AP FULL FORM- Account Payable
Account payable is an amount that a company has to pay to the client because it has received the goods or services on credit. Generally, account payable is the amount that a company has to pay to its creditors. so it means this account is related to creditors of a company. After knowing AP full form, now we are going to discuss the process of ap.
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| AP full form |
Process of AP:
Quotation: first of all, the buyer receives the quotation from the seller. The quotation is a document that contains detailed information about the price of the product. So here buyer can compare the quotation of the different sellers and can decide which is the best seller for his produce. In this way, the company can save money by comparing the price and quality of the products.
Sale order: it is the second step in the process of the account payable cycle. Sale order is a document that is used by the seller to confirm the selling price, quality, and term and condition of goods. Normally, it is issued by the seller to his buyer.
Invoice: it is the third step in the process of the account payable cycle. After confirming the price and quality of goods, the next step is to create an invoice by the seller. Here, the company creates an invoice according to the predetermined sale order and the buyer receives the invoice.
Goods received Note: after receiving the invoice, the buyer receives all the goods or services for which he had placed the order.
Account payable: it is the final step in the process of the account payable cycle. Here, the company receives the amount for which he has given service or sold goods to another party. you many like other ap full forms that is as follows:
Other AP full form:
- Associated Press
- American Pie
- Access Point
- Andhra Pradesh
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