Question

In 250 Words, write a reflective journal entry about Accounts Payable Articles.

Answer 1

Accounts payable is a basic business measure through which all organizations follow and deal with their payable commitments productively and viably. Following of your obligations and paying them on time is fundamental for any business. It likewise helps in keeping up great relations with the merchants and set aside cash by making early installments.

Accounts payable (AP) is a record in the overall record that speaks to an organization's commitment to pay for things or administrations bought on layaway. So creditor liabilities are what you owe to your merchant or provider for things or administrations bought on layaway. At the point when any merchandise or administrations are bought on layaway from your seller or provider, they will send you a receipt. This receipt sum you owe for merchandise and ventures is added to your AP balance. AP are recorded as a transient risk on your organization's asset report.

Accounts payable (AP) are recorded under the current liabilities area on your accounting report. AP is momentary obligation installments because of your sellers or providers. AP is obligations that each organization must compensation to keep away from default. Numerous individuals accept that creditor liabilities are a cost. AP isn't a business ledger. AP is a risk account. A Accounts payable (AP) department is liable for making installments for operational expense, travel, and so forth