Liabilities refer to the financial obligations of your business, representing amounts owed to external parties. They can be further classified as: Current Liabilities : These are obligations expected to be settled within 12 months. They include items like loans, credit card bills, unpaid invoices, GST, taxes, and wages owed. Long-term Liabilities : These are obligations expected to be settled after 12 months. They may include long-term loans and other extended financial commitments. You can record and track your liabilities entered into Tyro Accounting using the Asset and Liability Register.