Accounts Payable vs Accounts Receivable

Accounts Payable vs Accounts Receivable               VS    Accounts Payable Process (P2P): A Comprehensive Guide Accounts Payable (AP) is an essential part of any organization's financial operations. It refers to the process of managing and recording the company's outgoing financial transactions, such as vendor payments, supplier invoices, and other liabilities. In this article, we will explore the Accounts Payable Process (P2P) in detail, covering its definition, the significance of 2-way and 3-way matching, examples of journal entries, and much more. So, let's dive into the world of Accounts Payable and understand its crucial role in maintaining the financial health of businesses. What is Accounts Payable? Accounts Payable is a critical component of the financial management process within a company. It represents the outstanding payments the company owes to its vendors and suppliers for goods and services received on credit. The Accounts Payable process involves