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Accounts Payable

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    Accounts Payable Articles

    Wikipedia

    Accounts payable

    Accounts payable is a file or account that contains money that a person or company owes to suppliers, but has not paid yet (a form of debt). When you receive an invoice you add it to the file, and then you remove it when you pay. Thus, the A/P is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received.

    The profession is unregulated, though there are international standard setting bodies, an example of which is the International Accounts Payable Professionals (IAPP), an association of more than 5,000 members in the United States, Canada, the United Kingdom and other countries.http://www.theiapp.org As part of its Professional Standards Framework,http://www.theiapp.org/standards IAPP Professional Standards Framework the IAPP has established a new definition of accounts payable:

    Accounts payable is a strategic, value-added accounting function that performs the primary non-payroll disbursement functions in an organization. As such, the AP operation plays a critical role in the financial cycle of the organization. AP enables an organization to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of the entire payables process. In addition to the traditional AP activities whereby liabilities to third-party entities (suppliers, vendors, taxing authorities, etc.) are recognized and paid based on the credit policies agreed to between the company and its suppliers, todays AP departments have taken on much wider roles including fraud prevention, cost reduction, workflow system solutions, cash-flow management, internal controls and vendor (supply chain) financing.http://www.theiapp.org/apdefinition IAPP Definition of Accounts Payable

    In households, accounts payable are ordinarily bills from the electric company, telephone company, cable television or satellite dish service, newspaper subscription, and other read more at » http://en.wikipedia.org/wiki/Accounts+payable

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