Accounts Reconciliation Blog

Part of the accounting department is the accounts payable. Mostly the basic accounts payable procedures involve keeping track of money owed and paying bills. There are bills that are long term bills that will take one year or more to pay off. For those kind of bills you have fill out an accounts payable record. To make this record follow the instructions below.

In an excel sheet you need to have four columns. From the left name the columns Date, Due To, Terms, Amount. The date column is for the date that the debt was incurred. The due to column is for whom you owe the money to. The terms column is for any payment terms that may exist like due within 30, 60 or 90 days. The amount column is for the amount of money owed.

Then if you can fit 3 columns on the right name them this, Date, Paid To and Amount. The date column is for the date of a payments and all payments. The paid to column is for whom you made the payment to. The amount column is for the amounts of the payments.