Other business functions include making payments for AMCs and other maintenance expenses for the smooth running of the business.įurthermore, it is also responsible for distributing internal payments such as reimbursements, controlling, petty cash, and distribution of corporate taxes. Accounts Payable department manages such travel arrangements which include advance airline, car rental as well as hotel reservations. Larger businesses require staff to travel for business purposes. Report and pay external business expenses.Role of Accounts PayableĪccounts Payable consists of 3 basic functions: In simple terms, accounts payable ledger consists of the list of suppliers along with details like invoice number, date of invoice, date wise payments made, and outstanding balance. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. Accounts payable is money owed by a business to its suppliers shown as a liability on a company’s balance sheet.
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