Ministry of education tashkent financial institute

Control of current liabilities

It is essential that all existing liabilities are recorded, in order to be aware of all outstanding debts. Order them with a date, to know which ones have a longer period of time to cancel them. The people who are behind the approval of liabilities and the administration of them must be authorized and trained to carry good order. Unauthorized liabilities should not be included in the accounting, nor should they be canceled, since there may be a loss of money as it is not a real liability. Payments must be exercised with the greatest responsibility, for non-suppliers and creditors, who are the ones who lend money to interest. It is important to have a close and professional relationship with these people and institutions since they are the ones that help in the labor and productive activity of the company.

In general, the greatest amount of current liabilities comes from the suppliers, who establish a cancellation date between 1 and 3 months, so it must be canceled in this period of time for the good reputation of the company so that then release the merchandise or services again.

Current liabilities have to have good management and classification since when another debt is going to be acquired as financing or loan, they will ask for documents that certify that the company does not have large debts and that they are able to pay off the one they are requesting. It is of vital importance to register all the operations carried out, as well as the loan applications or the cancellation of debts so that at the end of the day there are no problems and this is all organized and embodied. To find a quick solution in the case of not being able to settle the outstanding debts, you can negotiate with the institution or the provider, so that it gives you a more extensive date to cancel the pending payment or request the pending payments of the clients, in order to secure cash for debts or interest.