Accounts receivable, abbreviated as AR or A/R, are legally enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for.
A bill receivable is a document that your customer formally agrees to pay at some future date (the maturity date). The bill receivable document effectively replaces, for the related amount, the open debt exchanged for the bill. Bills receivable are often remitted for collection and used to secure short term funding.
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Explanation:
A bill receivable is a document that your customer formally agrees to pay at some future date (the maturity date). The bill receivable document effectively replaces, for the related amount, the open debt exchanged for the bill. Bills receivable are often remitted for collection and used to secure short term funding.