Accounting software has different types of modules. These modules deal with a particular areas of accounting. Two important modules are account receivable and account payable. While account receivable is the one where an organization enters money received, in account payable, an organization where the company enters its bills and pays money it is owed.

Both these two modules are discussed below.

a) Accounts receivable:
                                  Accounts receivable means a type of accounting transactions that deal with the customer billing when the customer owe money to a person or an organization for goods and services that have been provided to the customer. Typically in a one person company, the billing is done by writing an invoice or by delivering it to each customer.

Accounts receivable is also known as trade receivables. It is entered in a company's balance sheet as the money that the company will get from a customer. They are classified as current assets. If the customer pays off their accounts, a company debits cash and credit the receivable. In the end, the balance for accounts receivable in a  balance sheet is always  debit.

There are some related accounting issues such as recognizing accounts receivable, valuing of accounts receivable and clearing of accounts receivable.

A large organization can not do such type of tasks by hand. Even small organizations is not keen on doing them manually. Accounting software will do the job for any organization very easily. It will save time and money of any organization.

An accounting software application for accounts receivable will automate the tracking of customer invoices.  Such an application has various aging reports to help in the collection of unpaid invoices.

b) Accounts Payable:
                               Accounts payable is a type of accounting transactions that covers payments to a supplier by an organization or a person for the goods and services. A household do this job by writing and delivering checks to the supplier of electricity, telephone, cable TV, satellite dish service, newspaper service and other such services.

In the balance sheet, accounts payable is under the liability account. As any payment is generally due
within 1 year from the first date of transaction, it is classified in the current liability section.
 
Business organization which are either large or small prefer not to do them manually to save time and money . They typically use accounting software to complete such type of task.  

An accounting software related to accounts payable automates the recording of invoices or bills. These bills are received from vendors or suppliers for products and services. Such a software help an organization its payments of those bills including issuing checks.