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Download Accounts Payable Excel Template

Accounts Payable Template is a ready-to-use template in Excel that helps you to easily record your payable invoices all in one sheet. Just download the template and start using by entering your company details.

What is Accounts Payable?

Accounts payable is money owed by a business to its suppliers shown as a liability on company’s balance sheet. As a result it is distinct from notes payable liabilities, which are debts usually created by formal legal instrument documents.

For instance, this ledger consists of the list of suppliers along with the details like invoice number, date of invoice, date wise payments made, and outstanding balance.

Role of Accounts Payable process

AP consists of 3 main functions:

  • Report and pay the external business expenses.
  • Make internal payments often.
  • Monitor and process Vendor payments.

Larger businesses require staff to travel for the purpose of business. Mostly department manages such travel arrangements which include advance airline, car rental as well as hotel reservations and other necessary arrangements.

Other business functions include making payments for AMCs and other regular maintenance expenses for the smooth running of the business.

Further, it is also responsible for distributing internal payments such as reimbursements, controlling, petty cash, and distribution of corporate taxes.

Above all, this department verifies purchases, aging analysis reports apart from vendor management.

AP Process

It is a 4 step end-to-end process:

  • Receiving bill.
  • Checking bill details against the PO.
  • Record invoices in the accounting system.
  • Reviewing and making timely payments of bill.

However, account payable prevents payments of fraudulent invoices or multiple payments for the same invoice to vendors. Proper reporting of invoicing helps us to ensure that a company’s cash and assets are safe.

Journal Entries

It consists of 2 journal entries. Firstly checking of goods against invoice and reporting the invoice into the system. The other is making the payment for invoice.

Journal Entries For Recording Invoice

Purchase A/C – Debit

To Accounts Payable A/C – Credit

In the case of regular vendor, the Vendor account will be debited instead of purchase.

Journal Entries For Paying Invoice

Accounts Payable A/C – Debit

To Cash or Bank A/C – Credit

Journal Entries For Purchase Return

Accounts Payable A/C – Debit

To Purchase Return Account – Credit

Journal Entries For Purchase With Discounts

Accounts Payable A/C – Debit = Rs. 10,000

To Cash or Bank A/C – Credit = Rs. 9,000

To Purchase Discount A/C – Credit = Rs. 1000

The sum of both credit amounts must be equal to the debit amount.

Accounts Payable Template

Moreover we have created simple and easy Templates with predefined formulas and functions. Insert invoices and it will automatically display the outstanding against each of the invoice.

How to Use this Accounts Payable Excel template

Our editable Excel templates for data analysis are easy to use and can save you a significant amount of time and effort. Here’s how to download and use one of our templates:

  1. Download: Once you’ve browsed through our collection of templates and find the one that best fits your needs. Once you’ve found the template you want, click on the download button.

  2. Replace sample data with your actual data: Once the template is downloaded, open it in Excel. You’ll see that it is already set up with sample data. To start analyzing your own data, simply replace the sample data with your actual data.

  3. Customize the template: Our templates are completely editable, which means you can customize them to fit your specific needs. For example, you can change the formatting, add or remove columns, or create new charts and graphs.

  4. Use the Excel template: Once you’ve fed in your data and customized the template, you’re ready to start using it for data analysis. Use the various tools and features of Excel to analyze and visualize your data, and make informed business decisions.

  5. Save and share: Once you’ve finished working on the template, save it to your computer and share it with other members of your team or stakeholders as needed.

In summary, our editable Excel templates for data analysis are easy to use and can save you a significant amount of time and effort. Simply, download the template, replace sample data with your actual data, customize it as per your requirement, use it for data analysis, and save or share it with others as needed. With our templates, you can quickly and easily analyze your data and make informed business decisions.

Click Download Button To Get Accounts Payable Excel Template

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