Accounts Reconciliation Blog

Business debts are business liabilities. To find your current liabilities you have to follow these steps:

Get the correct figure from each of these.

Accounts payable statement

Taxes payable – this is the sales tax payable figure which comes from the Monthly Income Summary sheets and the payroll taxes payable which comes from the Check Register of our special payroll tax bank account.

Miscellaneous Current Liabilities – include any interest on credit card purchases, loans which have accrued but not paid, any amounts due on long term liabilities, payroll which has accrued but not paid, any principle due on short term notes.