Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
Steps to check the Payable/Receivable report-
- Click on Reports -> Payable/Receivable -> Payable
- You can add the payment from here directly
- Click on Reports -> Payable/Receivable -> Receivable
- Click on Receipt if you want to add the receipt
- if you want to send the payment reminder click on reminder option