What is the definition of Receivables?

Receivables are assets that a business still has to collect for goods or services they provided their customers on credit.

Receivables include unsettled transactions, debts and other monetary obligations. They are expected to be received in cash. The receivables are included in the balance sheets as assets, since the company expects to receive payment for these receivables when they become due. Receivables that are short-term are listed under the company's current assets while long-term receivable (those that are not due for a considerable length of time) are part of the long-term assets.

Receivables also include interest receivable, advances to employees, loans made to officers of the company, as well as income taxes that are to be refunded.

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