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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]
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when my father died my mother sent a letter and a copy of a death certificate ( ...
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Must a renter pay late fees for late rent payments if the lease contains late payment penalties?
Simple answer is that you have to pay whatever the lease you signed says....
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 ...















