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Long Term Assets & Liability Accounts

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Long term assets & liability accounts function exactly the same way as do the Other asset & liability accounts above. The only difference is that on the balance sheet they appear with a separate subtotal from the current assets and liabilities. You are able to choose which assets and liabilities are considered Current and which are considered Long Term. In the Chart of Accounts Defaults screen there is a Long Term Asset field for you to fill in and a Long Term Liability field for you to fill in. These are the break-points, so that assets and liability accounts after these numbers are subtotaled separately on the balance sheet.