THE ECONOMIC NATURE OF ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLE, THEIR PLACE IN THE BUSINESS PROCESSES OF THE ENTERPRISE

Abstract

The components of the enterprise's economic assets and the sources of their formation are, respectively, receivables and payables. They play a significant role in the accounting and management system, especially in the business processes of sales and acquisitions. Receivables lead to a temporary withdrawal of working capital and a decrease in the level of its turnover, and payables – temporary attraction of capital. Such an impact is noticeable in conditions of economic crisis, during which the financial discipline of enterprises deteriorates, significant delays in debt repayment arise. The article analyzes dissertations in which the categories "receivables", "payables" were studied. In order to highlight the features that reveal the economic nature of receivables and payables, their interpretation and approaches to understanding their essence are studied. It is substantiated that it is advisable to consider their economic nature in three directions: economic, accounting, legal. The views of scientists on the construction of a classification of debts, their grouping for accounting and management needs are analyzed. Accounting events that arise in counterparties when fulfilling contractual obligations during the purchase and sale of assets are highlighted: for the seller – in the process of sale; for the buyer – in the process of acquisition. The place of receivables in the business process of selling finished products (goods, works, services) is substantiated, the aspects in which its role is manifested are highlighted: 1) financing of working capital; 2) impact on cash flows; 3) formation of credit policy; 4) control over the quality of debt; 5) risks of non-repayment; 6) improvement of relations with customers. It is proved that in the business process of acquisition, a key role is assigned to payables, which allows the enterprise to reduce the attraction of external financing and manage cash flows more flexibly. The stages of the strategy for managing receivables and payables are highlighted. It is substantiated that balanced management will make it possible to optimize the amount of debts, reduce the risks of non-repayment of debts, and improve the quality of control procedures for the status of settlements.