Create aging periods

Aging periods serve to:

  • Identify the age and sum of past due balances.

  • Reconciling the aged accounts receivables from Billing management to your general ledger.

As a past due charge matures, it will enter from one aging bucket to another, allowing Billing clerks to visualize how old their outstanding charges are to help with reconciliation.

To define Aging calculations:

  1. Select Edit under Aging Calculations

  2. Under Base aging on, select either:

    1. Due Date - The default charge due date.

    2. Transaction date - The date a transaction takes place.

    Note: The setting you choose determines the dates used to populate the aging periods on the Aged accounts receivables list. For example, if Base aging on is set to Transaction date, if the transaction occurred on January 25, 2022, and the charge due date is February, 25, 2022, then the transaction will appear in the 0-30 aging period, if the report is calculated as of January 31, 2022. However, statements age based on transaction due date regardless of this setting.

  3. Determine the Number of aging periods.

  4. Enter the Period that describes the date range the past due balances fall in (e.g., 30-59).

  5. Enter the From and To day range (e.g., 0 to 29) for each aging period

    • The consecutive aging period will always be one day higher than the previous To count.

  6. Enter the Description.

    Note: The Description acts as a header for each Aging period column on a billing statement.

  7. Select Save.