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Frequently Asked Questions

What are the duties of accounts payable?

Job Duties. The primary function of an accounts payable clerk is to ensure that a company’s bills are paid on time and that the company is not overcharged for any service. The accounts payable person is usually responsible for tasks like: Sometimes the accounts payable person is also responsible for accounts receivable.

What is the difference between accounts payable and receivable?

Accounts receivable are the amounts owed to a company by its customers, while accounts payable are the amounts that a company owes to its suppliers. The amounts of accounts receivable and payable are routinely compared as part of a liquidity analysis, to see if there are enough funds coming in from receivables to pay for the outstanding payables.

How do I find accounts payable?

The accounts payable turnover formula is calculated by dividing the total purchases by the average accounts payable for the year. The total purchases number is usually not readily available on any general purpose financial statement.


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