Liabilities
Within the balance sheet, there is 2 different account types that transactions are coded into.
Liabilities are broken in 2 main types; current and non current. The difference between the 2 is the timing of the liability or when the liability will be paid out. i.e. Accounts payable, is generally payable within a 12 month period, whilst bank loans are held for greater than 12 months.
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