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We bought a business and part of the agreement is to pay the previous owner payments over time. I can set up the liability (payments owed) but what is the other side of the entry?
Good afternoon, @heidi77f.
I'm happy to have you here in the Community.
I can help you record the liability.
That's all there is to it.
I'm right here if you have any other questions, all you need to do is reply to this thread.