Aging accounts in Time

In Time you can customize the aging periods for work in process and the headings in your aged reports that describe those periods. Some users like to be precise with their aging periods and how they are described. Others like to keep the definitions general. In the Company Profile | Aging tabs, selections can be made to control both the periods used and the labels given to them.

In Time, both accounts receivables and work in process may be aged.

Ordinarily the aging corresponds to the current account period. However, similar, but different dates can be set for aging balances. To set up different aging dates, click the Dates tab and then clear the "Aging dates same as Period dates" check box. Then return to the Aging tab and enter the appropriate period dates for the aging of accounts receivable.

You can also set the headings to use on aging columns in reports. The default is to use calculated headings, that is, headings set using the dates in the Period Dates section. You can also set your own headings for the aging columns. Click the Fixed headings radio button and then enter the headings under Column Headings.

You can select whether to age from the "To date" in the document properties (that is, the date of the invoice) or age based on the current active period.

When you age based on the current active period, then the age is calculated as of the last day of the period you're currently in.

When aging is done by the date in the document properties, it is calculated from the date of the invoice to the date of the aging report. For invoices dated later in a period, this is more precise.

Example

Transaction date: January 29

Report date: February 16

Using the current active period, the transaction will appear under the 30-60 day range.

Using the "to date" of the report, the age is actually 18 days and the transaction will appear under the 0-30 day range.