What is payable account in SAP SBO - SAP Business One?

SAP Term: payable account

• Component: SBO

• Component Name: SAP Business One

• Description: A bank account that is set up for the purpose of paying bills for procurement or services rendered.

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• Key Concepts: 
  A payable account in SAP Business One (SBO) is an account that records the amount of money a company owes to its suppliers. It is a type of liability account, which means that it records the company's financial obligations. The payable account is used to track the amount of money owed to suppliers and other creditors, and it is updated whenever a payment is made or received. 
  
  How to use it: 
  The payable account can be accessed through the Accounts Payable module in SBO. This module allows users to view all outstanding payments, create new payments, and manage existing payments. The payable account can also be used to generate reports on outstanding payments and to track payment history. 
  
  Tips & Tricks: 
  When creating a new payment, it is important to ensure that all necessary information is included in the payment record. This includes the supplier's name, address, contact information, and payment terms. Additionally, it is important to ensure that all payments are made on time in order to avoid late fees or other penalties. 
  
  Related Information: 
  The payable account is closely related to the accounts receivable module in SBO. The accounts receivable module tracks the amount of money owed to a company by its customers and clients. It is important to maintain accurate records of both accounts receivable and payable in order to ensure accurate financial reporting.