You can obtained real time report of Account Receivable and Account Payable by clicking on "Ledger" tab.  

Vendor invoices entered in Vendors modules as well as Payments made to vendors in Vendors modules are automatically imported into the ledger module.  Similarly, invoices sent to your clients and payments received are also imported into the ledger module automatically.  Additional payments made to service providers may be entered into the ledge (if you don't use Vendors module).