Accounts payable - sustany/dvg GitHub Wiki

Accounts payable is short-term�debt�that a company owes to its suppliers for products received before a payment is made. Accounts payable may be abbreviated to �AP� or �A/P.� Accounts payable may also refer to a business department of a company responsible for organizing payments on such accounts to suppliers.�

Accounts payable entries are a type of�current liability�in the business��general ledger�and�balance sheet. Once the company pays the account, the items are removed from the balance sheet. Accounts payable can generally be�discharged�without�interest�if paid within 30 days, but after 30 days the accounts will usually begin to accrue interest.�

See, e.g.�United States v. Richman, 93 F.3d 1085 (2d Cir. 1996)

*See also:*Account;�Accounts receivable