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GLOSSARY

Accounts Payable

Accounts payable is money owed by the InsuredHQ user to suppliers and third parties.

InsuredHQ creates a creditor invoice when a policy is bound depending on who the creditor is - for tax collection it is the tax agency; for levies, the government agency or for premium payments, the insurer/reinsurer.

InsuredHQ produces a creditor bordereau at the end of each month so you can track who you owe and reconcile your bank account accordingly.