accounts payable
"Accounts payable" represents the money a company owes to its suppliers for purchases made on credit, and it is a key component of a company's short-term liabilities.
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Definition
B2Business Finance
(technical)Money a company owes to suppliers for goods or services received but not yet paid for.
Example
- The accounts payable must be settled within 30 days to avoid late fees.
- Our accounts payable increased significantly this quarter due to bulk purchasing.
C1Accounting
(technical)A liability account on the balance sheet showing amounts owed to creditors for short-term debts.
Example
- The company's accounts payable are listed under current liabilities in the balance sheet.
B2Corporate Operations
(technical)The department responsible for processing invoices and issuing payments to suppliers.
Example
- She works in the accounts payable department, ensuring all invoices are processed correctly.
Similar
Terms that have similar or relatively close meanings to "accounts payable":