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I have crated a long term liability account for a car loan. The opening balance at the beginning of this year is -522,174.46. Can someone assist how to enter this opening balance
If it is a loan then you will have a regular liability to pay. Could you log this as a expense through a supplier account and then have a recurring journal to signify the monthly invoice amount due? As part of the posting of the expense (P&L) you could use a specific posting setup/vendor posting group so that the liability sits in the specific account you have created.
If you are posting a regular invoice then the amount due with drop into the payment run time it needs to.
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