I have a current liability and a long term liability. One payment is interest only (long term loan) the other is principal and interest (short term loan). However, the past few months this has been recorded incorrectly in the gl. What does correcting the balances to actual do to the financials?

When you say recorded incorrectly in the gl what do you mean?

Current liabilities and Long term liabilities are separated when preparing the accounts, whilst a gl can be sectionalised to facilitate this there are some liabilities where one account will suffice and the short term component extracted when preparing the reports