Course Content

Total learning: 10 lessons Time: 6 hours

Tracking Liabilities, Mortgages, And Credit Cards

Whether it’s short-term or long-term debt, a liability is money your organization owes. In this session, we will review the most common liabilities you may need to track in your accounting. We will also walk through how to set up liabilities in your account structure and registers. For best results, log in to your account in a separate window and follow along. Don’t have an account yet? Start a free trial.

Topics we will cover include:

  • What Is A Liability? [1:35]
    Your liability accounts are used to track money your organization owes. In your chart of accounts, you can create account groups and sub-accounts for your liabilities. Go to your chart of accounts in Aplos. If you want more info about editing your chart of accounts, you can view the support resource for creating a chart of accounts.
  • Short-Term Payables [4:00]
    Short-term payables are typically liabilities your organization will pay off in less than one year. These may include credit cards, Accounts Payable, payroll taxes, and unearned income.
  • Long-Term Payables [13:01]
    Long-term payables generally include liabilities that have future payments scheduled out for more than a year, such as building mortgages or vehicles.
  • Accounts Payable [16:04]
    When liabilities are marked as an Accounts Payable type, you can record bills and apply them to those liabilities from the Accounts Payable screen. Go to your Accounts Payable in Aplos. View the resource for Accounts Payable transactions.
  • Credit Cards In An Account Register [17:00]
    When you create liabilities and select the option to use them as a register type, you can itemize all the transactions for those liabilities from your account register. This is particularly useful when it comes to credit card transactions. Go to your account register in Aplos. View the resource for using the account register to track credit cards.
  • Starting Balances [21:44]
    Learn how to set the starting balances for your liability accounts. Go to your account starting balances in Aplos. View the resource for setting your starting balances.