Loading

Aged Debt and Statements

Aged debt shows who owes what and how late it is, by customer, for one company or the whole group. A customer statement is the same picture for one customer over a period, printed or e-mailed as a PDF, and a statement run produces every customer's statement at period end in one go.

Where to find it

Admin Panel → Receivables:

  • Receivables — the Aged debt and Statements tabs

Admin Panel → ERP - Setup:

  • ERP Documents — the Output & letterhead tab, which sets what every statement carries

Aged debt

  1. Open Receivables → Aged debt.
  2. Choose a Company, or All my companies to see the group converted into one display currency (each row then shows its company).
  3. Set As at to age the debt on another date, for example the last day of the previous month, and press Show.

Each customer's balance is split into Not yet due, 1-30 days, 31-60, 61-90 and Over 90 days past the due date, with Unapplied cash and credits shown separately and a Total. Click a customer to see the open items behind the figures: each document with its date, due date, days overdue, amount and what is still open. Click a document to open it.

Ageing is worked out from the ledger's open items, so a draft invoice does not appear and a receipt only reduces the buckets once it is allocated. An invoice's due date comes from the customer's payment terms when it was posted.

One customer's statement

  1. Open Receivables → Statements, or press Statement on a customer.
  2. Choose the Company and Customer, and the period From and To (the default is the last 90 days).
  3. Press Show the statement.

The statement of account shows the balance brought forward, every item in the period with debit, credit and running balance, the amount due split into current and overdue bands, and the total due. It carries the company's letterhead and its bank details, so the customer knows how to pay. From the statement you can print it, save it as a PDF, or send it to the customer's billing e-mail with Send the statement.

The statement run

  1. On the Statements tab choose the company and the period, then press Every customer with a balance.
  2. The Statement run lists each customer with something on the account: their Billing e-mail, what is Overdue and the Balance (company currency).
  3. Press Print all n statements to open every statement on its own page, ready to print or save as PDF, or E-mail n statements to send each one as a PDF to its customer's billing e-mail. Each send is recorded on the customer's record.

Reading a company lets you view and print its statements. E-mailing them needs ERP: Receivables or ERP: Finance and write access to the company; without it the run says you can print them instead.

What goes wrong

  • "Nobody to send a statement to": no customer of this company has anything on the account in the period.
  • Some customers are not e-mailed: they have no billing e-mail. The run says how many, and you can print theirs.
  • The statement shows no bank details: the company's letterhead has none. Fill in the payment section of its letterhead (see Document Output & Letterheads).
  • Ageing looks too high: receipts have been recorded but not allocated. Check Unapplied and allocate them.

Worked example

At month end the credit controller ages the UK company's debt as at 30 September and sees three customers with balances over 90 days. They click the largest and find one disputed invoice. They then run statements for September for every customer with a balance: 112 are listed, 108 have a billing e-mail, so they e-mail those and print the other four to post.

Recommendations

  • Age as at month end for reporting, and as at today for chasing.
  • Allocate cash before running statements, or customers will see payments as unapplied.
  • Complete each company's letterhead before the first statement run.
  • Keep billing e-mails current; they serve invoices, statements and reminders alike.