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What Are Your Accounts Payable And Accounts Receivable?

SkynarBookkeeping / February 27, 2019

Let’s talk about the difference between accounts payable (A/P) and accounts receivable (A/R). It’s easy to get these two confused, but they’re important components to your books. They’re the primary indicators of the financial health of your company, which means they’re constantly changing to keep up with all the moving pieces. Let’s focus on the basics.

Account Payable is a company’s liability account where they record the amounts they owe to vendors or suppliers for their goods or services the company received on credit.  

Accounts Receivable is a company’s current asset account where they record the amounts they have a right to collect from customers who have purchased their goods or services on credit.

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Skynar Bookkeeping – Corporate Office – South Lyon, Michigan
13052 Pembrooke Circle
South Lyon, MI 48178
Phone 734-335-7702
Email info@skynarbookkeeping.com
68300 CR 388
South Haven, MI 49090
Phone 734-335-7702
2534 SW 13th Ave
Cape Coral, Florida 33914
Phone 239-361-2100

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