A Liability, in accounting terms, is a claim on the university\u2019s resources, or more simply put, it is what we owe to a third party. This would include accounts payable, loans or mortgages, and deferred or unearned revenue.<\/p>\n
The university\u2019s liabilities are managed by Financial Services. As a departmental administrator, you may encounter entries in the accounts payable liability account in the balance sheet of your special purpose fund, or in a research Fund. These entries are recorded just prior to the actual payment being issued to the third party, and will clear once the cheque or electronic payment has been distributed.<\/p>\n","protected":false},"excerpt":{"rendered":"
What is it? A Liability, in accounting terms, is a claim on the university\u2019s resources, or more simply put, it is what we owe to a third party. This would include accounts payable, loans or mortgages, and deferred or unearned revenue. Why is it important? The university\u2019s liabilities are managed by Financial Services. As a […]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":79,"menu_order":119,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"yoast_head":"\n