Accounts Receivable is any money owed to a company by a customer due to the sale of goods or services. This money is considered an asset and can be broken down into two categories: current and noncurrent. Current accounts receivable are expected to be collected within one year, while noncurrent accounts receivable have yet to be collected, and may take more than one year to be paid off. In other words, Accounts Receivable reflect money companies are owed now, or will be owed in the future. Keeping track of this money and ensuring it is collected on time is essential for a business’s bottom line.