Definition of ‘Accounts Payable’
Accounts payable is money owed by the business to suppliers who have not yet been paid for goods and services provided to the business.
Financial Projections Template Accounts Payable Definition
The account payable definition for use in the financial projections template is the average daily cost of sales of the business multiplied by the number of days you are taking to pay suppliers.
Accounts payable relates only to suppliers of goods and services which are included in cost of sales.
Accounts payable is a current liability shown on the balance sheet of the business, and is sometimes referred to as creditors or trade creditors.
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