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In a very brief and precise wording,
Trade Payable: is an amount billed to a company by its suppliers for goods delivered to, or services consumed by the company in the ordinary course of business. These billed amounts, if paid on credit, are entered in the accounts payable module of a company's accounting software, after which they appear in the accounts payable aging report until they are paid. Any amounts owed to suppliers that are immediately paid in cash are not considered to be trade payables, since they are no longer a liability, but it is classified as current liabilities, since they are usually payable within one year.
