What is the accounts payable line on my balance sheet and what does it mean?
The accounts payable line on your balance sheet represents money owed to you from the entity(s). Accounts payable is any expenses paid by you, out of your personal account for the entity. Your entity expenses the amount on the date you paid for the cost personally and then has eleven months to reimburse you. You can take all or part of the accounts payable amount out of your entity at any time within these eleven months. Also if you are not reimbursed within the eleven months, the accounts payable turns into a long term liability and the entity will owe you interest on the amount owed.
