1)What is accounts payable 2)Golden rules 3)P2p cycle 4)What is 3way match 5)2way mstch 6)What is po 7)Types of po's 8)What is non po

Question

Accepted Answer

Accounts payable is a financial process that involves tracking and managing a company's outstanding invoices and payments.

Accounts payable refers to the money a company owes to its vendors or suppliers for goods or services received.
It involves recording and tracking invoices, making payments, and maintaining accurate financial records.
Accounts payable is a liability on the company's balance sheet.
Example: When a company receives an invoice from a supplier, it is recorded as an account payable until it is paid.
Accounts payable specialists are responsible for managing and processing these invoices and payments.

Accepted Answer

Accounts Payable are amount. which is due to vendor to supplier for goods & services purchased on credits.

Three Types of Golden Rules in Accounting

Personal Accounts = Debit the Receiver Credit the giver.

Real Accounts = Debit What comes in Credit what Goes Out.

Nominal Accounts = Debit all expense & Losses Credit Incomes & gains

In 3 way match We need to match Rate & Quantity & description of invoices with GRN & PO

In 2 way match We need to match Rate & Quantity & description of invoices with PO

PO means is purchase order. It is agreement between buyer & seller. It is generated by buyer.

Non-PO invoices are usually generated for goods or supplies purchased under a specified dollar limit.

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