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    Legal101's Avatar
    Legal101 Posts: 2, Reputation: 1
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    #1

    Apr 13, 2014, 09:03 PM
    Quickbooks correct opening balance in long term liabilities
    Correct opening balance in long term liabilities
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Apr 14, 2014, 06:34 AM
    Not enough information given. Your opening balance for long-term liabilities should be the amount you owe to crediters that has to be paid back after one year or one operating cycle.
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    paraclete Posts: 2,706, Reputation: 173
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    #3

    Apr 15, 2014, 12:42 AM
    essentially in a piece of accounting software like Quickbooks you do not create balances or long term and current liabilities, you classify various accounts according to their nature and when producing an annual report you will acknowledge the short or long term nature of a liability in a balance day adjustment which is reversed on the first day of the new year
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