![]() ![]() ![]() ![]() AP is a form of credit that suppliers offer to their customers by allowing them to pay for a product or service after it has already been received. Common examples of Expense Payables are advertising, travel, entertainment, office supplies and utilities. Payables are often categorized as Trade Payables, payables for the purchase of physical goods that are recorded in Inventory, and Expense Payables, payables for the purchase of goods or services that are expensed. Vouchered, or vouched, means that an invoice is approved for payment and has been recorded in the General Ledger or AP subledger as an outstanding, or open, liability because it has not been paid. An accounts payable is recorded in the Account Payable sub-ledger at the time an invoice is vouched for payment.
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