What is an Accounts Payable?
Accounts payable (A/P) pertains to obligations/ commitments of national government agencies, whether current year and prior years, for which services have been rendered, goods have been delivered or projects have been completed and accepted.
Prior Year’s Accounts Payable (PY A/P) are those accounts payable which have been incurred and remained unpaid as of the end of the preceding year.
Current Year’s Accounts Payable (CY A/P) are those accounts payable which have been incurred during the current year and remain unpaid before the end of the current year.
Source: Glossary of Terms, Department of Budget and Management
Government Accountants, Budget Officers, Treasurers and Auditors’ Forum
