liability account

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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chief2jlh
Posts: 3
Joined: Thu May 31, 2012 3:35 pm

liability account

Post by chief2jlh »

how do i release funds in a liability account? The liability account was not used correctly, instead, the payment was made out of a misc. fund, so my liability amount is incorrect ...how do I adjust this?

JohnDMeyers
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Joined: Sun Oct 07, 2007 9:50 am
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Re: liability account

Post by JohnDMeyers »

It depends on what transaction was used to put the money into that account.

You say that an expense account was used instead of the liability account. My first thought would be to correct that transaction:
CR 01-5870-000 some expense
DB 01-2130-000 some liability
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