Aged Debtors Report
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This report is used to ensure that all customers have paid their Sales Invoices in a timely manner.
It is different to the Aged Creditors Report because:
- It reports on invoices rather than bills.
- Various invoices have different control accounts, so the control account must be specified in the report.
In the most simple case:
When a Sales Invoices record is posted to the ledger, -1 x the total of the invoice is posted to a Trade Debtors Account. When the Invoice Payment is posted to the ledger, +1 x the total payment is also posted to the Trade Debtors Account. If all invoices are paid, the total of the Trade Debtors 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 invoices for example because they could have been part paid at the time the reporting date.
- The due date for the invoice may be well before or after the date that the invoice 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 deposits and credit notes may be posted to the ledger before the invoice that they pay was posted, leading to excess funds in Trade Debtors Account not are not included in any invoices that are payable at the reporting date.
For the selected ""REPORTING DATE"", the report compares the total amount of invoices outstanding with:
- The total ledger transactions in the Trade Debtors Account up to and including the reporting date.
- Less adjustment Journal Transactions that move funds to or from the Trade Debtors Account and affect its total.
- Less Sales Invoice Credit Note transactions that have not yet been allocated to pay any invoice.
- Less Invoice Payment transactions that have not yet been allocated to pay any invoice.
Also see the list of other Finance Reports.