You can divide liabilities into short- term and long-term debt.
- Short-Term Liabilities are also called short-term obligations. They can include payroll taxes that have been withheld but not submitted, or offerings received for other organizations that have not been remitted.
- Long-Term Liabilities are long-term obligations. Your congregation probably has long-term debts such as a mortgage. Long-term debts are also considered liabilities.
- Click on the Settings cog and then select “Chart of Accounts.”
- Scroll down to the Liabilities section of your Chart of Accounts and then select the “New Account” or “New Category” button.
- Enter in your account name and number (if applicable).
- Click “Submit” to save your Liability account.
- Click “Save Changes” once you have finished editing your entire Chart of Accounts.