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Accounts Receivable
Money owed to a business by its customers for goods or services delivered but not yet collected. Appears as a current asset on the balance sheet.
Example
You invoiced a client $3,000 on 14-day terms. Until they pay, that $3,000 is an accounts receivable.
Related Terms
See how Kumry handles this in your own books.
Definitions are general information; check current ATO guidance for your circumstances.
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