Accounts payable vs. accounts receivable: What are the differences?
ThomsonReuters
APRIL 6, 2023
Accounts payable (AP) , is the list of all amounts a company owes to its vendors. Generally, when an invoice is received, it’s recorded as a journal entry and posted to the general ledger. They were developed by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
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