Bookkeeping Vs Accounts Payable
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The main difference between these careers is that a bookkeeper may be the main accounting professional in a smaller company while an accounting clerk may be responsible for just one specific type.
Bookkeeping vs accounts payable. The two types of accounts are very similar in the way they are recorded but it is important to differentiate between accounts payable vs accounts receivable because one of them is an asset account and the other is a liability account. In accounting confusion sometimes arises when working between accounts payable vs accounts receivable. They reconcile financial documents such as bank statements.
Accounts payable may 18 2020 bookkeeping by adam hill accruals are revenues earned or expenses incurred which impact a company s net income on the income statement although cash related to the transaction has not yet changed hands. The lender record s the borrower s written promise in notes receivable generally the written note specifies the principal amount the date due and the interest to be paid. Accounts payable is the money a company owes its vendors while accounts receivable is the money that is owed to the company.
Amounts owing by debtors and amounts owing to creditors. Managing your accounts receivable and accounts payable i e. Bookkeepers record purchases and sales.
Difference between bookkeepers and accountants. The account notes payable is a liability account in which a borrower s written promise to pay a lender is recorded. Accounts receivable and accounts payable are essentially opposites.
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