How to find payable and receivable amounts?

Question

Accepted Answer

To find payable and receivable amounts, review financial statements, invoices, and payment records.

Review financial statements such as balance sheets and income statements to identify payable and receivable amounts.
Examine invoices and purchase orders to determine the amount owed to suppliers (payable) or owed by customers (receivable).
Check payment records and bank statements to track incoming and outgoing payments.
Utilize accounting software or systems to generate reports and analyze accounts payable and accounts receivable balances.
Perform regular reconciliations to ensure accuracy and identify any discrepancies.
Example: Reviewing the balance sheet, you can find the accounts payable balance under current liabilities and accounts receivable under current assets.

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