An accounts receivable purchase agreement is a legally binding contract that governs the purchase of accounts receivable between parties in a specific location. The San Diego County Office of Education assists school districts throughout San Diego County with all aspects of financial accounting.To create a new accounts receivable item, click Add AR to this Contract. You will then need to complete the required fields to create a new AR. Provides students with the basic skills necessary to achieve successful employment in the accounting field. A receivables purchase agreement is a contract between two or more parties, usually a buyer or a customer and a seller. ACCOUNTS RECEIVABLE, cont. • Accounts Receivable – Retainage is money customers hold back from each payment to ensure certain conditions are met.