Trade and other payables
A group, no postings. It totals what you owe suppliers and others within a year: Creditors, Stock Received But Not Billed, Accrued Expenses and related dues.
In detail
Trade and other payables is the group that gathers money owed to suppliers and to others for goods and services already received: Creditors for billed purchases, Stock Received But Not Billed for goods in the warehouse awaiting an invoice, Accrued Expenses for costs not yet billed, customer advances held as Contract Liabilities, and dues to related parties. It posts nothing itself. On the Balance Sheet it tells the owner how much the next few weeks of cash must cover, and the Accounts Payable report breaks it down by supplier and age. In the demo books it shows Rs 1,40,000 for the two unpaid Market mind investment group bills. Tax dues stay out of it; those belong under Duties and Taxes.
Formula
Trade and other payables = Creditors + Stock Received But Not Billed + Accrued Expenses + Contract Liabilities + other payable ledgers
How to record it in BRAccount
- 01Go to Accounts Setup > Chart of Accounts, expand Current Liabilities, then Trade and other payables.
- 02Open Creditors to see supplier balances or Financial Reports > Accounts Payable for the ageing.
- 03Read the group total on Financial Reports > Balance Sheet for the chosen date.
- 04Compare Stock Received But Not Billed with pending Purchase Receipts and bill them.
- 05Clear Accrued Expenses when the supplier's invoice finally arrives.
When to use it
Do not post here. Purchase Invoices post to Creditors; month-end accruals post to Accrued Expenses.
Example from the demo books
Trade and other payables show Rs 1,40,000 in the demo books, the two unpaid bills from Market mind investment group.