What term is used for bills received but not yet paid in a bookkeeping system?

The term that is used to describe bills received but not yet paid in a bookkeeping system is "Outstanding." This refers to amounts owed that have been invoiced but have not yet been settled. Outstanding bills represent obligations the business needs to fulfill and are typically listed as liabilities on the balance sheet until paid.

In bookkeeping, "accrual" relates to the accounting method that records revenues and expenses when they are incurred, regardless of when cash transactions occur. In contrast, "prepaid" refers to expenses that have been paid in advance, meaning there is no outstanding obligation because the expense has already been settled. Lastly, "deferred" usually pertains to income that is received but not yet earned, or expenses that have been recorded for the next accounting period. Thus, "Outstanding" is the most accurate term for bills received but not yet paid.