What percentage of sales will likely be made on credit ? is the question to be asked about accounts receivable when forecasting.
What are accounts receivable?
- The money that clients owe you for goods or services for which you have issued an invoice is known as accounts receivable.
- The balance of your receivables is shown in the general ledger under current assets in accrual accounting.
- The accounts receivable balance is the total amount of all bills that customers owe for goods or services provided for them on credit.
- Finance debits accounts receivable to reflect the payment of invoices and credits the relevant liabilities account.
- Additionally included in accounts receivable would be any applicable late fees.
To learn more about accounts receivable, refer:
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