diff --git a/app/Console/Commands/Upgrade/UpgradeLiabilities.php b/app/Console/Commands/Upgrade/UpgradeLiabilities.php
new file mode 100644
index 0000000000..55bfa8670f
--- /dev/null
+++ b/app/Console/Commands/Upgrade/UpgradeLiabilities.php
@@ -0,0 +1,175 @@
+<?php
+
+namespace FireflyIII\Console\Commands\Upgrade;
+
+use FireflyIII\Factory\AccountMetaFactory;
+use FireflyIII\Models\Account;
+use FireflyIII\Models\Transaction;
+use FireflyIII\Models\TransactionJournal;
+use FireflyIII\Repositories\Account\AccountRepositoryInterface;
+use FireflyIII\User;
+use Illuminate\Console\Command;
+use Log;
+
+/**
+ * Class UpgradeLiabilities
+ */
+class UpgradeLiabilities extends Command
+{
+    public const CONFIG_NAME = '560_upgrade_liabilities';
+    /**
+     * The console command description.
+     *
+     * @var string
+     */
+    protected $description = 'Upgrade liabilities to new 5.6.0 structure.';
+    /**
+     * The name and signature of the console command.
+     *
+     * @var string
+     */
+    protected $signature = 'firefly-iii:upgrade-liabilities {--F|force : Force the execution of this command.}';
+
+    /**
+     * Execute the console command.
+     *
+     * @return int
+     */
+    public function handle(): int
+    {
+        $start = microtime(true);
+        if ($this->isExecuted() && true !== $this->option('force')) {
+            $this->warn('This command has already been executed.');
+
+            return 0;
+        }
+        $this->upgradeLiabilities();
+
+        //$this->markAsExecuted();
+
+        $end = round(microtime(true) - $start, 2);
+        $this->info(sprintf('in %s seconds.', $end));
+
+        return 0;
+    }
+
+    /**
+     * @return bool
+     */
+    private function isExecuted(): bool
+    {
+        $configVar = app('fireflyconfig')->get(self::CONFIG_NAME, false);
+        if (null !== $configVar) {
+            return (bool)$configVar->data;
+        }
+
+        return false;
+    }
+
+    /**
+     * @param Account            $account
+     * @param TransactionJournal $openingBalance
+     */
+    private function correctOpeningBalance(Account $account, TransactionJournal $openingBalance): void
+    {
+        $source      = $this->getSourceTransaction($openingBalance);
+        $destination = $this->getDestinationTransaction($openingBalance);
+        if (null === $source || null === $destination) {
+            return;
+        }
+        // source MUST be the liability.
+        if ((int)$destination->account_id === (int)$account->id) {
+            Log::debug(sprintf('Must switch around, because account #%d is the destination.', $destination->account_id));
+            // so if not, switch things around:
+            $sourceAccountId         = (int)$source->account_id;
+            $source->account_id      = $destination->account_id;
+            $destination->account_id = $sourceAccountId;
+            $source->save();
+            $destination->save();
+            Log::debug(sprintf('Source transaction #%d now has account #%d', $source->id, $source->account_id));
+            Log::debug(sprintf('Dest   transaction #%d now has account #%d', $destination->id, $destination->account_id));
+        }
+    }
+
+    /**
+     * @param TransactionJournal $journal
+     *
+     * @return Transaction
+     */
+    private function getSourceTransaction(TransactionJournal $journal): ?Transaction
+    {
+        return $journal->transactions()->where('amount', '<', 0)->first();
+    }
+
+    /**
+     * @param TransactionJournal $journal
+     *
+     * @return Transaction
+     */
+    private function getDestinationTransaction(TransactionJournal $journal): ?Transaction
+    {
+        return $journal->transactions()->where('amount', '>', 0)->first();
+    }
+
+
+    /**
+     *
+     */
+    private function markAsExecuted(): void
+    {
+        app('fireflyconfig')->set(self::CONFIG_NAME, true);
+    }
+
+    /**
+     *
+     */
+    private function upgradeLiabilities(): void
+    {
+        Log::debug('Upgrading liabilities.');
+        $users = User::get();
+        /** @var User $user */
+        foreach ($users as $user) {
+            $this->upgradeForUser($user);
+        }
+    }
+
+    /**
+     * @param User $user
+     */
+    private function upgradeForUser(User $user): void
+    {
+        Log::debug(sprintf('Upgrading liabilities for user #%d', $user->id));
+        $accounts = $user->accounts()
+                         ->leftJoin('account_types', 'account_types.id', '=', 'accounts.account_type_id')
+                         ->whereIn('account_types.type', config('firefly.valid_liabilities'))
+                         ->get(['accounts.*']);
+        /** @var Account $account */
+        foreach ($accounts as $account) {
+            $this->upgradeLiability($account);
+        }
+    }
+
+    /**
+     * @param Account $account
+     */
+    private function upgradeLiability(Account $account): void
+    {
+        /** @var AccountRepositoryInterface $repository */
+        $repository = app(AccountRepositoryInterface::class);
+        $repository->setUser($account->user);
+        Log::debug(sprintf('Upgrade liability #%d', $account->id));
+
+        // get opening balance, and correct if necessary.
+        $openingBalance = $repository->getOpeningBalance($account);
+        if (null !== $openingBalance) {
+            // correct if necessary
+            $this->correctOpeningBalance($account, $openingBalance);
+        }
+
+        // add liability direction property
+        /** @var AccountMetaFactory $factory */
+        $factory = app(AccountMetaFactory::class);
+        $factory->crud($account, 'liability_direction', 'debit');
+    }
+
+}