Invoice Aging in TapGoods PRO
When an AR-Toggled Company uses Credit Terms to pay for an order, TapGoods PRO creates an Accounts Receivable entry for the order, also known as an Invoice.
Each invoice has a due date, which is the day by which the Company must pay the invoice. If there is no due date mentioned ("--"), it might mean it's due upon receipt or a due date hasn't been set because the revenue on the order is not recognized.
Click here to learn more about Accounts Receivables (Invoices) in detail!
After the Invoice is created, the aging process starts. TapGoods keeps track of how many days the invoice has been unpaid since the revenue was recognized.
To make tracking simpler, the AR Aging page of TapGoods PRO allows users to keep track of how much money is owed to them by each AR-Toggled Company and categorizes totals according to how old the debt is. On this page, users can view the total amount owed to them in each AR aging category:
- 0-30 Days: This category shows the total amount of money from invoices that are due but not older than 30 days.
- 31-60 Days: This category is the amount due from invoices between 31 to 60 days old.
- 61-90 Days: These are amounts for invoices that have been owed for 2-3 months (61-90 days).
- 90+ Days: These are the oldest debts, over 90 days old.
If an invoice is older than the Payment Terms set for a Company (or an Order), TapGoods PRO will generate an alert on the AR Aging Page.
For example, the Company in the screenshot below has their Payment Terms set to Net 30, meaning that TapGoods considers any debts that are over 30 days old overdue.