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March 2020
March 2020
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???
Solved! Go to Solution.
March 2020
March 2020
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.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
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March 2020
March 2020
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.
March 2020
March 2020
Hi @NowHolly70
There's no issue at all with either of those credit term options you have looked at. The only thing about choosing a number of days after EOM, ie 30 or 31, is that statement aging will be affected according to the number of days in the month and the date you run the statement.
Day of month after EOM - EOM is a common choice for businesses as payment is due on the last day of the month regardless of the number of days in the month, so it's easier to tell when invoices are due.
But it really is up to your business which option you choose based on what suits your needs best. This help article explains the different credit terms in more detail: Credit terms
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.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others