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AngParMan's avatar
AngParMan
Cover User
3 years ago

Remove liability that should not exist

Hi 

 

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.

 

How can I remove this without transfering it to another area.

 

thank you 

1 Reply

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  • gavin12345's avatar
    gavin12345
    Ultimate User
    3 years ago

    Hi AngParMan 

     

    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.

     

    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.

     

    Regards

    Gavin

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