Accounts Payable

Accounts Payable

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

Purchase on Account

business (or person) which receives the good or service and promises to pay at a later date; also referred to as "purchasing on credit"

Vendor File

document or file which provides information about company vendors

Vendor Invoice

document provided to companies when they buy items on account

Purchase Order

document which authorizes a buyer to receive goods/services from a seller

Vendor Statement

lists all amounts owed from previous invoices

Vendor

person or business which provides goods and services to a company

Credit Terms

provides information about when an invoice is due

Schedule of Accounts Payable

report which lists all amounts which are owed by a business; further ensures which accounts payable entries are properly recorded

Receiving Report

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

Accounts Payable Subsidiary Ledger

used to track accounts payable transactions in more detail