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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.

Download Accounts Payable Excel Template
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Download Guide

Compatible with : Microsoft Office Excel, Libra Office, WPS Office, Google WorkSheet
  • Download The Template XLSX File Format
  • Use the Template

Download Instruction :

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