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Accounts payable ( AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. [1] An accounts payable department's main responsibility is to process and review transactions between the company and ...
Staff accountants may also perform duties such as accounts payable and accounts receivable. A corporate staff accountant typically reports to a controller or accounting manager. Junior Accountant. An entry-level accounting position, usually reporting to any of the higher level accounting positions, or in smaller companies, to the controller.
Once an invoice arrives, the accounts payable clerk must ensure that the document is indeed an invoice. Then the clerk classifies and sorts the invoice into various categories (e.g., by vendor, by transaction type, or by department). The definition of invoice categories is usually unique to a specific organization.
Job requirements. The job description states that the administrator supervises and is responsible for the work performed by the staff of the "General Services' Office, Payroll/Accounts Payable ...
Accounting. 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] A general ledger may be maintained on paper, on a computer, or in the cloud. [2]
Accounts receivable, abbreviated as AR or A/R, are legally enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for. The accounts receivable process involves customer onboarding, invoicing , collections, deductions, exception management, and finally, cash posting ...
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