AP and AR accounting

Accounts Payable (AP) accounting involves tracking and managing the money a company owes to its suppliers or creditors for goods and services received on credit. On the other hand, Accounts Receivable (AR) accounting focuses on monitoring and managing the money owed to the company by its customers for goods or services sold on credit. While AP deals with outgoing payments, AR deals with incoming payments, both essential for maintaining a healthy cash flow and financial stability within an organization.

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