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Accounts Receivables and Accounts Payable
- Accounts Receivable: Money you have earned, but which has not yet been received (aka, it’s not “cash in hand” yet). Think of it as somewhere in between cash outflow and inflow, in the sense that you have already provided a service or delivered a product to the client (cash outflow), but have not yet received your payment (cash inflow).
- Accounts Payable is the other side of that coin: it’s the money your business owes for overhead expenses like rent, phone and electric bills, insurance, and the other supplies and services you need to keep your business running.