Can anyone help me switch a bill to long term liability and then increase the amount to reach what is the purchase price ofcompany for the past owner of our business?

Hi there amy,

Let me share the process on how to switch your bill into a long term liability.

First, you’ll need to have a long term liability account. Let me show you how:

1. Click Accounting.
2. Choose Chart of Accounts.
3. Select the New button.
4. Under Account Type choose Long term Liabilities, then fill in all necessary information like Detailed Type and Name.
5. Click Save and Close.

Then, create a vendor credit for the total amount using your long term liability account that you created earlier.

Here’s how:

1. Click the Plus icon (+) and select Vendor Credit.
2. Choose the specified vendor.
3. On the Account section, select your long term liability account and fill in all necessary information.
4. Click Save and close.

Lastly, you can go to Pay Bills and link the credit. Here’s how:

1. Select the Plus icon (+) and choose Pay Bills.
2. Click the Box for the specific bills then hit Save and close.

For reference, you can visit this article: How to enter and pay bills.

In regards on how to increase the amount to reach the purchase price of your company, I suggest consulting to your accountant for advice.

Please let me know if you have other question about QuickBooks Online. I’ll be here to help Have a good day!