Accounts Payable Template is a ready-to-use template in Excel, Google Sheets, and Open Office Calc that helps you to easily to record your payable invoices all in one sheet. Just download the template and start using it entering by your company details.
Furthermore, it consists of a payment section that lets you know the outstanding payable amount to the supplier against each invoice.
Table of Contents
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 simple terms, accounts payable ledger consists of the list of suppliers along with details like invoice number, date of invoice, date wise payments made, and outstanding balance.
Accounts Payable consists of 3 basic functions:
Larger businesses require staff to travel for business purposes. Accounts Payable department manages such travel arrangements which include advance airline, car rental as well as hotel reservations.
Other business functions include making payments for AMCs and other maintenance expenses for the smooth running of the business.
Furthermore, 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.
Accounts payable is a 4 step end-to-end process:
Additionally, account payable prevents payments of fraudulent invoices or multiple payments for the same invoice to vendors. Proper reporting of invoicing helps to ensure that a company’s cash and assets are safe.
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.
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.
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.
Accounts Payable A/C – Debit
To Purchase Return Account – Credit
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.
We have created simple and easy Accounts Payable Templates in with predefined formulas and functions. Insert invoices and it will automatically display the outstanding against 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
This template consists of 2 sections: Vendor details and Payment Details.
Row 1 = Enter Company/Business Name. Cells A1 to AD1. Merged cells.
Row 2 = Heading of the sheet. Cells B2 to BD2. Merged cells. Headings can put as Accounts Payable Ledger or Creditors Ledger.
Row 3 = Multiple headings as numbered below
Row 4 = This row consists of subheadings for data input. For example, see the table below:
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).
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A Non-PO invoice is an invoice that does not have a purchase order. However, such invoices require approval from authorized personnel to process for payment.
Unsettled invoices of an organization refer to Accounts Payable whereas accepted, paid recorded bills of an organization are Bills Payable.
Accounts payable are a collection of short-term credits extended by creditor/vendors. The accounts payable also includes internal business, employee/employer travel as well as petty cash.
3-way matching is a process of comparing and matching the contents of the Purchase order, Delivery Receipt or Packing slip, and the Invoice.
Minor differences in amounts of invoices as agreed upon or as per the industry norms are acceptable for which doesn’t require any further approval.
Debit Balance is when a buyer makes an excess payment with no pending invoices to a supplier/vendor. Debit balance recovery is the process to recover such amount.
You can initiate debit balance recovery by communicating with the vendor for the excess amount. Thus, you can settle these amounts either through cash, bank transfer, or can be adjusted against future invoices. In case no future transactions with the vendor and failing to recover this balance has to be written off.
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