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  2. Accounts receivable - Wikipedia

    en.wikipedia.org/wiki/Accounts_receivable

    Accounts receivable, abbreviated as AR or A/R, [ 1] are legally enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for. The accounts receivable process involves customer onboarding, invoicing, collections, deductions, exception management, and finally, cash posting ...

  3. Factoring (finance) - Wikipedia

    en.wikipedia.org/wiki/Factoring_(finance)

    Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. [ 1][ 2][ 3] A business will sometimes factor its receivable assets to meet its present and immediate cash needs. [ 4][ 5] Forfaiting is a factoring arrangement ...

  4. Lockbox (accounts receivable) - Wikipedia

    en.wikipedia.org/wiki/Lockbox_(accounts_receivable)

    In general, a lockbox is a post-office box (PO box) that is accessible by a bank. A company may set up a lockbox service with its bank for receiving customers' payments. The company's customers send their payments to the PO box. Then the bank collects and processes these payments directly and deposits them to the company's account.

  5. Accounts payable - Wikipedia

    en.wikipedia.org/wiki/Accounts_payable

    Accounts payable ( AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. [ 1] An accounts payable department's main responsibility is to process and review transactions between the company ...

  6. Bookkeeping - Wikipedia

    en.wikipedia.org/wiki/Bookkeeping

    Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. [ 1] It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person, organization or ...

  7. ACH Network - Wikipedia

    en.wikipedia.org/wiki/ACH_Network

    A single-entry debit, initiated either at the point-of-purchase or at a manned bill-payment location, to transfer funds through conversion to an ACH debit entry during back-office processing. Unlike Accounts Receivable Conversion entries, a Back Office Conversion requires that the customer be present and that the vendor post a notice that ...

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