Account Receivable vs Account Payable

Accounts Receivables and Payable are 2 major aspects of Businesses that keep the trade running.

We have worked extensively on Bookkeeper to make it easier for Small Business owners to maintain and track their Receivables and Payables with no Prerequisite knowledge of Accounting Rules.

Account Receivables are the Current assets of the company that keeps a record of money that third parties are bound to pay you money in the form of cash or related assets. These third parties can be banks, Customers, or even your  Debtor to whom you have granted loans.

A day-to-day eg. For the same is the Amount to be received against the sale of goods.

Account Payables are the Current liabilities for the company that keeps a record of money that is payable by you to third parties in the form of cash or related assets. These third parties can be again banks, Suppliers, or even your creditor to whom you have taken loans.

How to Set off Accounts Receivables:
For Receivables against sales of Goods or Services:
Go to Transactions > Receipt  > Create

For Receivables other than Sales:
Go to Transactions >  Income (Direct Income) > Create

How to Set off Accounts Payables:
For Payables against the purchase of Goods or Services:
Go to Transactions > Payment to Supplier  > Create

For Receivables other than purchase:
Go to Transactions >  Expense (Direct Expenses) > Create

You can also track your Account Payable and Receivable via the following Reports:

For Accounts Payable:  Go to All Reports > Outstanding Payable

For Accounts Receivables: Go to All Reports > Outstanding Receivables