How to Create a Bill Using a Liability Account

Overview:

In this article, we will cover how to create a Bill using a Liability Account. Please find the available resources below.

This procedure outlines how to create a Bill using a Liability Account that was previously used to track a specific Expense, such as a Royalty Fee or MLS Fee from a Commission transaction. Journal Entry lines were created in the Main Journal Entry uploaded to Accounting to record the Expense and offset it with a corresponding Liability Account. This procedure reduces the Liability Account balance to accurately reflect payments owed.

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