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.