Liabilities are negative things owed which include things such as:
Accounts Payable â€“ invoices received for operating expenses but as of reporting date not yet paid
Accrued Expenses â€“ expenses that have been incurred for the reporting period but no invoices have been received as of reporting date and are unpaid (example: purchase order issued, goods/services received, invoice not received to be entered as a payable or paid)
Prepaid Condominium Fees â€“ condominium fees paid to the Corporation in advance of their due date.
Due to Reserve â€“ funds due to the reserve from the operating account but as of reporting date have not been transferred