Are deliveries assets or liabilities
What are trade payables?
liabilities from goods and services are Debt of the buyer or purchaser towards the entrepreneur or company that provides the agreed deliveries or services. Liabilities are therefore performance obligations towards the business partner. They arise from the fact that the supplier or service provider first makes advance payments without the buyer or customer having to pay immediately or having to provide any other consideration. Rather, becomes a Payment or performance target agreed on which the buyer has to pay the trade payables or fulfill them in some other way.
The payment amount and the time of payment are defined. The latter can be due between a few days or weeks (short-term liability) or in a few years (long-term liability). Often the debtor is given a discount. That means that he gets the payment amount discounted if he is before Due date pays. This creates an incentive for timely or early payment.
The opposite term to liability is the requirement of the supplier or service provider. Trade accounts payable or receivable is a term used in accounting law (see Section 266 of the German Commercial Code). This means that both a liability and a receivable have an asset, which must therefore generally be accounted for, provided that the person is subject to commercial obligations from the Commercial Code.
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