans, such as a line of credit. You can visit this article for more details: What are Current Liabilities?.
To create this account in your QBDT program, please follow the steps below:
- Navigate to the Lists menu at the top bar and select Chart of Accounts.
- Next, select New, from the Account dropdown.
- Tick the radio button for Other Account types and an account type and choose Other Current Liabilities from the drop-down.
- Click Continue and complete the account details.
- Once done, click Save & Close.
Here's the link that will provide you more detailed guide in creating an account in QBDT: Add accounts in QuickBooks Desktop. This also includes instructions on how you can edit or delete an account.
Before performing any actions in your company file, I recommend creating a backup copy first. This is to ensure you have the original info you can restore in case of accidental loss or damage. Also, we want to make sure that your books are accurate so I'd suggest consulting your accountant if you want to use the liability account in creating journal entries.
Once the journal entry is created, you can pull up the Transaction Journal Report to review the debit and credit for the transaction. This gives you a more focused view of amounts and accounts that is not visible from the transaction itself.
If you have any additional questions or concerns about void checks using journal entries, please don't hesitate and reach back out to me. I'm always here. Have a nice day.
