Can anyone Explain the difference between accounts receivable and accounts payable.

Accounts receivable (AR) is money customers owe your company for goods or services provided on Credit, representing an asset and money coming into the business. Accounts payable (AP) is money your company owes to its suppliers for goods or services received on Credit, representing a liability and money going out of the business.

Accounts receivable (AR) is money customers owe your business for goods or services provided, representing a short-term asset on the balance sheet. Accounts payable (AP) is the money your business owes to its suppliers for goods or services received on Credit, a short-term liability on the balance sheet. In essence, AR is money coming in from customers, while AP is money going out to vendors. for more information Click here.