Liability accounts

[Diane Stephens]

I have been using PC for several years and once I got it set up, it has been the greatest thing that we have done.
My problem- we recently added on and now we are the "proud" owners of a mortgage. I would like for someone or everyone to plese send me a copy of a Libility account and let me know how you got the beginning balance in, I am sure I should know this, but it has been so long since I set up my accounts, and none were Liabliliy accounts, that I don't remember how and the manual is not much help.
I just need to know how to get the account started and how to get the beginning balance in.
Thanks to anyone who can help in any way.
Diane Stephens

[Matt]

To set the liability account up just go to Maintain Chart of Accounts and follow through the prompts. You may need to set up some liability group accounts too, depending on how your chart of accounts is currently set up.

To get the beginning balance in you would debit the checking account (assuming the money was deposited to pay construction bills) and credit the liability account.