What is an Aged Accounts Payable Report?

By QuickBooks Canada Team

0 min read

An aged accounts payable report is a schedule outlining the number of days outstanding for invoices. It records the timing of due dates and aggregates invoices into groups of days. For instance, an aged accounts payable report could report all invoices due in less than 30 days, due between 30 and 60 days, and invoices due greater than 60 days ago.

An aged accounts payable report is useful for identifying deficiencies in the invoice receipt, approval, and processing procedure. It suggests potential areas of improvement regarding late fees and credit balance maintenance. The report can maintain relationships with vendors, as it provides notification for past-due accounts and investigation into the reason why an invoice is past due can occur.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Why Accountants Should Encourage Small Business Owners to Adopt Standard Financial Statements

Although small businesses may think they don’t need complex reports, there are…

Read more

How Accounting Professionals Can Protect Their Reputations on Social Media in a Crisis

Social media is a powerful marketing tool and a great way to…

Read more

Using Your Accountant to Help Better Manage Your Working Capital

Your small business’ accountant is in a privileged position to help manage…

Read more