Recognizing payables to suppliers is crucial in ones’ business. It’s about understanding what you owe to someone else and trust me when I say that they will remind you of it. Regardless however it’s never a good sign if they have to remind you of the payment due and it doesn’t show in good light, never.
So hence recognizing a supplier payable is not just about timeliness but also about being correct in your details, i.e. payment dates.
Say that you received a supplier invoice for advertising expenses with it’s amount 10,000 and it’s due date is in two weeks. You’d make the following accounting entry at first:
| # | Debit-Credit | Account name | Amount |
| 1 | Debit | Advertising expense | 10,000 |
| Credit | Payable to suppliers | 10,000 |
In two weeks you’d recognize a payment of this invoices with the following entry:
| # | Debit-Credit | Account name | Amount |
| 1 | Debit | Payable to suppliers | 10,000 |
| Credit | Cash and cash equivalent account | 10,000 |
With this you’ve recognized a payment to your supplier and ensure that you’ve also kept the deadline for asked payment. I would encourage you to work out a system so that you always keep track on approaching deadlines and that you ensure you can adhere to the deadlines.