Accounts payable is a liability account that business managers use to keep track of payments the organization owes. The cash accounting method recognizes revenue when a company receives payment. Under cash accounting, expenses are also recognized when payments against liabilities are made.What are the duties of Accounts Payable manager?
In almost all cases, the job description of an accounts payable manager includes oversight of payroll processes and vendor payments. Large companies generally have a separate department that is fully staffed with accounting clerks and bookkeepers devoted to processing payroll and issuing payments to vendors.What are the steps to accounts payable?
The first step in posting accounts payable or notes payable is the maintenance of transaction records, including the amount, date and parties involved. The journal is then created, with debits on the left and credits on the right. The next step is to write the transactions in chronological order and to identify the nature of the transaction.What does accounts payable person do?
The accounts payable person is usually responsible for tasks like: Receiving, opening and logging invoices. Getting department approval to pay invoices. Paying invoices on time. Contacting creditors with questions or concerns about bills.