If you select a preset chart of accounts when you set up your QuickBooks company, QuickBooks automatically sets up these liability accounts for you:
Accounts Payable | Track what your company owes to suppliers and vendors. |
Credit Card | Track expenses you charge to a credit card. If you use more than one credit card, you can set up additional credit card accounts for each card. |
Loan Payable | Track payments you make on a loan. |
Sales Tax Payable | QuickBooks creates this account if you indicated that you charge sales tax when you set up your company. The account tracks your company's sales tax liability. |