Accountancy Forum

Accounts payable is the obligation that a business owes to its creditors for buying goods or services. It is the unpaid invoices, bills, or statements for goods or services rendered by outside contractors, vendors or suppliers. Accounts payable are sometimes referred to as "payables." When someone pays his or her monthly utility, phone, cable tv bills, or Internet service provider (ISP) bills, he or she is in a sense paying off his or her accounts payable obligations.

Thanx for telling

Account Payable refers to the unit within an organization's accounting department that manages the payments including authorizing purchase orders,collecting credit card receipts,account withdrawals, keeping the general ledger, auditing expense reports.