Having an up to date and accurate accounts receivable aging is essential to exercising control over your outstanding receivables. You have to be able to get to the information on a regular basis or on an immediate basis, when required. you need to have the confidence that the information in the report, whether in hard copy or on-line inquiry format, is accurate. The aging will be the basis for your analysis and your collection activities.
These are some of the attributes of a sound business process and reporting structure that lead to a timely and accurate accounts receivable aging:
- Timely receipt and application of customer payments
- Timely posting and application of customer credits and adjustments
- Timely posting of customer invoices
- Recognition of varying payment terms if they exist
- Timely delivery of aging information to management and collections personnel
This is a quick video that shows you the functionality of the A/R aging functionality in Dynamics GP: