Receivable (AR) icon next to the contract. It's the amount that customers owe you for goods or services that they purchase on credit.The concept is simple: accounts payable represents money you owe, while accounts receivable represents money you are owed. But there's more to it than that. The bank promissory note specifies a maturity date of three years. A contract is whatever the two parties agree to it. There is no such thing as standard contract in the sense that you have to use this.