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Download Accounts Payable Excel Template

Download Accounts Payable Excel Template

The Accounts Payable Template is a comprehensive and user-friendly tool available in Excel, Google Sheets, and Open Office Calc. This template facilitates the efficient recording of payable invoices in a single sheet, streamlining the accounts payable process. Users can easily download the template and begin utilizing it by entering their company details.

Additionally, the template includes a payment section that provides visibility into the outstanding amounts owed to suppliers for each invoice. This feature is crucial for effective cash flow management and helps businesses maintain good relationships with their vendors.

Table of Contents

  • What is Accounts Payable?
  • Role of Accounts Payable
  • What is Accounts Payable Process?
  • Accounts Payable Journal Entries
  • Accounts Payable Template
    • Content of Accounts Payable Template
  • Frequently Asked Questions

What is Accounts Payable?

As per Wiki

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

In simpler terms, an accounts payable ledger contains a detailed list of suppliers along with pertinent information such as invoice numbers, invoice dates, payment dates, and outstanding balances. This organized record-keeping is essential for maintaining financial accuracy and ensuring timely payments.

Role of Accounts Payable

Accounts Payable consists of 3 basic functions:

  • Reporting and Payment of External Business Expenses: This function involves tracking and managing all external expenses incurred by the business.
  • Facilitating Internal Payments: The department oversees payments related to internal operations, ensuring that all financial obligations are met promptly.
  • Monitoring and Processing Vendor Payments: This includes managing relationships with vendors and ensuring that payments are processed accurately and on time.

In larger organizations, the accounts payable department also coordinates travel arrangements for employees, which may encompass advance bookings for airlines, car rentals, and hotel accommodations.

Furthermore, this department handles payments for annual maintenance contracts (AMCs) and other operational expenses necessary for the seamless functioning of the business.

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

In addition to the above, the accounts payable department verifies purchases, aging analysis reports apart from vendor management.

What is Accounts Payable Process?

Accounts payable is a 4 step end-to-end process:

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

Moreover, an effective accounts payable process helps mitigate risks associated with fraudulent invoices or duplicate payments for the same invoice. By ensuring proper reporting of invoices, companies can safeguard their cash flow and overall assets.

Accounts Payable Journal Entries

Accounts payable consists of 2 scenarios that require journal entries: first is checking of goods against invoice and reporting the invoice into the system.  The other is making payment for the invoice.

Journal Entries For Recording Invoice

Purchase A/C – Debit

To Accounts Payable A/C – Credit

In the case of a 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

In the case of a regular vendor, the Vendor account will be debited instead of Accounts Payable.

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

We have developed a straightforward and efficient Accounts Payable Template equipped with predefined formulas and functions. Users can input invoices directly into the template, which will automatically calculate outstanding amounts for each invoice.

Excel Google Sheets Open Office Calc

Click here to Download All Accounting Excel Templates for ₹299.

Important Note: To edit and customize the Google Sheet, save the file on your Google Drive by using the “Make a Copy” option from the File menu.

You can download other accounting templates like Cash Book, Petty Cash Book, and Purchase Return Book.

Let us discuss the templates

Content of Accounts Payable Template

This template consists of 2 sections: Vendor details and Payment Details.

Vendor Details

Row 1: Enter your Company/Business Name (Cells A1 to AD1). These cells should be merged.

Row 2: This row serves as the heading of the sheet (Cells B2 to BD2), which can be labeled as either “Accounts Payable Ledger” or “Creditors Ledger.”

Row 3: This row contains multiple headings as numbered below:

  1. The subheading for “Current Date” in cell A3.
  2. Cell B3 will automatically reflect today’s date using the formula =TODAY(), thus saving time by eliminating manual updates.
  3. The next column displays “Total Due to Date,” which calculates using =SUM(F5:F23) to provide a total balance owed to each supplier.

Row 4 = This row consists of subheadings for data input. For example, see the table below:

table

Invoice and Payment Details

Date, Invoice number, Supplier name, Amount of Bill, payment 1, and payment 2 and their respective date are details to be put while entering data.

For the Due date, you can set a function that automatically calculates several days for you and will show the exact date of payment. For this you will set the function as shown below:

= cell address which contains date + Number of days for allowed.

Here in our sheet, it is 45 days. So the formula entered is =A5+45. Copy this to all the cells below this cell, this will apply the same settings to all cells below.

Balance Amount here is calculated by deducting the total amount of bills – Sum(Payment1+payment2) etc. In this template formula used is =D5-SUM(H5+J5+L5+N5+P5+R5+T5+V5+X5+Z5+AB5+AD5).

Furthermore, you can also download Accounts Payable Template With GST(Goods and Services Tax) as well as Accounts Payable Template With VAT(Value Added Tax).

We thank our readers for liking, sharing, and following us on different social media platforms.

If you have any queries please share in the comment section below. We will be more than happy to assist you.

Frequently Asked Questions

What is a Non-PO Invoice?

A Non-PO invoice refers to an invoice that lacks an associated purchase order. Such invoices must receive approval from authorized personnel before proceeding with payment processing.

Difference between account payable and bills payable?

Accounts Payable encompasses unsettled invoices owed by an organization to its suppliers. In contrast, Bills Payable refers to accepted and paid recorded bills within an organization’s financial records.

What Is Included in Accounts Payable?

Accounts payable includes a collection of short-term credits extended by creditors/vendors. Additionally, it encompasses internal business expenses such as employee travel reimbursements and petty cash transactions.

What is 3 Way Matching in Accounts Payable Process?

Three-way matching involves comparing and reconciling three key documents: the Purchase Order (PO), Delivery Receipt (or Packing Slip), and Invoice. This process ensures accuracy in financial transactions.

What is a tolerance limit concerning invoice processing?

A tolerance limit refers to minor discrepancies in invoice amounts that are acceptable based on prior agreements or industry norms; such discrepancies do not necessitate further approval for processing.

What is a debit balance recovery?

A debit balance occurs when a buyer overpays without any pending invoices from a supplier/vendor. Debit balance recovery refers to processes aimed at reclaiming such excess amounts.

How to initiate Debit Balance Recovery?

To initiate debit balance recovery, communication with the vendor regarding excess payments is essential. Settlements can be made through cash or bank transfers or adjusted against future invoices. If no further transactions occur with that vendor and recovery proves unsuccessful, it may be necessary to write off this balance.

Download Accounts Receivable Excel Template »

Filed Under: Accounting Templates

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About Shabbir Bhimani

I have worked in Excel and like to share functional excel templates at ExcelDataPro.

Comments

  1. Niaz Ahmed says

    November 23, 2016 at 2:53 pm

    good

    Reply
    • Fahim Lashkaria says

      November 30, 2016 at 3:21 am

      Thanks Niaz

      Reply
  2. Kheta Ram says

    June 28, 2017 at 6:21 am

    We want to Excel format for uploading GST sales

    Reply
    • Fahim Lashkaria says

      June 28, 2017 at 6:30 am

      Kheta Ram jee, we are working on it and will soon upload it on our website.

      Reply
  3. mansoor says

    December 11, 2017 at 12:42 pm

    dear sir how i can how my Payable
    and i can create. please help me
    best regards

    Reply
    • Fahim Lashkaria says

      December 12, 2017 at 10:43 am

      Can’t understand your query. Please write in a language which I can understand.

      Reply
  4. SUNNY says

    January 18, 2018 at 3:39 pm

    SIR how i am cell increase

    Reply
    • Fahim Lashkaria says

      January 18, 2018 at 5:41 pm

      Right-click the mouse. Select Insert from the menu. Select entire row. Click OK.

      Reply
  5. Rohini says

    July 22, 2018 at 5:04 pm

    While downloading formates error occured. No excel sheets downloaded
    Kindly do needful.

    Reply
  6. Rohini says

    July 22, 2018 at 5:07 pm

    While downloading excel sheets error seen
    How can we download excel formates. Kindly guide

    Reply
    • Fahim Lashkaria says

      July 23, 2018 at 11:15 am

      The link is working perfectly. It might be an issue with your internet connection or firewall. Please kindly try again.

      Reply
  7. Arun Kumar says

    August 24, 2018 at 3:17 am

    You are really doing a great service, not just to the people but to the whole nation. Thank you very much sir

    Reply
    • Fahim Lashkaria says

      August 24, 2018 at 10:37 am

      Thank You, Arun, for the appreciation. Your words mean a lot to us. Glad to hear that you liked it.

      Reply
  8. Ifey says

    October 4, 2018 at 2:58 am

    Great work. Thanks for this simply powerful site, helping to equip ieofosme startups

    Reply
  9. Ifey says

    October 4, 2018 at 2:58 am

    Great work. Thanks for this simply powerful site, helping to equip ieofosme startups

    Reply
    • Fahim Lashkaria says

      October 6, 2018 at 5:35 am

      Thanks for the appreciation

      Reply
  10. Ifey says

    October 4, 2018 at 12:25 pm

    Great work. Thanks for this simply powerful site, helping to equip SME startups

    Reply
    • Fahim Lashkaria says

      October 6, 2018 at 5:35 am

      Thanks for the appreciation

      Reply
  11. Shakir Ali says

    February 5, 2019 at 5:10 pm

    That’s pretty straightforward payables template for starters and both professionals. I find excel sheet come in handy due to quick access to info without having to load web pages of online accounting software that I have been using.
    Great work sir. Stay blessed.

    Reply
  12. anil says

    February 9, 2019 at 6:09 pm

    for tds calculation any formate

    Reply
    • Fahim Lashkaria says

      February 11, 2019 at 11:49 am

      No dear. Not posted yet. Have noted and will soon be posted on the website. Thanks

      Reply
  13. mei says

    April 11, 2019 at 9:53 pm

    hi
    thank you for the template.
    how do i add more lines to the template in blue and white ?

    Reply
    • Fahim Lashkaria says

      April 12, 2019 at 11:05 am

      use insert function to add more lines.

      Reply
  14. Abel says

    July 18, 2019 at 9:56 pm

    Dear Sir,
    your work is indeed appreciated.
    How can one change the currency of the Accounts Payable template.

    Thank you for such a marvelous work.

    Reply
    • Fahim Lashkaria says

      July 19, 2019 at 3:40 pm

      Thanks for the appreciation. Glad to know it was helpful to you. To change the currency select the cell in which you want to change. Right-click on the mouse. Select “Format Cells”. Under “Number” tab select the third option “Currency”. ON the right side select your desired currency and format.

      Reply
  15. Muhammad Usman says

    November 20, 2019 at 3:42 pm

    Hello,

    How are you sir. Hope you are good and happy. Sir my question is when supplier 1 three invoices in a month how to find total amount.

    Reply
    • Fahim Lashkaria says

      November 20, 2019 at 4:17 pm

      You can do it by inserting a table and then by selecting the name of the supplier you can know the number of total invoices pending. The second and easy way is make an individual sheet for each supplier and at the end of the make a summary sheet for each supplier. We have another account payable template with aging in tables are already inserted and you can use the same for generating supplier wise report. Click the link below:
      https://exceldatapro.com/accounts-payable-template-aging/

      Reply
  16. Aji John says

    December 24, 2019 at 9:54 am

    Sir,
    Kindly explain the below mentioned formula and how I can update daily basis?
    =VLOOKUP($N1,Refresh!$A$1:$X$10000,3,FALSE)

    Thank u
    Aji

    Reply
    • Fahim Lashkaria says

      December 24, 2019 at 12:17 pm

      Vlookup the value only in column N viz; N1, N2, … in the sheet named Refresh in table range A1 in the whole sheet and display the value in the third column with an exact match. This is the explanation of the formula.

      I cannot tell how you can update on a daily basis unless what purpose it is used and what is the data. Thanks

      Reply
  17. MINTU says

    March 19, 2020 at 11:03 pm

    Very nice sir, really you worked hard, I learned much from you and I’m continuously working with your nice templates.
    Thanks a lot sir.

    Reply
    • Fahim Lashkaria says

      March 20, 2020 at 10:46 am

      You are welcome, dear. Glad to hear that.

      Reply
  18. Murray Jack says

    June 2, 2021 at 5:29 am

    Hello mate,
    Going through all the comments and seen your work is just a masterclass. Appreciate your hard work to help us excel in knowing all this ideas. God bless your heart. Please email me all excel accounting templates that you did. Kinda love it coz it’s more easy to use and understand than the accounting software.

    Regards

    Reply
    • admin says

      June 6, 2021 at 6:17 am

      Glad you like our templates

      Reply

Trackbacks

  1. Download Salary Sheet Excel Template - Excel Data Pro says:
    December 5, 2016 at 6:42 am

    […] can also download Accounts Payable and Accounts Receivables Excel […]

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  2. Download GST Invoice Format For Job Workers In Excel - ExcelDataPro says:
    July 30, 2017 at 11:06 am

    […] you can also download other accounting templates like Petty Cash Book, Simple Cash Book, and Accounts Payable from […]

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  3. Download GST Invoice Format for Service Providers in Excel - ExcelDataPro says:
    July 30, 2017 at 11:36 am

    […] you can also download other accounting templates like Petty Cash Book, Simple Cash Book, and Accounts Payable from […]

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