The voltage is irrelevant, 12v, 24v, etc...
Excerpt;
Sinking and sourcing are terms used to describe how an associated load (the device being turned on or off by the sensor) is powered in relation to the sensor. Sinking, the more widely used of the two, involves the switching of load current (power) supplied by a power source external to the sensor. In a sinking configuration, current passes through the load first, through the output switch of the sensor second and lastly to ground. A sensor with a sinking output switches the ground, or negative, leg of the circuit. In contrast, sourcing refers to a configuration in which the sensor is the source of the current required to power the load. In a sourcing situation, current supplied by the sensor passes through the load second and then to ground. A sensor with a sourcing output switches the positive leg of the circuit.
Roger