liability account
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liability account
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?
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Re: liability account
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
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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