Accounts Payable Template
To streamline your accounts payable process, download our free, simple-to-use Accounts Payable template in Excel at the bottom of this page. If you do not have Microsoft Excel, Google Sheets is a free alternative compatible with our template.
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 when trying to obtain credit.
The easiest way to produce a list of accounts payable is to use accounting software. Although most packages have a monthly cost, they will save you time. Take a look at the free trials on QuickBooks, Xero and FreshBooks.
QuickBooks get 90% discount for 7 months.
Using our template, you can help 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.
What is the Accounts Payable Ledger?
An accounts payable ledger is a record of all the invoices that a company has received. This record helps the business keep track of how much money it owes to each vendor. It is important to keep the payable ledger accurate, so businesses should follow some basic purchase ledger procedures.
How to use Accounts Payable Template
- Download the accounts payable 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 into 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 helpful to sort the data by the supplier, invoice date, or due date. It will help see how much you owe to one supplier or the order in which 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 delete it. It will ensure that you keep the same quantity of rows in the spreadsheet.
- Highlight the customer, invoice date, invoice number and amount.
- Use the mouse to right-click
- Select clear contents
You may then wish to sort the data to remove the cleared line.
Year-end Accounts Payable
Printing or saving a copy of the report at your year-end as part of the management reports is helpful. 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 more straightforward, accounting software might be a suitable solution to save time and mistakes.
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 is a couple worth reviewing:
Advantages of Using Accounting Software for Accounts Payable Ledger
There are many advantages for a small business to use software for its accounts payable process including:
- Adding bills using an upload feature
- Sharing information with accountants and accounts payable department
- Other reports available
- Printing remittance advice and emailing them to the supplier
- Some allow for payment processing within the software
- Easier to keep track of when payments are due
Excel Bookkeeping Templates.
We have created other useful, free Excel templates for your bookkeeping. These include detailed templates for Accounts Receivable, designed to help you track outstanding sales invoices; a comprehensive Cash Book for recording all bank transactions; a Petty Cash template for managing small, everyday expenses; and a Budget template to assist in planning your finances over various periods.
Each template is designed with the user in mind, ensuring ease of use and efficiency in managing financial tasks.
Free Accounts Payable Excel Template Licence Agreement
By downloading the Excel Cash Book template, you agree to our licence agreement, allowing you to use the templates for your own personal or business use only. You may not share, distribute, or resell the templates to anyone else in any way.
