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Building Better Business Finances: The Accounts Payable Aging Summary Report

Here is another installment to help you try and make sense of all the data you enter into QuickBooks every day in my Building Better Business Finances series.

The topic for today is the Accounts Payable Aging Summary Report.

Easily located by clicking Reports > Vendors and Payables > A/P Aging Summary Report, you'll see a report that looks like this (click image for a larger view):

AP Aging Summary Report

This report provides three key pieces of information when it comes to managing your finances and cash flow:

  1. Who you owe
  2. How much you owe them
  3. How long you have owed them (the aging of the information)

BAD DATA, BAD DECISIONS!

Sadly, when I look at this report when helping clients with their QuickBooks, I see all sorts of problems and errors within the report.

Problems such as:

  • Bills that were paid a long time ago are still showing up
  • Bills are not aging correctly because the wrong payment terms were entered
  • Negative balances for vendors that are actually owed money

As you can imagine, for this report to provide the optimum benefit for your business, the data needs to be correct. Otherwise, you won't have a good handle on what is actually happening with the accounts payable side of your business (the money out side).

NEED A HAND WITH SOME CLEANUP OR REPAIR?

If you find yourself with some problems in this (or any other) report in your QuickBooks, help is just a click away!

Contact me and we can arrange for a coaching session to help you make the proper corrections to your information so you can rely on this business-critical report going forward.

OTHER POSTS IN MY "BUILDING BETTER BUSINESS FINANCES SERIES":

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