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  2. How Accounts Payable Are Recorded on a Balance Sheet - AOL

    www.aol.com/accounts-payable-recorded-balance...

    Accounts Payable vs. Accounts Receivable. At first glance, accounts payable and accounts receivable might seem similar. But it’s important not to confuse these two separate issues.

  3. Accounts payable - Wikipedia

    en.wikipedia.org/wiki/Accounts_payable

    Accounts payable personnel must watch for fraudulent invoices. In the absence of a purchase order system, the first line of defense is the approving manager. However, AP staff should become familiar with a few common problems, such as " Yellow Pages " ripoffs in which fraudulent operators offer to place an advertisement.

  4. Accounts receivable - Wikipedia

    en.wikipedia.org/wiki/Accounts_receivable

    Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.

  5. General ledger - Wikipedia

    en.wikipedia.org/wiki/General_ledger

    In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. [1]

  6. Debits and credits - Wikipedia

    en.wikipedia.org/wiki/Debits_and_credits

    Typical accounts that relate to almost every business are: Cash, Accounts Receivable, Inventory, Accounts Payable and Retained Earnings. Each account can be broken down further, to provide additional detail as necessary. For example: Accounts Receivable can be broken down to show each customer that owes the company money. In simplistic terms ...

  7. Chart of accounts - Wikipedia

    en.wikipedia.org/wiki/Chart_of_accounts

    Liability accounts are used to recognize liabilities. A liability is a present obligation of an entity to transfer an economic benefit (CF E37). Common examples of liability accounts include accounts payable, deferred revenue, bank loans, bonds payable and lease obligations. Equity accounts are used to recognize ownership equity. The terms ...

  8. Controlling account - Wikipedia

    en.wikipedia.org/wiki/Controlling_account

    Individual transactions are posted both to the controlling account and the corresponding subsidiary ledger, and the totals for both are compared when preparing a trial balance to ensure accuracy. For example, "accounts receivable" is the controlling account for the accounts receivable subsidiary ledger. In this subsidiary ledger, each credit ...

  9. Accounting software - Wikipedia

    en.wikipedia.org/wiki/Accounting_software

    Accounts receivable—where the company enters money received; Accounts payable—where the company enters its bills and pays money it owes; General ledger—the company's "books" Billing—where the company produces invoices to clients/customers; Stock/inventory—where the company keeps control of its inventory

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