Download our free simple to use Accounts Payable template in Excel at the bottom of this page.
Do you struggle to know when to pay your supplier invoices? As a business, one of the last things you want to do is upset them by not paying your invoices on time. It may cause future problems in trying to obtain credit.
The easiest way to produce a list of accounts payable is to use accounting software. Although there is a monthly cost on most packages, they will save you time. Take a look at the free trials on QuickBooks and FreshBooks.
By using our template, you can help to ensure that bills are settled on time and if you have a dispute; there is a comments field to make notes. The data can be sorted by supplier or date to make it easier to see the information needed.
How to use Accounts Payable Template
- Download the spreadsheet using the link at the bottom of this page.
- Save it either to the hard disk or cloud software.
- Enable editing in Excel.
- At the top enter your business name where it says (Enter Company Name Here).
- You are now ready to start entering the details from the purchase invoices.
- Enter the supplier name, date, invoice number and amount. If there is no invoice number, you can leave it blank.
- Use the drop-down list to select the terms of payment; from this information, the due date will automatically be entered.
- The spreadsheet will automatically enter the figure to the correct column and if the invoice is current or overdue.
- The comments section is useful if you have a query on and purchase invoice by adding any notes. It could be that you are waiting for a credit note as the order was not complete or for larger companies, the invoice is with a manager for approval.
When all the data is entered you may find it useful to sort the data, either by the supplier, invoice date or due date. It will help to see how much you owe to one supplier or the order that invoices are due.
Sorting Accounts Payable Template Data
- Highlight the rows that you want to sort
- Using the Excel ribbon at the top select Data > Sort > Use the drop-down list to select which column you want to sort it by and the order to sort it.
- Click OK
The data will be sorted in the format requested.
Removing Paid invoices
You will need to clear the contents of the row, rather than deleting it. This will ensure that you still keep the same quantity of rows in the spreadsheet.
- Highlight the customer, invoice date, invoice number and amount.
- Use mouse to right-click
- Select clear contents
You may then wish to sort the data to remove the cleared line.
Year-end Accounts Payable
At your year-end, it is useful to print or save a copy of the report as part of the management reports. To save a copy, save as and use a different name. You can then continue using the original spreadsheet to start the next financial year.
Alternatives to Accounts Payable Templates
Although using Excel templates might seem easier, to save time and mistakes accounting software might be a suitable solution.
One of the features is to keep track of accounts payable and when invoices are due for payment. Most offer a free trial for 30 days. Here are a couple wirth reviewing:
Excel Bookkeeping Templates.
We have written lots of other useful spreadsheets including Accounts Receivable, Cash Book, Petty Cash and Budgets.
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By clicking on the link, you agree to the licence agreement download free Accounts payable template.