Collections is one of the least favorable tasks of owning a business, however ensuring that capture all cash due to you is important. To lessen the drag of having to collect from your customers or clients you can download an accounts payable aging workbook to keep track of all of your outstanding invoices. This will allow you to be able to see what customers owe you money and how long they have been outstanding.
How to Use the Accounts Receivable Aging Workbook
To get started tracking your accounts receivables you can download the accounts receivable aging workbook from our website for free. Follow our friendly steps to fill out the workbook:
- Start by collecting all of your outstanding invoices, so that you can enter the information into the customizable accounts receivable aging workbook.
- You can then enter the names of the clients or customers on each invoice and the last time they made a payment and the amount of that payment.
- Next you should key in the amounts that are outstanding for each client or customer by putting the amounts in the fields that correspond with the amount of days past due.
- Now that you have keyed in all of your information you can see that the account receivable aging workbook has calculated totals for each customer or client and also the total amount of outstanding cash from each customer for each time period.
Tips for Using the Accounts Receivable Aging Workbook
Once you have the accounts receivable aging workbook filled in, you can use this data to start the collection process. Here are some helpful tips on how to use the workbook:
- Start by looking at the oldest balances first. This will help you decide if they are worth collecting on or if they should be written off as bad debts.
- You can also see which customers seem to have high balances over a long course of time. This can indicate that it may be time to stop doing business with this customer until they are able to bring their account up to date.
- The customizable workbook is also a great tool to see exactly how much you have outstanding and will make it easy to present in case of audits, you are looking to get a loan, or considering selling your accounts receivables.
Download: Accounts Receivable Aging Workbook