Aged Creditors Report

This report is used to ensure that all suppliers are paid by the business in a timely manner.

In the most simple case:

• When a Suppliers Bill is posted to the ledger, -1 x the total of the bill is posted to the Trade Creditors Account.
• When the Bill Payment is posted to the ledger, +1 x the total payment is also posted to the Trade Creditors Account.
• If all bills are paid, the total of the Trade Creditors Account will be $0.

Of course, there are complexities that must be considered:

• The report can be run for any date so:
  • The status of the transactions cannot be used to filter out cancelled bills for example because they could have been part paid at the time the reporting date.
  • The due date for the bill may be well before or after the date that the bill was posted.
• Adjustments may be needed in the form of Journal Transactions where:
  • The wrong account was used during posting.
  • The wrong Tran_Type was used during posting.
  • The transaction was posted on the wrong date and is now in a closed financial period.
• Payments including cheques and credit notes may be posted to the ledger before the bill that they pay was posted, leading to excess funds in Trade Creditors Account not are not included in any bills that are payable at the reporting date.

For the selected ""REPORTING DATE"", the report compares the total amount of bills outstanding with:

• The total ledger transactions in the Trade Creditors Account up to and including the reporting date.
• Less adjustment Journal Transactions that move funds to or from the Trade Creditors Account and affect its total.
• Less Supplier Bill Credit Note transactions that have not yet been allocated to pay any bill.
• Less Bill Payment transactions that have not yet been allocated to pay any bill.

Also see the list of other Finance Reports.