AR / AP

Reference:

https://www.zoho.com/books/articles/accounts-receivable-accounts-payable-guide.html

AR (Account Receivable)

• Accounts receivable is therefore the sum of money your customer owes you for goods or services you delivered to them or that they used, which they have not yet paid for.

AP (Account Payable)

• Accounts Payable is the sum of money you owe to a vendor or a seller for purchasing their product or service, for which you have not yet paid.