Can anyone Explain the difference between accounts receivable and accounts payable.

Accounts receivable (AR) is money customers owe your business for goods or services provided, representing a short-term asset on the balance sheet. Accounts payable (AP) is the money your business owes to its suppliers for goods or services received on Credit, a short-term liability on the balance sheet. In essence, AR is money coming in from customers, while AP is money going out to vendors. for more information Click here.