Accounts payable is responsible for distributing internal reimbursement payments, controlling and administering petty cash and controlling the distribution of sales tax exemption certificates.
Accounts Payable is a part of Accounting, where payable of an organization are managed. The accounts payable include a different team to organize and manage these payable. It is an important function since it decides on outflow of company resources and cash management.
Accounts Payable Team has the various responsibilities like payment to vendors, Payment of taxes, statutory dues etc. They not only ensure the timely payment of these transactions but also make sure that full advantage of credit period is also taken.
The major responsibilities of accounts payable team is vendor payment. Vendors are the supplier of goods & other assets to the organizations. When a organization purchase goods/materials from suppliers, the supplier accounts is credited and Goods account is debited.
