Frequently Asked Question
How does aging function?
Last Updated 9 years ago
How to reconcile your aging report to your A/R control account in the G/L
1) Pick the date you want to reconcile on.
2) Use the history aging report.
- It is possible to use the "current" aging report, but only if you have NOT used the "fully paid open items" function (to purge open items), after that date. If you have, then any payments you posted after the cut-off date could have caused an invoice from before the date to be purged. And therefore be missing from the sub ledger total, but included in the G/L total.
3) Use the invoice date instead of due date. You aren't trying to collect, you are trying to reconcile the sub ledger to the general ledger.
4) Enter your chosen reconcile date as the cut-off date.
5) Do NOT group by apply-to: we want future payments to get excluded.
Alternatively, use the "Receivable comparison to G/L" report to compare documents in the sub ledger to detail entries in the general ledger. It can find manual entries to the general ledger that do not belong, and sub ledger entries that are missing in the general ledger. It uses the table of "A/R accounts" defined in the A/R setup menu.
How do payments get selected/included on an aging report?
How do payments get aged on the aging report?
1) Pick the date you want to reconcile on.
2) Use the history aging report.
- It is possible to use the "current" aging report, but only if you have NOT used the "fully paid open items" function (to purge open items), after that date. If you have, then any payments you posted after the cut-off date could have caused an invoice from before the date to be purged. And therefore be missing from the sub ledger total, but included in the G/L total.
3) Use the invoice date instead of due date. You aren't trying to collect, you are trying to reconcile the sub ledger to the general ledger.
4) Enter your chosen reconcile date as the cut-off date.
5) Do NOT group by apply-to: we want future payments to get excluded.
Alternatively, use the "Receivable comparison to G/L" report to compare documents in the sub ledger to detail entries in the general ledger. It can find manual entries to the general ledger that do not belong, and sub ledger entries that are missing in the general ledger. It uses the table of "A/R accounts" defined in the A/R setup menu.
How do payments get selected/included on an aging report?
When age by invoice date- The selection date for a payment is the payment date.
- If the payment gets selected, THEN it’s applied to an invoice.
- The selection date for a payment is the payment date.
- When age by due date
- For bal-fwd customers, selection date is the payment's own date.
- For open-item customers
- If use group by apply-to:
- Selection date is the invoice’s date and NOT the payment date unless the payment is an open credit (i.e. not applied to anything). (open credits add together and it’s the date of the oldest payment)
- If do NOT use group by apply-to:
- Selection date is the payment's own date.
How do payments get aged on the aging report?
- Invoices age according to their own dates
- Payments age as follows:
- Bal-fwd customers: payments apply to oldest documents so age by that date.
- Open item customer, group by apply-to: Age according to the invoice they apply to. Use their own date if not applied to any document.
- Open item customer, no grouping: Age according to their own date.