accounts payable


Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia, Wikipedia.
Related to accounts payable: general ledger, accounts receivable

Accounts payable

Money owed to suppliers.

Accounts Payable

1. Money owed for a good or service purchased on credit. Accounts payable are a current liability for a company and are expected to be paid within a short amount of time, often 10, 30, or 90 days.

2. A unit within a company's accounting department that deals with accounts payable, managing credit lines, purchase orders, and audit reports.

accounts payable

Money a business owes to others. Accounts payable are current liabilities incurred in the normal course of business as a firm purchases goods or services with the understanding that payment is due at a later date. If a firm pays cash for all of its purchases, no accounts payable will appear on that firm's balance sheet.

accounts payable

see CREDITORS.
References in periodicals archive ?
*To estimate the size of the Global Accounts Payable Automation Market in terms of value.
In the event that reverted accounts payable are subsequently validated by competent authorities or by final executory decisions, the funding shall be determined by the Department of Budget and Management (DBM) subject to applicable laws, rules and regulations.
The important difference between deposits received and notes and accounts payable is that deposits received involve borrowing cash; that is, supplier firms borrow cash from customer firms.
The process that Ford eventually reengineered was not "accounts payable," but "procurement." That process included accepting a purchase order from a plant (the customer) that needed parts and then providing that customer with bought-and-paid-for goods.
A typical ERP suite includes basic accounting modules, such as G/L (general ledger), A/R (accounts receivable), A/P (accounts payable) and PO (purchase orders).
In addition to the automation of a previously cumbersome and manually intensive process, the PC, products can offer additional efficiencies through integration with a corporation's general ledger and/or accounts payable system.
In general, the company sought to upgrade its accounts payable system, but specifically needed a year-2000-compliant system.
In recent years many companies, with the help of an accounts payable review, have closed a gaping hole through which stunning amounts of profits fall in the form of vendor overpayments.
In 1995 the Hyperspace group entered the picture to assist Phar-Mor in its efforts to automate the retailer's accounts payable process.
Has your bookkeeper or accounts payable clerk ever asked you to sign a check that was not prepared in the normal computer-generated bill payment cycle?
An indexing system for accounts payable devised by staff of the City of Lubbock, Texas, provides benchmarks that are used to measure the efficiency of the, payment system in quantifiable terms and to identify problem areas.
Financial management modules include purchase ordering, accounts receivable, accounts payable, payroll, general ledger and financial statements.

Full browser ?