Accounts Payable Definition: Accounts payables(AP) are funds owed to suppliers or vendors for services owed by a company. An account payable is generated when an invoice or bill is issued to a client to purchase specific items, as outlined in a purchase order.
Payment for these goods or services is typically due within 30 days, with specific terms that may include late fees or interest if payment is received late or the account becomes delinquent.
Accounts payable are typically issued for small to moderately sized purchases, making it easier to pay in full within a month or 45 days.
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