Bookkeeping: Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business.Billing: Billing refers to the aspect of banking, whereby someone is charged accurately for what item they purchased.These may be distinguished from notes receivable, which are debts created through formal legal instruments called promissory notes. 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. Accounts receivable is shown in a balance sheet as an asset. 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: Accounts receivable is a legally enforceable claim for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for.It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. Accounts Payable: Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet.
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