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what is Bills Receivables and Bills Payables?
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Answer Posted / mr. amit kumar singh, badheya
A bill receivable is a document that your customer formally
agrees to pay at some future date (the maturity date). The
bill receivable document effectively replaces, for the
related amount, the open debt exchanged for the bill. Bills
receivable are often remitted for collection and used to
secure short term funding.
Bills payable (better known as accounts payable) are
expenses that are owed to other companies as a result of
purchasing a product or service on credit.
For example: If a company buys $1,000 of paper towels as
supplies but is not required to pay for 30 days. Accounts
payables for the purchasing company will increase by $1,000.
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