Unpaid balance for liability accounts

When you enter the unpaid balance for a liability account, keep these points in mind:

• If you are creating this account while entering a transaction (for example, by entering the account name when creating a check), leave the amount empty. The transaction you are entering gives the account an initial amount.
• If this is a new liability, leave Balance empty. You enter the opening balance by making a deposit. See Enter the opening balance for a loan.
• If this is a liability you've held for a while, enter the balance (what you still owe) as of a date you choose. Enter the amount as a positive number.
• If you've made loan payments since the date you choose, see Make a loan payment.

Which date should you choose?

Use the date when you want to start tracking the liability in QuickBooks. Often it is the end of your last accounting period.