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Ageing Terms not picking up correctly on Statement

NowHolly70

I have set up a test account using the ageing terms of

#no of days after EOM

balance due days = 31

invoice as follows

10.3.20 $9.35

10.2.20 $9.68

25.1.20 $33.00

19.12.19 $66.00

Reports and Aged receivables are all perfect

but when my statement prints it prints the following

Current $52.03 - Should be $9.35

30 days $0.00 " " $9.68

60 days $66.00 " " $33.00

90 days $0.00 " " $66.00

Amount $118.03

As i said eairlier accounting reports are all correct but my statement which i send to our customer is incorrect??

Is there a problem with the software???

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NowHolly70

Hi Tracey,

Thanks for your reply.

As I am setting up a new data file we just wanted to get this right.

So after taking into consideration what you have said

We have come up with this formula:-

We set our customers up as

Day of Month after EOM

Discount = EOM

Day = 30th

If we set up this way

reports are correct

ageing is correct

and payment due days is correct

Statements are correct (running them at the 1st on the following mth)

Can you see any issues with this.

All comments

NowHolly70

Hi Tracey,

Thanks for your reply.

As I am setting up a new data file we just wanted to get this right.

So after taking into consideration what you have said

We have come up with this formula:-

We set our customers up as

Day of Month after EOM

Discount = EOM

Day = 30th

If we set up this way

reports are correct

ageing is correct

and payment due days is correct

Statements are correct (running them at the 1st on the following mth)

Can you see any issues with this.

Tracey_H

Hi @NowHolly70

Thanks for your post. Aging on customer statements is determined by two factors: the payment terms in the card and the Statement Date in the Print/Email Statements window.

Based on your credit terms of payment due 31 days after end of month, the due date for your invoices is as follows:

10.3.20 due 01.5.20

10.2.20 due 31.3.20

25.1.20 due 02.3.20

19.12.19 due 31.1.20

If you select the statement date: 28 Feb 20, the aging is:

current $52.03 - Jan, Feb and Mar invoices are not yet due

30 days $66.00 - Dec invoice

With the Statement Date: 2 March 20 :

current $52.03 - Jan, Feb and Mar invoices are not yet due

30 days $0.00

60 days $66.00 - Dec invoice

With the Statement Date: 3 March 20, the Jan invoice will move into 30 days as it was due on the 2.3.20, so

current is $19.03 - Feb and Mar

30 days $33.00 - Jan

60 days $66.00 - Dec

I hope this clarifies aging for you.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.