Overview of accounts payable

Question 1

Purchase order (PO)

Answer 1

Communicate and document precisely what the company is ordering from a vendor. You need an approval depending on the size of the order.

Question 2

Receiving report

Answer 2

A company’s documentation of the goods it has received, it identifies how many units have arrived.

Question 3

Vendor invoice

Answer 3

The bill from the vendor that send the goods.