Accounts payable (AP) is an important part of almost every small business. When purchases are made, most businesses are given credit terms where the money is paid at a later date. Payments to be made for purchases at a later date are known as accounts payable. There are two basic journals for recording transactions to accounts payable, the purchase journal and the check register.

Even though using bookkeeping software will help with the daily use of accounting functions for a small business, it’s still important to have an understanding of the basic functions of accounting. Before learning how accounts payable is posted to the journals, it’s important to understand the functions of debits and credits. Understanding how debits and credits work is the first step into grasping the fundamentals of accounting.

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