Question

Third party liabilities
(4) Creditors
Bills Payable
* 15,000
30,000
?​

Answer 1

Creditors and bills payable:

• Creditors are people or organisations that you owe money to. A supplier or vendor who provides you with products or services will often send you an invoice for those items. You will eventually pay the bill after this. Accounts Payable is a term that is frequently used to describe the management of debtors.
• When you get an invoice, you should post it and record it as a purchase invoice. The payables ledger and general ledger balances are updated as a result (and possibly the stock). You can treat the invoice as a straight payment if you intend to pay it right away.
• You don't have to enter the invoice again when you go to pay it later. Instead, you make a unique form of payment or you can pay several invoices at once using the Batch Creditor Payments command. When you pay an invoice, your bank account is adjusted and the amount you owe is decreased.
• You can use MoneyWorks to pay creditors by check (it will print the checks for you), or it can create a file of payments that can be uploaded to many banks' online banking systems. It can even create emails to notify the creditor that the payment has been made.

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