receivablerɪˈsi və bəl
receivable (n)
- plural
- receivables
English Definitions:
receivable (adj)
awaiting payment
"accounts receivable"
receivable (Noun)
A debt owed, usually to a business, from the perspective of that business
receivable (Noun)
Especially, a debt arising from a sale on account or on credit.
receivable (Adjective)
capable of being received, especially of a debt, from the perspective of the creditor.
Receivable
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. The accounts receivable process involves customer onboarding, invoicing, collections, deductions, exception management, and finally, cash posting after the payment is collected. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. These may be distinguished from notes receivable, which are debts created through formal legal instruments called promissory notes.
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"receivable." Kamus.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.kamus.net/english/receivable>.
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