Account Payable
Account Payable What Are Accounts Payable (AP)? Accounts payable (AP), or “payables,” refer to a company’s short-term obligations owed to its creditors or suppliers, which have not yet been paid. Payables appear on a company’s balance sheet as a current liability. Another, less common usage of “AP,” refers to the business department or division […]
Account Receivable
Account Receivable Accounts receivable (AR) is an asset account on the balance sheet that represents money due to a company in the short term. Accounts receivable is created when a company lets a buyer purchase their goods or services on credit. Accounts payable is similar to accounts receivable, but instead of money to be received, […]
Bookkeeping
Bookkeeping Bookkeeping is the process of keeping track of a business’s financial transactions. These services include recording what money comes into and flows out of a business, such as payments from customers and payments made to vendors. While bookkeepers used to keep track of this information in physical books, much of the process is now […]