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Accounts payable occurred when a company procured some goods or raw materials from a seller on credit. So, on credit means the company opts for late payment within a stated duration. When a company purchases products on credit, the accountant makes the entry of the same amount as a credit on accounts payable ledger. And here the seller has to keep these sales under accounts receivable ledger in the balance sheet. Not only companies but people also purchase services & goods on credit. For example, we are using cable services, water, house, electricity etc. and paying the bill on next month. Let's take an example: A shopkeeper purchased products from a regular wholesaler and he paid half of the amount and other half payment in credit. So, the rest amount will put as accounts payable in the balance sheet.

Learn about accounts payable and accounts receivable services. And what benefits you will get by outsourcing them. Cogneesol has an enormous experience in handling finance and accounting service over numerous industries.

The process of accounts payable services is an obligation to pay off a short-term debt to its creditors and this is important for a business