Mastering the Accounts Payable Process and Journal Entries

Mastering the Accounts Payable Process and Journal Entries | Complete Guide for Accountants
Description:
Hello, fellow accountants! In this video, we dive deep into the Accounts Payable process and all the necessary journal entries you need to know. This comprehensive guide will help you manage your business's short-term liabilities effectively. We cover everything from receiving and recording invoices to paying suppliers and handling credit memos.
In this video, we cover:
Receiving the Invoice
Recording the Invoice
Entry 1: Record the Invoice
Approving the Invoice
Paying the Invoice
Entry 2: Paying the Invoice
Early Payment Discounts
Entry 3: Early Payment Discount
Credit Memo from Vendor
Entry 4: Credit Memo
Reconciling Accounts Payable
Month-End and Year-End Closing
Entry 5: Month-End Adjustment
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