Processing Account Aging

Overview

Use this job aid to process the account aging. The method to use in the aging process and the number of days in each age category are defined in Accounts Receivable Setup Information. The aging process can be run as frequently as necessary. To ensure the accuracy of the age category assignments, the aging process should be completed after applying all possible credit memos, unapplied cash receipts, and prior to printing the A/R Balance Reports or Statements.

To process account aging:

1. From the Toolbar, click ACR for Accounts Receivable.
2. From the Accounts Receivable menu, select Account Processing, and then select Aging & Finance Charges.
3. In the Calculate Finance Charges/Interest Credits/Historical balances, type Y to perform the calculations and the aging, or type N to continue processing the aging without calculating finance charges, interest credits, or historical balances. Click OK.
4. In the Aging Period Beginning and Ending boxes, click Lookup or type * and press Enter, and then select the aging period, or type the miscellaneous field range you want to process.
5. In the Name Id Beginning and Ending boxes, type in the beginning and ending dates for the range you want to finance charge and age. If you are only aging, then the ending date is the only date you need to enter.
6. In the Location Code Beginning and Ending boxes, click Lookup or type * and press Enter, and then select the location code, or type the location code you want to process, or leave blank for all.
7. In the Invoice Date and/or Invoice Due Date, use the calendar button to update if applicable.
8. In the Update Finance Charges are positive amount invoice transactions (document type 3) that may be accrued for late or deferred payment. box, type Y to generate the Finance Charge Report and the finance charge transactions for all name id's your selection criteria, or type N to only generate the Finance Charge Report.
9. In the Invoice Terms and Invoice Number Beginning and Ending boxes, click Lookup or type * and press Enter, and then select the invoice terms, or type the invoice terms you want to process.
10. In the Update Interest Credits are negative amount invoice transactions (document type 4) that may be accrued for maintaining a credit balance and prepayment balance. box, type Y to generate the Finance Charge Report and the interest credit transactions for all name id's that match the selection criteria, or type N to only generate the Finance Charge Report.
11. Click OK.
12. If you typed N in Step 4, at the Is This Correct prompt, click Yes.
13. Then at the Do You Want These To Be The New Default Parameters? prompt, click No. Continue with Step 33.
14. In the Update Historical Balances box, type Y to update historical balances, or type N to continue with the aging process without updating historical balances.
15. Click OK.
16. In the Finance Charge Location box, click Lookup or type * and press Enter, and then select the finance charge location. This location is the location that the finance charge invoice will be created in.
17. In the Finance Charge Table Range Beginning and Ending boxes, click Lookup or type * and press Enter, and then select the finance charge table range, or type the finance charge table range you want to process, or leave blank for all.
18. In the Override Finance Charge Table box, type Y to override the finance charge table, this will assess finance charges for all customers using the finance charge you enter. Type N to use customer’s current finance charge table.
19. In the Print Detailed Balances box, type Y to print detail, or type N to omit detail from the report.
20. In the Type Selections Beginning and Ending boxes, click Lookup or type * and press Enter, and then select the range or type the range you want to process.
21. Click OK.
22. In the Ledger Date box, the current processing date will display, type over this date if it is not correct.
23. In the Due Date box, the default due date will display, type over this date if it is not correct.
24. Click OK.
25. Four tax boxes are listed. If appropriate, choose a tax table to use in the calculation of the finance charges/interest calculations. Leave the tax boxes blank if finance charges are not taxable.
26. Click OK.
27. At the Is This Correct? prompt, click Yes.
28. In the Printer box, type the number associated to the place you want your report to print.
29. In the Print Type box, type the number associated to the characters per inch to print the report in.
30. In the Copies box, type the number of copies of the report you want to print.
31. In the Pages From and To boxes, type the page number range you want to print the report for. Leave the boxes blank to print all pages.
32. Click OK.

Learn more about Account Processing feature:

• Transferring Balances
• Aging and Finance Charges
• Process A/R Statements
• Adjust Due Dates
• Ability to Accrue Interest on Types of Prepayment
• Charging a One Time Late Fee