Accounts payable
Accounts payable (AP) is the liability on your balance sheet that represents money your company owes to suppliers for goods and services received but not yet paid.
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Accounts payable explained
Indirect spend, ACH, and 3-way match. You come across many words and terms in accounts payable and invoice processing that seem complicated. We're here to untangle the complexity with definitions and examples you actually understand.
Letter A
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Letter I
Invoice approval
Invoice approval is the process of reviewing, verifying, and authorizing supplier invoices before they are paid and recorded in your accounting system.
Invoice coding
Invoice coding means recording a business transaction in the correct account.
Letter O
OCR invoice processing
OCR invoice processing is the use of optical character recognition technology to extract data from invoices and convert it into structured, usable information.
Letter T
Three-way matching
3-way matching is an accounts payable control process where you verify that the purchase order, goods receipt, and supplier invoice match before approving the payment.
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