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AR stands for Account Receivable. Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. In most business entities this is typically done by generating an invoice and mailing or electronically delivering it to the customer which is to be paid within an established timeframe called credit or payment terms.
WHAT YOU HAVE TO DO PRIMARYLY is to balance your record. That is send your customer an invoice. If the customer doesn't make the payment on time, your job is to remind / rush them for late payment with penalty / interest. If they fail to pay, your A/R will be outstanding which also indicate you are not doing a right job / you should never sell them anything until it gets balanced.
AP stands for Account Payable. Accounts payable is a file or account that contains money that a person or company owes to suppliers, but hasn't paid yet. When you receive an invoice you add it to the file, and then you remove it when you pay. Thus, the A/P is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received.
WHAT YOU HAVE TO DO PRIMARYLY is also balance your record. That is make the payment to the customer (usually a supplier) who sent you an invoice. If your cash flow is tight, it's your job to manage the payment until the last day (but not after or interest will be generated and it may hurts your company reputation). If you fail to pay, your A/P will be outstanding which also indicate you are not doing a right job unless you are instructed by the boss not to pay them on time.