Debtors & Creditors
The terms "debtors" and "creditors" refer to the parties with whom a business has financial relationships.
Debtors: Debtors are individuals or entities that owe money to the business. They are typically customers or clients who have purchased goods or services on credit and are yet to pay. This information helps businesses manage their accounts receivable, monitor payment due dates, and track the collection of outstanding debts. While Creditors are individuals or entities to whom the business owes money. They can be suppliers, vendors, or service providers from whom the business has purchased goods or services on credit. With Simplebks, we keep track of outstanding invoices and payments owed by debtors.
