Accounts payable have payment terms associated with them. For example, the terms could stipulate that payment is due to the supplier in 30 days or 90 days. The payable is in default if the ...

You will have to be aware of each supplier's credit terms, as most aged account payable reports account for the age of an invoice, but not for individual credit terms.

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. Kanizphoto Both accrual and accounts payable are ...