Accounts payable

Q&A By UNIQUE BUSINESS IDEAS

Amounts owed by a company to suppliers, or creditors for goods or services purchased on credit

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Recorded as liabilities on the balance sheet

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Typically have a due date and a payment term (e.g. net 30, net 60)

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Important for managing cash flow and maintaining good relationships with suppliers

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Can be managed using accounting software or a manual system

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Can be subject to negotiation, discounts, or disputes

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Can be used as a source of short-term financing by delaying payments

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By UNIQUE BUSINESS IDEAS Scribbled Underline