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Accounts Payable
Money a business owes to its suppliers for goods or services received but not yet paid for. Appears as a current liability on the balance sheet.
Example
If you received $5,000 of stock from a supplier on 30-day terms, that amount sits in Accounts Payable until you pay.
Related Terms
See how Kumry handles this in your own books.
Definitions are general information; check current ATO guidance for your circumstances.
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