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Generally, each organization provides credit facility to its customers. In such cases, the money owed to the business by its customers (individual or corporation) on account of products/services that have been delivered or used is referred to as accounts receivable.
Accounts Receivable is treated as an asset by the business and can be found under the “Current Assets” of the Assets section of a balance sheet.
The customers which owe the business are commonly referred to as “Sundry Debtors”.
Technically, an entry which entails credit has both receivables as well as payables. For the organization lending credit, it is accounts receivable while for the organization which owes money, it is an accounts payable
Accounts receivable is money owed to a business by its clients (customers or debtors) and shown on its balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. These may be distinguished from notes receivable, which are debts created through formal legal instruments called promissory notes
Accounts Receivable Age Analysis
The Accounts Receivable Age Analysis Printout, also known as the Debtors Book is divided in categories for current, 30 days, 60 days, 90 days, 120 days, 150 days and 180 days and over due that are produced in Modern Accounting Systems. The printout is mostly known as an Aged Trial Balance or ATB for short. The printout is done in the order of the Chart of Accounts for the Accounts Receivable and/or Debtors Book. The option to include Zero Balances outstanding or to specifically leave it out is also possible in the printout features.
Accounts Receivable is treated as an asset by the business and can be found under the “Current Assets” of the Assets section of a balance sheet.
The customers which owe the business are commonly referred to as “Sundry Debtors”.
Technically, an entry which entails credit has both receivables as well as payables. For the organization lending credit, it is accounts receivable while for the organization which owes money, it is an accounts payable
Accounts receivable is money owed to a business by its clients (customers or debtors) and shown on its balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. These may be distinguished from notes receivable, which are debts created through formal legal instruments called promissory notes
Accounts Receivable Age Analysis
The Accounts Receivable Age Analysis Printout, also known as the Debtors Book is divided in categories for current, 30 days, 60 days, 90 days, 120 days, 150 days and 180 days and over due that are produced in Modern Accounting Systems. The printout is mostly known as an Aged Trial Balance or ATB for short. The printout is done in the order of the Chart of Accounts for the Accounts Receivable and/or Debtors Book. The option to include Zero Balances outstanding or to specifically leave it out is also possible in the printout features.