Accounts payables and accounts receivables - Dynamics 365 Tutorial

- [Instructor] We are going to continue reviewing common accounting terms, and in this lesson, we're going to talk about accounts payable and accounts receivable. I know, hang in there. We're over halfway through this chapter. We're going to start off with accounts payable. Accounts payable is the money that is owed by the business. This is money that you've spent. You may owe money to a vendor, which is a company you or your company purchase goods and/or services from. To order a product or service, you must generate a purchase order. This is an agreement between you and the vendor to purchase the goods or services. The purchase order will contain all of the details about that purchase. Next, we have three-way matching, and if you've never heard of it, that's okay. This was another one of those terms that I hadn't heard of before either. For three-way matching, we have three components. There is a purchase order,…