Common Receivable Account

As per the party model, a common receivable account called Debtor is auto-created. This is a default Receivable Account for all the Customers.

If needed, you can also create a new receivable account and update in the Customer master.

Question: Should I create separate Receivable Account Account for each Customer?

Answer: You can, but it's not a recommended approach. If you want to create separate Receivable Account for each Customer for tracking receivable, then it not needed. You still view Account Receivable & General Ledger report for each Customer.

Just like Debtors, for tracking payables, default account called Creditors is created under Account Payables.