What Is Accounts Payable?
When a company purchases goods and services from a supplier or creditor on credit that needs to be paid back in a short period of time, the accounting entry is known as Accounts Payable (AP). On a balance sheet, it appears under current liabilities. In a company, an AP department is responsible for making payments owed by the company to suppliers and other creditors.
Original Article Source Credits: Freshbooks , https://www.freshbooks.com/
Article Written By: NA
Original Article Posted on: NA
Link to Original Article: https://www.freshbooks.com/hub/accounting/accounts-payable