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Accounts payable is the amount owed for the purchase of goods or services at a specific date. Accounts Payable is presented in the Liability section of the Balance Sheet (a component of the Financial Statements). An accounts payable is recorded in the Account Payable sub-ledger at the time an invoice is vouchered for payment. Vouchered, or vouched, means that an invoice is approved for payment and has been recorded in the General Ledger or AP subledger as an outstanding,or open, liability because it has not been paid.

Daphne Rose-Jevremov is a hands-on controller for small businesses. She has over 20 years experience working with entrepreneurs in progressively successful media consulting firms.

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