Remove liability that should not exist

Question

Hi&nbsp;&nbsp;I have inherited a balance sheet that has $56,650.39 as a liability that should not exist, the reason it should not exist is the amount is already in a bank account for deposits that sits on the balance sheet as liability, there for it is doubled up.&nbsp;How can I remove this without transfering it to another area.&nbsp;thank you&nbsp;

gavin12345 · Answer

Hi&nbsp;AngParMan&nbsp;&nbsp;This is one for your accountant or bookkeeper, someone with high level experience who knows your accounts can look into cause and advise a solution.&nbsp;You can't simply 'remove' a liability (unless you have file corruption and Net Assets do not equal Liabilities), you can only 'move' it somewhere, this is the nature of double entry accounting.&nbsp;RegardsGavin

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Remove liability that should not exist

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