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Accounts payable, the Glossary

Index Accounts payable

Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet.[1]

Table of Contents

  1. 46 relations: Accountant, Accounting software, Accounts receivable, American Payroll Association, ASC X12, Balance sheet, Bookkeeping, Cable television, Cash conversion cycle, Comma-separated values, Comptroller, Credit, Creditor Reference, Electric power industry, Electronic data interchange, Electronic invoicing, Embezzlement, Enterprise resource planning, General ledger, Goods, Household, Human error, Index of accounting articles, Invoice processing, Legal instrument, Liability (financial accounting), Net D, Newspaper, Online banking, Optical character recognition, Payroll, Performance indicator, Promissory note, Purchase order, Receipt, Ripoff, Robotic process automation, Satellite dish, Separation of duties, Service (economics), Subscription business model, Telephone, Wiley (publisher), Workflow, XML, Yellow pages.

  2. Liability (financial accounting)

Accountant

An accountant is a practitioner of accounting or accountancy.

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Accounting software

Accounting software is a computer program that maintains account books on computers, including recording transactions and account balances.

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Accounts receivable

Accounts receivable, abbreviated as AR or A/R, are legally enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for. Accounts payable and Accounts receivable are accounting terminology.

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American Payroll Association

The American Payroll Association (APA) is a professional association for individuals responsible for processing company payrolls.

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ASC X12

The Accredited Standards Committee X12 (also known as ASC X12) is a standards organization.

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Balance sheet

In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Accounts payable and balance sheet are accounting terminology.

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Bookkeeping

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations.

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Cable television

Cable television is a system of delivering television programming to consumers via radio frequency (RF) signals transmitted through coaxial cables, or in more recent systems, light pulses through fibre-optic cables.

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Cash conversion cycle

In management accounting, the Cash conversion cycle (CCC) measures how long a firm will be deprived of cash if it increases its investment in inventory in order to expand customer sales.

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Comma-separated values

Comma-separated values (CSV) is a text file format that uses commas to separate values, and newlines to separate records.

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Comptroller

A comptroller (pronounced either the same as controller or as) is a management-level position responsible for supervising the quality of accounting and financial reporting of an organization.

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Credit

Credit (from Latin verb credit, meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date.

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Creditor Reference

The Creditor Reference (also called the Structured Creditor Reference) is an international business standard based on ISO 11649, implemented at the end of 2008.

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Electric power industry

The electric power industry covers the generation, transmission, distribution and sale of electric power to the general public and industry.

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Electronic data interchange

Electronic data interchange (EDI) is the concept of businesses electronically communicating information that was traditionally communicated on paper, such as purchase orders, advance ship notices, and invoices.

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Electronic invoicing

Electronic invoicing (also called e-invoicing or einvoicing) is a form of electronic billing.

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Embezzlement

Embezzlement (from Anglo-Norman, from Old French besillier ("to torment, etc."), of unknown origin) is a term commonly used for a type of financial crime, usually involving theft of money from a business or employer.

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Enterprise resource planning

Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology.

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General ledger

In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. Accounts payable and general ledger are accounting terminology.

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Goods

In economics, goods are items that satisfy human wantsQuotation from Murray Milgate, 2008, "Goods and Commodities".

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Household

A household consists of one or more persons who live in the same dwelling.

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Human error

Human error is an action that has been done but that was "not intended by the actor; not desired by a set of rules or an external observer; or that led the task or system outside its acceptable limits".

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Index of accounting articles

This page is an index of accounting topics.

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Invoice processing

Invoice Processing: involves the handling of incoming invoices from arrival to payment.

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Legal instrument is a legal term of art that is used for any formally executed written document that can be formally attributed to its author, records and formally expresses a legally enforceable act, process, or contractual duty, obligation, or right, and therefore evidences that act, process, or agreement.

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Liability (financial accounting)

In financial accounting, a liability is a quantity of value that a financial entity owes.

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Net D

Net 10, net 15, net 30 and net 60 (often hyphenated "net-" and/or followed by "days", e.g., "net 10 days") are payment terms for trade credit, which specify that the net amount (the total outstanding on the invoice) is expected to be paid in full by the buyer within 10, 15, 30 or 60 days of the date when the goods are dispatched or the service is completed.

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Newspaper

A newspaper is a periodical publication containing written information about current events and is often typed in black ink with a white or gray background.

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Online banking

Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app.

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Optical character recognition

Optical character recognition or optical character reader (OCR) is the electronic or mechanical conversion of images of typed, handwritten or printed text into machine-encoded text, whether from a scanned document, a photo of a document, a scene photo (for example the text on signs and billboards in a landscape photo) or from subtitle text superimposed on an image (for example: from a television broadcast).

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Payroll

A payroll is a list of employees of a company who are entitled to receive compensation as well as other work benefits, as well as the amounts that each should obtain.

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Performance indicator

A performance indicator or key performance indicator (KPI) is a type of performance measurement.

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Promissory note

A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms and conditions.

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Purchase order

A purchase order, often abbreviated to PO, is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services required.

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Receipt

A receipt (also known as a packing list, packing slip, packaging slip, (delivery) docket, shipping list, delivery list, bill of the parcel, manifest, or customer receipt) is a document acknowledging that a person has received money or property in payment following a sale or other transfer of goods or provision of a service.

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Ripoff

A ripoff (or rip-off) is an unfavorable financial transaction.

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Robotic process automation

Robotic process automation (RPA) is a form of business process automation that is based on software robots (bots) or artificial intelligence (AI) agents.

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Satellite dish

A satellite dish is a dish-shaped type of parabolic antenna designed to receive or transmit information by radio waves to or from a communication satellite.

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Separation of duties

Separation of duties (SoD), also known as segregation of duties, is the concept of having more than one person required to complete a task.

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Service (economics)

A service is an act or use for which a consumer, company, or government is willing to pay.

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Subscription business model

The subscription business model is a business model in which a customer must pay a recurring price at regular intervals for access to a product or service.

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Telephone

A telephone, colloquially referred to as a phone, is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be easily heard directly.

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Wiley (publisher)

John Wiley & Sons, Inc., commonly known as Wiley, is an American multinational publishing company that focuses on academic publishing and instructional materials.

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Workflow

Workflow is a generic term for orchestrated and repeatable patterns of activity, enabled by the systematic organization of resources into processes that transform materials, provide services, or process information.

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XML

Extensible Markup Language (XML) is a markup language and file format for storing, transmitting, and reconstructing arbitrary data.

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Yellow pages

The yellow pages are telephone directories of businesses, organized by category rather than alphabetically by business name, in which advertising is sold.

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See also

Liability (financial accounting)

References

[1] https://en.wikipedia.org/wiki/Accounts_payable

Also known as AP control, Account Payable, Accounts payable automation, Accounts-payable, Accountspayable, Bill payable, Bills payable, Due and owing, Due, owing and unpaid, Epayables, Payable, Payables, Trade payable.