Accounts receivable is an asset account in the general ledger (GL) that documents money owed to a business by customers who have purchases goods or services on credit.
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Accounts receivable can be contrasted with accounts payable, a liability account in the GL that documents money the business owes for the purchase of goods or services.
Accounts receivable, accounts payable and payroll are usually listed as the top three mission-critical business processes in a disaster recovery plan (DRP).