article thumbnail

Accounts payable vs. accounts receivable: What are the differences?

ThomsonReuters

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).

article thumbnail

NetSuite for Government Helps State and Local Agencies Move to the Cloud for Better Efficiency

CPA Practice

With built-in industry-specific functionality, such as Governmental Accounting Standards Board (GASB) reporting, organizations can reduce manual work to refocus staff on higher value opportunities that better serve their communities. “No