Are are liability accounts payable accounts

[yankitwizzy]

I am not an accountant. I am a software developer. I am configuring a software for a company that has an accounting module. The company gave me their chart of accounts. I am a bit confused on which accounts in the charts to make payable accounts. Are all liability accounts payable accounts? Should an account that records entries on staff loans be classified as an expense account or a payable account?

 

[bklynboy]

All payables are liabilities but NOT all liabilities are payables. The accounting definition of an a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding economic benefits in the future. An account payable is a liability that is usually short-term in nature and represents an amount owed to a creditor.

Staff loans I assume are amounts the company loans to employees that need to be paid back. This would be an asset as the company is expecting to be repaid and not a liability. There is no expense as the company is not giving up the asset but simply loaning it for a period of time.

Let me know if this is not what you mean by staff loans and I can be more specific,