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Accounts payable is a current liability account that keeps track of money that you owe to any third party. The third parties can be banks, companies, or even someone who you borrowed money from. One common example of accounts payable is a mortgage payable.What is the objective of accounts payable?
Another goal and objective of accounts payable is to support the other accounting functions. This means not only recording expenses and printing checks quickly, but providing support to other areas of accounting, which may include purchase order closeout, budget input into the system, file organization or more.