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Accounts payable is any sum of money owed by a business to its suppliers shown as a liability on a company’s balance sheet. In simple words, when you buy goods or services with an arrangement to pay at a later date, such amount till it is paid is referred to as accounts payable.

What is a purchase order?:- A purchase order is a contract between the buyer and the seller and it gives specific information like product or services to be delivered, delivery date, and any other terms and conditions including the price. The purchase order is also called as ‘PO’

To account your business books, you need to follow the principle as defined by the accounting methods. There are two primary accounting methods – Cash accounting and Accrual accounting that a business a choose and apply. Each method has its own way of accounting and impacts differently on how the business financials are measured.

Our software has historically been an on-premise product that we believe has one of the simplest licensing policies, to help you make easy decisions by integrating Tally for your business. Over the last few years with the advent of virtualization, technologies such as Windows RDP, Citrix, Windows Thin Client, cloud services etc.,