Accounts payable (AP), sometimes referred simply to as "payables," are a company's ongoing expenses that are typically short-term debts, which must be paid off in a specified period to avoid default.

Is payable a revenue or expense?

While accounts payable on an income statement only occurs as an expense, the AP department plays a critical part in the financial control panel.

What type of account is a payable?

What are Accounts Payable? Accounts payable is a current liability account that keeps track of money that you owe to any third party.