New Liabilities Account

Boatrepair01 · ‎January 13, 2020

How do I create a new liability account in Quickbooks Online for tax, title fee, and registration fees we collect from a customer that we pay to Texas Parks and Wildlife? We are licensed to sell boats, and we collect the fees for TPWD from the customer at the time of the transaction, then we pay the same amount to TPWD. We would prefer to create a line item to add to the invoice, and then have it deduct from the liability account when the check to TPWD clears.

Rustler · ‎January 14, 2020

menu gear>chart of accounts, click new

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Candice C · ‎January 14, 2020

Good Morning, @Boatrepair01.

I'm here to help you create a new liability account. @Rustler is correct on how to add a new chart of account in QuickBooks, but I do want to give you some more details on this matter.

Before doing the steps below, I recommend consulting with an accounting professional so you can receive the best legal advice for your business.

Create a Chart of Account

1. Go to the Gear icon.

2. Under Your Company, pick Chart of Accounts.

3. Select New.

4. Enter all the information needed.

5. Now press Save and Close.

It's that easy! Before you go, I do want to give you a link that can give you more information about the Chart of Accounts.

I'm here if you have any other questions. Have a beautiful Tuesday!