Accounts Payable Ledger: A subsidiary ledger which holds the accounts of a business's suppliers. A single control account is held in the nominal ledger which shows the total balance of all the accounts in the purchase ledger.

 

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Accounts Payable Ledger: A subsidiary ledger which holds the accounts of a business's suppliers. A single control account is held in the nominal ledger which shows the total balance of all the accounts in the purcha . . . View Full Definition

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

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-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

Payables: Related: Accounts payable

Personal Accounts: These are the accounts of a business's customers and suppliers. They are usually held in the Sales and Purchase Ledgers.

Nominal Ledger: A ledger which holds all the nominal accounts of a business. Where the business uses a subsidiary ledger like the sales ledger to hold customer details, the nominal ledger will usually inclu . . . 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.

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.