Receivables, also known as “accounts receivable,” are amounts owed to a company by customers who have purchased its goods or services. On a balance sheet, these amounts are listed as liabilities, meaning that the company is expecting to collect payment for them in the near future. Generally speaking, receivables should be collected within 30 days after they are billed. Companies that have large balances of receivables may choose to use third-party collection services to help ensure prompt payment.