Account Receivable vs Account Payable

Accounts Receivables and Payable are 2 major aspects of Businesses that keeps the trade running.

We have worked extensively on Book Keeper to make it easier for Small Business owners to maintain and track their Receivables and Payables with no Pre-requisite knowledge  of Accounting Rules.

Account Receivables are the Current assets for the company that keeps a record of money that third parties that are bound to pay you money in form cash or related assets. These third parties can be banks, Customers, or even your  Debtor  to whom you have granted loans.

A day to day eg. For the same is Amount to be received against sale of goods.

Account Payables  are the Current liabilities for the company that keeps a record of money that is payable by you to third parties in form cash or related assets. These third parties can be again banks, Suppliers, or even your creditor  to whom you have taken loans from.

How to Set off Accounts Receivables: 
For Receivables against sales of Goods or Services:
Go to Transactions > Receipt  > Create

For Receivables other than Sales:                    
Go to Transactions >  Income (Direct Income) > Create

How to Set off Accounts Payables:
For Payables against purchase of Goods or Services:
Go to Transactions > Payment to Supplier  > Create

For Receivables other than purchase:            
Go to Transactions >  Expense (Direct Expenses) > Create

You can also track your Account Payable and Receivable via following Reports:

For Accounts Payable:  Go to All Reports > Outstanding Payable

For Accounts Receivables: Go to All Reports > Outstanding Receivables