Legal Question in Credit and Debt Law in Indiana
Accounts Payable Entry
If a bill is entered into an accounting system as a payable, does this entry acknowledge or hold the debtor liable for the entire debt if at some point in the future a portion of the debt is disputed?
Asked on 6/11/03, 12:18 pm
1 Answer from Attorneys
Eric Southward
Southward & Haggard
Re: Accounts Payable Entry
You need to provide more information. A debt is created when there is an agreement to pay, whether contractually or verbally. It seems suspect that an entry in an accounting system could change the nature of the existence of the debt.
Answered on 6/11/03, 12:37 pm
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