November 12, 2009 
This entry was posted on Thursday, November 12th, 2009 at 10:07 pm and is filed under Accounting, Accounts Payable, How To. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
When doing business with other companies you will need to keep accurate records of the amount of money you owe. Below is how to do documenting accounts payable procedures.
1 - For those debts that you do not pay off immediately, you will need to record the following information in the left hand column of the record:
* The date the debt was incurred
* To whom you owe the money
* Payment terms (for example: due within 30, 60 or 90 days)
* The amount of the debt
2 – In the right hand column of the Accounts Payable Record, you will record the following information:
* The date of any payments
* To whom the payments were made
* The amount of any payments made