Accounting 101: Accounts Payable - Small Business Bookkeeping Basic Account Entry Lessons

Accounts payable (AP) is an important part of almost every small business. When purchases are made, most businesses are given credit terms where the money is paid at a later date. Payments to be made for purchases at a later date are known as accounts payable. There are two basic journals for recording transactions to accounts payable, the purchase journal and the check register.