Liabilities are any obligations you have to pay for something. In other words, things that you owe. Examples of liabilities include loans, credit cards and money owed to suppliers.
The categories recorded under liabilities are:
Financial institution loans
Other loans
Trade and other creditors
Financial institution loans
Financial institution loans include credit cards, overdraft facilities or loans taken out with a registered bank or building society.
Other loans
Other loans include amounts owed by your party to individuals or organisations under specific agreements.
For example, this could include a loan of money to fund the establishment of your party.
Trade and other creditors
Creditors are specific, definite amounts owed to known suppliers for which you have been invoiced, but which you have not yet paid.
This could include amounts owed to a supplier of merchandise for goods bought by your party.