I am a beginner.
Can't create an aging balance customer.
|Customer||Total balance||Age balance<0 days||Age balance>0 days||Age balance 0-15 days||Age balance 16-30 days||Age balance 31-45 days||Age balance 49-999 days|
Solved! Go to Solution.
I updated the file
Hi @Sarutra. I looked at your file, and you're right: you can't create an aging balance for customers because your data is incomplete. With an A/R againg analysis, you take all outstanding invoices and determine how old they are. Unfortunately you can't determine which invoices are outstanding or not. You would need to have some kind of status on invoices that indicates "paid" or "not paid" in order to do this correctly.
@Sarutra I apologize for not expanding on this earlier, but I'd like to explain why the first out, first paid model doesn't quite work.
Picture you credit card bill...
|2-Jan||Apple||$30||Apple Music, iCloud|
Except you didn't order a dryer from ABT on January 5th. You're not going to pay that.
It's no different for for employer/client. They're going to want matching of Purchase Order, Proof of Delivery and Invoice. If you're simply paying down oldest invoice first without regard to whether that invoice is approved for payment, it's not going to be received well.
You need to have some kind of indicator for specific invoices and approved for payment. It's not quite as simple as the proposed solution suggests.
I have a degree in accounting so I know what I'm talking about 😉
Come together to explore latest innovations in code and application development—and gain insights from experts from around the world.
Put your data visualization and design skills to the test! This exciting challenge is happening now through May 31st!
At the monthly call, connect with other leaders and find out how community makes your experience even better.
Click here to read more about the May 2022 updates!