Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms[2] or payment terms.
The accounts receivable department uses the sales ledger, because a sales ledger normally records:[3]
1530s, "sufficient estate," from Anglo-French asetz (singular), from Old French assez (11c.) "sufficiency, satisfaction; compensation," noun use of adverb meaning "enough, sufficiently; very much, a great deal," from Vulgar Latin *ad satis "to sufficiency," from Latin ad- "to" (see ad- ) + satis "enough" (see sad ).
Beginning as a legal term, "sufficient estate" (to satisfy debts and legacies), it passed into general use; meaning "any property that theoretically can be converted to ready money" is from 1580s. Asset is a 19c. artificial singular. Asset stripping attested from 1972.
Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms[2] or payment terms.The accounts receivable department uses the sales ledger, because a sales ledger normally records:[3]1530s, "sufficient estate," from Anglo-French asetz (singular), from Old French assez (11c.) "sufficiency, satisfaction; compensation," noun use of adverb meaning "enough, sufficiently; very much, a great deal," from Vulgar Latin *ad satis "to sufficiency," from Latin ad- "to" (see ad- ) + satis "enough" (see sad ). Beginning as a legal term, "sufficient estate" (to satisfy debts and legacies), it passed into general use; meaning "any property that theoretically can be converted to ready money" is from 1580s. Asset is a 19c. artificial singular. Asset stripping attested from 1972.
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