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Accounts payable (AP) represents the amount that a company owes to its creditors and suppliers (also referred to as a current liability account). Accounts payable is recorded on the balance sheet under current liabilities.
Accounts payable (AP) are amounts due to vendors or suppliers for goods or services received that have not yet been paid for. The sum of all outstanding amounts owed to vendors is shown as the accounts payable balance on the companys balance sheet.
A listing of the accounts that a company has available for recording transactions is known as the chart of accounts. A report that lists the accounts and amounts that are debited for a group of invoices entered into the accounting software is known as the accounts payable distribution.
While accounts payable (AP) is the amount of money a company owes its vendors, accounts receivable (AR) is the amount of money owed to a company from its customers. AP is a current short-term liability and AR is a current short-term asset.
The accounts payable (AP) process is responsible for paying suppliers and vendors for goods and services purchased by the company. AP departments typically handle incoming bills and invoices but may serve additional functions depending on the size and nature of the business.
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Whereas accounts payable represents money that your business owes to suppliers, accounts receivable represents money owed to your business by customers. In addition, accounts receivable is considered a current asset, whereas accounts payable is considered a current liability.
Account Payable System (APS) application deals with all the accounts payable transactions. The transactions are created for each payable in this application, and invoices are generated for those transactions. The checks are then printed and mailed for the payments.

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