Use this template to keep track of items purchased on credit.
Use this template to keep track of items purchased on credit. When making large purchases such as inventory, supplies, or materials it may be necessary to make them on credit, which can lead to multiple monthly payments being made to different parties, due on different dates, and keeping track of these payments can be difficult. Utilizing this Accounts Payable Template will help to keep track not only of what you owe to various parties but also of how much money you owe to each party.
What you need before purchase
After purchase, you’ll be able to view the template immediately. The template can be added to your Notion account by:
Accounts payable (AP) are the funds that a business has paid out for goods and services but have not yet been invoiced or received payment from the customer. Accounts payable can be broken down into two categories: current and non-current. Current AP refers to those payments made within 30 days of the invoice date. Non-current AP refers to all other payments made after 30 days of the invoice date, including any payments made on open invoices.
The difference between accounts payable and accounts receivable is that accounts receivable are the amount owed by customers who haven’t paid their bills. The balance sheet will show an asset called “accounts receivable” because it represents money owed to the company. If you owe someone $100, your account receivable would equal 100.
If your accounts payable are higher than they should be, this could mean one of three things: 1) Your cash flow is low; 2) You don’t have enough inventory to cover your sales; 3) You’re paying more than what you need to pay in order to keep up with your expenses.
There are several ways to track accounts payable. One method is to use a spreadsheet program such as Notion. Another option is to use software designed specifically for tracking accounts payable. A third option is to use accounting software that includes a module for tracking accounts payable.