Business / Accounting / Accounts Payable
Accounts Payable: The department of a large company whose function is to make payments to vendors and contractors. There's more to it than that, but who cares?
Payables: Related: Accounts payable
Note Payable: A debt owed to a creditor, evidenced by an unconditional written promise to pay a certain sum of money on or before a specified future date.
Payable Through Drafts: A method of making payment that is used to maintain control over payments made on behalf of the firm by personnel in noncentral locations. The payer's bank delivers the payable through draft . . . View Full Definition
Nominal Accounts: Accounts that are closed to a zero balance at the end of each accounting period: temporary accounts generally appearing on the income statement.
National Accounts: Large group accounts that have employees in more than one geographic area that are covered through a single national contract for health coverage. Contrast with large local groups.
Memorandum Accounts: A name for the accounts held in a subsidiary ledger. Eg. the accounts in a sales ledger .
Mortgage Payable: A written promise to pay a stated amount of money at one or more specified future dates: a mortgage is secured by the pledging of certain assets, usually real estate, as collateral.
Payable-On-Death: A bank account titled payable-on-death (POD) lets you name one or more beneficiaries to whom the assets are paid when you die. POD accounts can be useful estate planning tools in the states . . . View Full Definition
Account Payable: An amount owed to a supplier for good or services purchased on credit: payment is due within a short time period, usually 30 days or less.