Accounts payable/receivable

Accounts receivable are receivables from others for which no checks or promissory notes have been received. and this demand can be from other individuals or companies. It is created by selling goods / services, repaying loans, and so on.

In other words, these types of accounts are our current assets, which are supposed to be convert ed into liquidity in the short term. That is, the customer has received the goods / services but has not yet paid for them. But he will pay the debt soon.

The account receivable is in the form of a commitment or is verbal and documented to an invoice.

Trade Accounts Receivable

If the receivables arise through the main and permanent activity of the business unit such as the sale of goods / services. Falls into this category.

Non-commercial accounts receivable

If the receivables are through factors other than the main activity of the business unit, such as: payment of loans to individuals, it falls into this category.

Accounts payable:

A payable account is created when the company has purchased goods or services on credit from   suppliers. This account must be paid within a fiscal year or in an operating cycle (longer). This type of account is one of the most common forms of current debt on the balance sheet.

Merchant Accounts Payable

Short-term liabilities arise only from the purchase of goods / services on credit.

These are short-term liabilities that are documented in business documents such as checks and promissory notes that indicate payment on a certain date.

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