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Glossary -> Accounts payable

Accounts Payable

Accounts payable (A/P) are amounts owed by a business to their suppliers, for goods or services they have purchased.

The general ledger account for A/P is used to record all A/P transactions. These transactions will also be recorded in the A/P subsidiary ledger (subledger), which tracks the balances for each supplier.

When accounting software is used, the A/P subledger is used to produce reports at the end of each month, showing the amounts payable to each supplier, and the "age" of these amounts.