Those to whom an organization or an individual owes money, for example unpaid suppliers of raw materials. The balance on the creditors' ledger control account is included in the balance sheet: creditors whose payments are due in less than one year are classed as current liabilities; creditors whose payments are due after more than one year are long-term liabilities. The payment of creditors should be tightly controlled to ensure that full credit periods are taken and that any prompt-payment discounts are received.

Accounting dictionary. 2014.

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