Aging reports are best utilized to keep track of customer payments and vendor bills that are past due. Sometimes there is a confusion between Current and the 1-30 day columns.
- Current column is anything that is not yet due. The due date is in the future of the report date and the aging is based on the due date of a transaction.
- 1-30+ is anything past due by the number of days that passed after the due date.
- If there is NO due date, the transaction is considered due upon receipt and is driven by the transaction date, once a day has elapsed, the transaction will be noted as past due.