Is what I mentioned about how to calculate Zakat on money, by choosing one day in the Hijri year, collecting liquid assets and deducting outstanding debts, then calculating 2.5% of the remainder if it reaches the nisab, correct? And do the funds owed to me that I have not yet received, and the funds that I am owed but have not paid, factor into the Zakat calculation?

Zakat becomes obligatory on wealth after it reaches the nisab (minimum threshold) and a full hawl (lunar year) passes over it. Debts owed are to be deducted from the wealth if the muzakki (person paying zakat) does not possess other funds exceeding his basic needs to repay the debt. If the wealth belongs to several individuals, zakat is obligatory on each individual's share. As for debts owed to you by others, zakat is paid on them upon their receipt for the years that have passed, if the debtor is insolvent or procrastinating, or for one year according to the Malikis, or a new hawl is commenced with them according to the Hanafis. As for funds that have been sent but have not yet entered the account, if they are in a trusted hand, they are calculated among the funds owned by the muzakki and zakat is paid on them; otherwise, zakat is paid on them as a debt upon their receipt.