Balance Sheet Account Receivables are a type of asset that appears on a company’s balance sheet. They represent money owed to the business from customers for a product or service provided. In other words, when a customer agrees to purchase something from a company, the value of this purchase is reported as an asset on the balance sheet and referred to as an account receivable. This amount then typically decreases over time as customers make payments toward their purchase. A business must manage its account receivable balances to ensure they remain up-to-date and accurate.