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Accounts payable definition: Amounts that a company must pay suppliers who supplied the business on credit. You may be asking yourself what is accounts payable, it is unpaid invoices which need to be paid within agreed payment terms. Accounts payable definition is related to the handling of business obligations and keeping precise financial records. All accounts payable must be accounted for correctly to prevent late payments. An accounts payable process that is organized can aid businesspeople in sound financial planning, keeping suppliers happy and ensuring smooth operations.