Q: What is journal entry of Accounts Payable?

Accounts payable software is an organized solution responsible for paying vendors and suppliers for goods and services that the company purchases.

It refers to the amount a business owes its suppliers or vendors for goods or services bought on credit. It signifies a liability on the balance sheet since the business has received the goods or services but has not yet paid. Accounts payable typically include supplier invoices due within a specified timeframe, often 30, 60, or 90 days.