Free US Law Dictionary
BETA
Accounts Payable
Accounts payable is a file or account that contains money that a person or company owes to suppliers, but hasn't paid yet (a form of debt). When you receive an invoice you add it to the file, and then you remove it when you pay. Thus, the A/P is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received.
In household, accounts payable are ordinarily bills from the electric company, telephone company, cable television or satellite dish service, newspaper subscription, and other such regular services. Householders usually track and pay on a monthly basis by hand using cheques or credit cards. In a business, there is usually a much broader range of services in the A/P file, and accountants or bookkeepers usually use accounting software to track the flow of money into this liability account when they receive invoices and out of it when they make payments.
Commonly, a supplier will ship a product, issue an invoice, and collect payment later, which creates a cash conversion cycle, a period of time during which the supplier has already paid for raw materials but hasn't been paid in return by the final customer. Certain companies, most famously Dell[citation needed] , have been able to profit handsomely by reversing the conversion cycle: they receive payment before they ship the product. Instead of granting credit to their customers, they receive it from them.
When the invoice arrives it is matched to the packing slip and purchase order, and if all is in order, the invoice is paid. This is referred to as the three-way match. [1]
Law departments should be able to claim savings if accounts payable spends less on checks
Little is known by me about the cost to a company of processing a law firm invoice (See my post of Nov. 5, 2006: ?processing invoices?; Sept...
Without spend management software, law departments get their data from accounts payable
If law departments lack software to track external expenses, they may rely on accounts payable to generate whatever figures they need...
New GAO Reports: Digital Television Transition, Governmentwide Accounts Payable, Low-Level Radioactive Waste, Organ Transplant Programs
Digital Television Transition: GAO DTV Broadcaster Survey, (GAO-08-528SP, April 2008), an E-supplement to GAO-08-510 - GAO-08-528SP, April 30, 2008 Digital...
Why it?s hard to reconcile your matter management system to your accounts payable system
Ideally, the system in the law department that tracks outside spending ought to produce the same numbers as the company?s accounts payable system...
Electronic receipt of invoices should be treated separately from transmission of approved invoices to accounts payable
One worthy objective is to receive bills from law firms in electronic format; a second objective, distinctly more complicated, is to convey the information about bills your have approved to your company?s accounts payable system...
Payable PIP deducted from UIM recover even when it looks like it never will be payable and no Minton reduction given for WC offset against UIM: KENTUCKY SCHOOL BOARD ASSOCIATION V. JEWELL (COA 3/7/2008)
KENTUCKY SCHOOL BOARD ASSOCIATION V. JEWELL INSURANCE: PIP, WORKERS COMPENSATION AND SUBROGATION 2006-CA-001995 PUBLISHED: AFFIRMING IN PART, REVERSING IN PART, AND REMANDING PANEL: HENRY PRESIDING; COMBS, ACREE CONCUR COUNTY: WHITLEY DATE RENDERED: 3/7/2008 This case has an unsual procedural history since the first decision was not published, then following a request for reconsideration by the COA, the request was granted and a revised opinion published! A motion for discretion review was filed on 4/7/2008 with the Supreme Court...
My father died and left my mother $200,000 (life insurance) My Mother died 2 years later leaving my sister and I with both about $75,000 each. (including house/vehicles/belongings which I never got). We were supposed to
File a police report. Two police reports, one for you and one for your sister. G...
Do I still have to pay a bill that arrived 3 years late? I bought a custom chair 3 years ago. I paid for half of the chair when I made the purchase ($450). They were going to send me a bill for the second half. I never r
Are you asking for the moral answer or the legal answer? Morally, well, what do ...
Is a surviving spouse (wife) responsible for the credit card debt that was in their deceased spourse's (husband's) name?
when my father died my mother sent a letter and a copy of a death certificate ( ...
Did he marry me for a green card?
Divorce is always an ugly thing and people tend to get their feelings hurt. Why ...
Recenlty one of my credit card accounts was closed as a result of inactivity. Will this have an adverse affect on my credit score and lower my Fico score. I have three other cards with the balances paid off.
There could be 2 cases of inactivity of credit cards. First is over due on card ...
#1 Online Legal Resource
My father died and left my mother $200,000 (life insurance) My Mother died 2 years later leaving my sister and I with both about $75,000 each. (including house/vehicles/belongings which I never got). We were supposed to
File a police report. Two police reports, one for you and one for your sister. G...
Do I still have to pay a bill that arrived 3 years late? I bought a custom chair 3 years ago. I paid for half of the chair when I made the purchase ($450). They were going to send me a bill for the second half. I never r
Are you asking for the moral answer or the legal answer? Morally, well, what do ...
Is a surviving spouse (wife) responsible for the credit card debt that was in their deceased spourse's (husband's) name?
when my father died my mother sent a letter and a copy of a death certificate ( ...
Did he marry me for a green card?
Divorce is always an ugly thing and people tend to get their feelings hurt. Why ...
Recenlty one of my credit card accounts was closed as a result of inactivity. Will this have an adverse affect on my credit score and lower my Fico score. I have three other cards with the balances paid off.
There could be 2 cases of inactivity of credit cards. First is over due on card ...
 |
|
Contact Us | About Us | Celebrity Law Blog |
Our Partners | Disclaimer
| Law Blog Directory
| Law Jobs
| Law Tweets
| GoDaddy Hosting
All original material © 1999-2009 by USLaw.com. |