Accounting Fundamentals Accounts Payable

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Accounting entries representing the money a company owes to creditors for items purchased on credit.

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Accounts Payable

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person or business which provides goods and services to a company

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Vendor

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document or file which provides information about company vendors

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vendor file

Front

Document provided to companies when they buy items on account.

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vendor invoice

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Lists all amounts owed from previous invoices

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vendor statement

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provides information about when an invoice is due

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credit terms

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Document which authorizes a buyer to receive goods/services from a seller.

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purchase order

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used to indicate the goods listed on the purchase order which were actually received

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receiving report

Front

What is used to track accounts payable transactions in more detail?

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accounts payable subsidiary ledger

Front

Report which lists all amounts owed by a business and ensures accounts payable entries are properly recorded.

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schedule of accounts payable