Definition
Money owed to the HOA but not yet received — primarily unpaid dues and assessments.
Accounts receivable is the money owed to the association that it hasn't yet collected — mostly outstanding dues, assessments, and fees. It's an asset on the balance sheet, but only as good as the likelihood of collecting it.
Watching accounts receivable, especially aging delinquencies, tells the board how healthy its cash flow really is. Growing receivables signal collection problems that can strain the budget if left unaddressed.