Receivableis a relationship between a creditor and a debtor where the creditor has a right to the debtor’s performance. Most often we encounter a monetary claim, where the debtor has to repay the creditor a sum of money or debt within a specified period of time. However, we can also encounter a non-monetary claim, where the creditor has, for example, the right to perform a certain action.
The claim can be classified as a trade credit
The receivable arises from the issue of a document in which both parties agree on the performance and its term, and possibly also on penalties for non-performance. Receivables are divided into short-term receivables (maturity of less than 1 year) and long-term receivables.

How can a claim be extinguished?
A financial claim is most often extinguished by payment of the amount due, while a non-financial claim is extinguished by performance (e.g. performance of an activity, etc.). However, there are other ways of extinguishing a claim.
- Debt forgiveness
- Replacement by another claim
- Impossibility to fulfil the debt
- Limitation of the claim
- Set-off of claims and liabilities
Did you know that creditors keep a ledger of debtors and their claims? The list of receivables is shown in the balance sheet, and each must include the name of the debtor, the reason, the amount of the receivable, the due date, and the method of payment. Similarly, each debtor has his/her own account (account) where the write-off of the receivable, i.e. its reduction, can be recorded.
What if the claim is overdue?
The creditor can enforce the overdue debt in court or out of court. One of the ways is the purchase of the claim or the assignment of the claim to a third party, who then continues its recovery.