In a business, owing the supplies from the vendors is something usual. On financial report, it will be named account payable. It is included in the liability. Of course, there will be some terms and conditions. These owes have to be completed within certain days. It is usually from 30 to 90 days. It depends on the agreement made. And usually it is more than one supplier to deal with.
Keeping the record of accounts payable is very important. Besides having the supporting data to arrange the balance sheet, it will remind you about the age of a payable. You can create the Aging of Accounts Payable in a table. Use MS Excel for simple work. Prepare 9 columns and label them from left to right with Date, Invoice Number, Account Name, Account Number, Description, 30 Days, 60 Days, 90+ Days and Total. One by one list the payable from different suppliers and fill up each column accordingly.
If you are late in making the payment to the suppliers, you will receive bad reputation and find difficulty in obtaining their trust back, or even you should get new vendors for your product fulfillment. Therefore, you have to remember when you have to make the payment for the owed payable and check whether an invoice has been paid or not. It is a simple data that may never be noticed.