The Generally Accepted Accounting Principles (GAAP) Rules for Accounts Payable define the standard procedures and practices that must be followed when dealing with accounts payable. These rules are designed to ensure accurate and timely payments as well as compliance with financial laws and regulations. Specifically, accounts payable involve the processing and recording of all payments made to vendors, suppliers, contractors, and other third-parties.

With GAAP Rules for Accounts Payable, businesses can expect the highest-level of accuracy in the recording and processing of invoices, payments, and expense reimbursements. By following these rules, businesses can rest assured that their financial records are up-to-date and complying with industry standards.