What is payables in SAP FI - Financial Accounting?

SAP Term: payables

• Component: FI

• Component Name: Financial Accounting

• Description: The total amount due to creditors. This information includes the type, the amount, and the due date of the debts. Payables may include amounts payable to banks and suppliers, as well as customer down payments.

Smart SAP Assistant

• Key Concepts: 
  Payables is a component of SAP Financial Accounting (FI) that allows businesses to manage their accounts payable. It is used to record and track all payments made to vendors, suppliers, and other creditors. It also helps businesses keep track of their financial obligations and ensure that they are paid on time. 
  
  How to use it: 
  Payables can be used to create and manage vendor accounts, record payments, and generate reports. It can also be used to set up payment terms, such as discounts or payment schedules. Additionally, it can be used to track vendor invoices and reconcile them with payments made. 
  
  Tips & Tricks: 
  When setting up vendor accounts in Payables, it is important to ensure that all relevant information is included, such as contact details and payment terms. Additionally, it is important to regularly review vendor accounts to ensure that all payments are up-to-date and accurate. 
  
  Related Information: 
  Payables is closely related to the Accounts Receivable (AR) component of SAP Financial Accounting. AR is used to manage customer accounts and track payments received from customers. Together, Payables and AR form the core of SAP Financial Accounting.