This final paper indicates the importance of liabilities and receivables in the business and financial statements of the business entity. In the current business environment, marked by the pandemic (COVID-19) and the crisis it has caused, companies must adapt to riskier forms of business. Due to this situation, delaying the collection of receivables from customers has become an everyday practice, as well as seeking a deferral of settling their own obligations. Furthermore, the longer the collection period, the harder it is to collect receivables, which further leads us to the fact that the company cannot meet its obligations. Precisely such business procedures lead to the impossibility of collection or payment, which ultimately leads entrepreneurs to write off and value adjustments of receivables and liabilities. In order to act appropriately in such situations, 4 the business entity is obliged, in accordance with all provisions of Croatian and International Financial Reporting Standards, and the Law of Profit and Value Added Tax, to record and keep its liabilities and receivables. In this way, the business etity can react in a timely and correct manner to problematic liabilities and receivables. In this paper, we will try to list the most important actions required for a correct record of liabilities and receivables and show the correct posting procedures through examples.