Debits and Credits: What's The Difference

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Credits and debits are an Accounting 101 topic. This short talk explains the difference between a debit and credit in accounting, how they are handled on your books and provides examples when using both goods and services. #debit #credit #accounting

In accounting, the terms "debit" and "credit" are used to describe the movement of money in and out of your business's accounts.
The accounts payable invoice process is critical to the success of the accounts payable function. The three-way match concept is the standard approach used in accounts payable departments across the country, or at least those that use accounts payable best practices. It involves comparing the purchase order vs invoice and the receiving document and is a strong accounts payable internal control.

Link to the Three Way Match

Link to 8 Accounting Misconceptions about Accounts Payable