Accounts Payable

It is the unpaid invoices, bills, or statements for goods or services rendered by outside contractors, vendors or suppliers. Accounts payable are sometimes referred to as "payables." When someone pays his or her monthly utility, phone, cable tv bills, or Internet service provider (ISP) bills, he or she is in a sense paying off his or her accounts payable obligations.
Controllers and accounting supervisors will run schedules from the company’s accounts payable system to determine which invoices currently require payment. Companies also use internal documents to manage accounts payable ledger information. Purchase orders are the most common internal document relating to the company’s accounts payable system.

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