QB Issue Resolution:

Answer 1:

You can make the liability account inactive.

This will hide the account from your chart. Note that an adjustment on your opening balance will be added if an inactive account has balance.

Here are the steps on how to make the long term liability inactive:

 

  1. On the Chart of Accounts page, search the name of the liability account.
  2. Click the drop-down arrow under Action column, then select Make inactive.
    Seach the account.PNG
  3. Choose Yes on the next prompt.
    Yes.PNG

You may turn on account numbers in your chat of accounts, check this link to learn more.

 

Answer 2: If you’ve already created this account with a new opening balance transaction, you would want to delete that transaction before making the account inactive. In other words, you would want to make balance sheet accounts like long-term liability types before making the account inactive.

Resolution for Issue 'How do I delete a long term liability that I just created by mistake?' available: Yes (Solved).
Source: Intuit Community forum.

How do I delete a long term liability that I just created by mistake?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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