The application incorporates a powerful liability administration tool which enables multiple liability entries to be handled. Further, booking entries are also maintained for general ledger system. Accounts and amounts form the integral part of the liability. The application allows liability accounts to be configured party wise. During processing for a business contract, this can be picked for the liability party from the “EN” type of account configuration in Maintaining Accounts.

Similarly, liability accounts can also be defined business product wise. That is, liability accounts can be defined for different business sectors based on the product groups defined in Maintaining Product Codes.

Liability accounts can be defined for different types of liabilities under the combinations of business sector, product code, sub type and variant. Along with liability account, it's counter (contra) account can also be defined.

Additionally, if different liability accounts are to be defined for different currencies, options are available to prefix/suffix the contract currency to the liability account and counter account can be selected.

The defined liability account and counter account will be used in the liability panel and bookings panel of a business contract.