Accounts Payable Terminology is the collective name given to the set of financial transactions that involve money owed by an individual or business. At its simplest level, Accounts Payable Terminology is the process of recording and keeping track of obligations owed by one person or organization to another. This includes tracking invoices, payment due dates, amounts, suppliers, relevant tax information, and more. For any company looking to stay on top of their finances, A/P terminology is absolutely essential. Keeping a keen eye on these obligations can help you get ahead and save money in the long run!