Creditor Aging Report
Creditor Aging Report lets you track payments that are overdue or yet to be paid to your creditors. It is especially convenient when you need to check from a previous date.
What is the function of Creditor Aging Report?
Creditor Aging Report is for you to know how much you owe others and how long have you been owing them.
To use this, simply follow steps below:
1.Go to Accounting > Creditor Aging Report from the main menu.
2.Select a date that you wish to view overdue payments to creditors.
3.Some tips for reading the report:
Current: payments that are due for less than 1 day from invoice due date
1-30: payments that are due for 1 to 30 days from invoice due date
31-60: payments that are due for 31 to 60 days from invoice due date
61-90: payments that are due for 61 to 90 days from invoice due date
91-120: payments that are due for 91 to 120 days from invoice due date
121-150: payments that are due for 121 to 150 days from invoice due date
151-180: payments that are due for 151 to 180 days from invoice due date
180+: payments that are due for more than 180 days from invoice due date
4.Click on the name to see the breakdown of invoices.
The reasons If there is negative amount shown in the table:
You have overpaid your creditor. You paid more than the amount you owe to your creditors. For example, you owe Creditor A an amount of RM1,000, and you paid him/her RM1,500. The RM500 will be shown as a negative amount in the aging report.
You return goods to creditors after you make payment to them. For example, you have paid Creditor B RM1,500 for the goods, however, you find out there are some damaged goods and return them to Creditor B. You will have to record a credit note given by Creditor B into the system.
Opening balance error. You should have a key in the appropriate creditor opening amount once you start using Biztory. For example, if the invoice is created before the opening balance date but the payment created after the opening balance date. System will detect as there is amount debit but no amount credit so no tally is overpaid.