The Advantages of Maintaining Accounts Receivable. Accounts receivable refers to sales made by a company or organization from which payment or total payment has yet to be made.

Accounts payable is an account within the general ledger representing a company's obligation to pay off a short-term obligations to its creditors or suppliers.

Accounts receivable are created when you extend short-term credit to a customer. If you sell a machine to a manufacturing company and send them an invoice asking for payment in 30 days, you have ...