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Accounts payable

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This term or phrase is currently an entry in The SmallBusiness.com Business Glossary WIKI. Please help expand this entry into a more detailed description.

Accounts payable is an accounting transaction covering that money owed suppliers for goods and services. Typically, there is a specific time-frame in which such payments are due. In different industries, this period can be anywhere from days to months. On a balance sheet, accounts payable are classified as a liability.

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This entry includes content from the following Wikipedia article: Accounts payable