How do you change the date of a Long Term Liability?
We have several liabilities of unearned income for services that were pre-paid that several of our clients haven't received yet. We want to record these as Long Term Liabilities. I put the wrong date in as the start date (a date prior to the formation of the new entity) so I need to edit it. It won't easily let me do this in Quickbooks. Do you know how to do this so I don't have to make it inactive and recreated it making the chart of accounts messier than I'd like?
I can share with you some steps to edit the date of your long term liability account in QuickBooks.
In QuickBooks, click the Gear icon.
Select Chart of Accounts.
Look for Long Term Liability Account.
Tap View register.
Click the account and choose Edit.
You'll be routed to the Journal Entry page.
From there, enter the correct date in the Journal Date.
Tick Save when done.
I've got you this helpful article in case you need some ideas in managing your accounts in Chart of Accounts: Common chart of accounts tasks. This includes steps on how to hide or delete the account, activate or deactivate accounts, display balance of non-balance sheet accounts, etc.
That's it! You'll now be able to change the date of the liability account. Feel free to come back here again if you have other concerns about this or any QuickBooks-related questions. I'm here if you need further assistance. Have a good one.