[enlarge] Basically, account payable is one of accounting term used to define a file or account that contains money that a company owes to its suppliers or its vendors, but has not paid yet. Practically, when you receive an invoice, you add it to your future payment list and then you remove it when you [...]
[enlarge] General ledger is a collection of the group of accounts that supports the items shown in the major financial statements. It is built up by posting transactions recorded in the sales daybook, purchases daybook, cash book and general journals daybook. The general ledger can be supported by one or more subsidiary ledgers that provide [...]