Aged Accounts Receivable with or without Interest

Aged Accounts Receivable

Scope and Purpose

The purpose of this report is to provide visibility of the receivable values with or without interest owed.

With the invoice as the lowest level of detail, its scope extends across historical receivable measures under different context with up to seven firm defined aging periods. At a detail level the report can include collection notes, post-dated cheques, or deferred payment agreements along with a myriad of other options to facilitate the collection process. At a summary level, this same information is available for a variety of member, client and/or matter reporting dimensions, for example multiple member roles, client industry, client groups, matter area of practice etc.

The Report

Access

Preselect Tab

The lowest level of detail for this report is the invoice.

The from date is grayed out to capture all amounts outstanding to the “to-date” selected. A change to the latter will capture the position as it was in context of security granted to back-date invoices and invoice cancellations to a previously closed period.

Select the checkbox option “Include Interest” to show interest owed for the receivable position in landscape format, or the checkbox option “Supress Client/Matter Name” to generate the report without names when needed to support the asset value for third party stakeholders like the bank.

Details Tab

Decide the reporting dimensions to group or filter by. We are grouping by currency and client.

Additional Tab

Select an existing aging scheme or make a new one. If you select an aging scheme with four periods or less, choose the additional content so it shows the breakdown between fees, disbursements and sales taxes, or trust balance, receipts (payments) and AR write-offs

Decide on the additional level of detail beyond the invoice necessary for the decision maker. This may include showing trust amounts, payments, write-offs, credit notes and last payment dates as well as collection notes.

Use the option “Include All Payments & Invoice cancellations to-date” to show their impact on receivables as at a prior period. This option is often used to justify the provision for bad debt when building the audit file.

Use the option to print only the accounts receivable write off set to be ignored for collection purposes to decide what type of collection strategies will be applied to these otherwise written-off accounts.

Select the checkbox option “Only Summary” to summarize the report to the lowest reporting dimension selected in the “Details” tab. Depending on the groups select the user will have the option to show a contact.

Unlimited User Created Aging Schemes

Page Breaks and Sort Order

Measures

Balance Owed – with or without interest:

The balanced owed with or without interest is shown in advance of aged measures

Aged Measures:

The balance owed without interest is aged based on the aging scheme selected.

Other measures:

If the aging scheme has four periods or less the report will include the breakdown of the balance owed between fees disbursements and sales tax. Alternatively, users can select to report the trust balance, the receipts (payments) and the AR write-offs in the last three columns.

Highlights

Ability to re-estate the position (historical)
Unlimited firm defined aging periods to a maximum of seven.
With four or less periods – option to show:
Trust – Total or Retainers in Trust for Invoice Payment, Payments, and AR Write-Offs.
Breakdown - Fees, Disbursement and Sales Tax.
Summary and detailed options including user and system generated collection notes for collection efforts.