Introductory Accounting

CHAPTER13

Tracking Receivables and Payables

In This Chapter

• Setting payment terms for customers
• Using the Aged Accounts Receivable report
• Making refunds for overpayments
• Writing off bad debts
• Tracking payables with an Aged Accounts Payable report

Unless you’re the type of business that’s able to get paid immediately when products are delivered or services are rendered, and you can pay all your vendors and service providers in the same fashion, you’ll likely have accounts receivable. You’ll have accounts payable to track as well, either within your accounting software or by keeping an eye on a stack of unpaid bills in both your physical and ...