Accounts payable is a liability account in the general ledger (GL). Accounts payable documents money the business owes for purchases of goods or services.
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Accounts receivable can be contrasted with accounts receivable, an asset account in the GL that documents money owed to a business by customers who have purchases goods or services on credit.
Accounts receivable, accounts payable and payroll are oftenlisted as the top three mission-critical business processes in a disaster recovery plan (DRP).