What is it?
Accounts Payable is an accounting term representing an obligation to pay off an amount owed to a third party. The accounts payable entry is found on a balance sheet under the heading ‘current liabilities’.
Why is it important?
The Accounts Payable (AP) unit at Carleton University performs the final step in verifying and producing payments. It is within this area of Business Operations where compliance with Carleton University Policies and Canadian Revenue Agency regulations are reviewed and the accuracy of accounting information is verified.
AP is responsible for processing and issuing payment and reimbursements for all University funds, excluding payroll-related payments.