Accounts Payable and Accrued Liabilities

12 Months Ended

Jul. 31, 2022

Accounts Payable and Accrued Liabilities

NOTE 8 — Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


	July 31,
(In thousands)	2022		2021
Accounts payable to sellers	$	132,294	$	123,642
Buyer deposits and prepayments	121,931		105,369
Trade accounts payable	54,876		39,595
Accrued compensation and benefits	47,206		50,688
Taxes payable	6,906		10,953
Accrued insurance	6,658		8,328
Other accrued liabilities	29,163		31,251
Total accounts payable and accrued expenses	$	399,034	$	369,826

The Company is required to charge for and collect value added taxes ("VAT") on its sales on behalf of various international taxing authorities. The Company records VAT that the Company has billed to the buyers as VAT payable. In addition, the Company is required to pay VAT on our purchases. The Company records VAT that is charged by its vendors as VAT receivable. The Company is required to file VAT returns on at least a quarterly basis with the various international taxing authorities and are entitled to claim the VAT charged by the Company's vendors as VAT credit and these credits can be applied to the Company's VAT payables billed to the buyers. Accordingly, these VAT payables and receivables are presented as net amounts for financial statement purposes.

The Company is partially self-insured for certain losses related to general liability, workers’ compensation and auto liability. Accrued insurance liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date, including an estimate for reported and unreported claims. The estimated liability is not discounted and is established based upon analysis of historical data, including the severity of the Company’s frequency of claims, actuarial estimates and is reviewed periodically by management to ensure that the liability is appropriate.