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Home > Business & Careers > Accounting   »   Beginning balances

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Old Oct 1, 2007, 12:08 PM
mleechamb
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Beginning balances
How can I get rid of the beginning balance in accounts payables? Everything was expensed during the year.

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Old Oct 1, 2007, 09:37 PM   #2  
CaptainForest
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Accounts Payable is a liability account.

You can get rid of the account once you pay the debt off, or if the debt is forgiven/dismissed.

What do you mean by you expensed your payables?
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