Accounts payable
An account tracking money owed by a company to its creditors/suppliers.
Proper tracking and management of accounts payable is crucial for managing a company's short-term financial obligations and maintaining good relationships with suppliers. Timely payments can help to avoid late fees and interest charges while also ensuring that materials and services are delivered on schedule, which is essential for project timelines.
Used in a sentence
I need to review the accounts payable ledger to ensure all supplier invoices are processed.
Synonyms/variation
AP
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