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#7720 - 10/11/06 11:02 AM AP Aged Payables
Anonymous
Unregistered


All banks I've reported to require an AGED Payables listing as part of the monthly security requirement. The only way to generate this is to hold payables open until all Last Month(LM) AP invoices are posted and to use Manual cheque processing to print cheques but not post.
The Open Payables report gives a balance which will match our payables liability, but it is not aged. It may be too complex, but if the Aged Overdue Payables report was calculated AS AT a date which you could specify then this the program would save the extra work and occasional being in default of the bank requirements.
I currently have dropped the Open payables into an Excel spreadsheet and have been able to age. I submit this as a suggestion to the Aged Overdue report in some future update, but understand if there isn't a great deal of demand for this.

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#7721 - 10/11/06 06:58 PM Re: AP Aged Payables
Steve Schwartz Offline
Adagio God

Registered: 03/10/02
Posts: 4534
Loc: Wynnewood, PA
Hi Glen

I have been in the ACCPAC/Adagio business for over 20 years, with hundreds of clients, and have never once heard a request for an "as of" Aged Payables report. In all cases, the Open Payables report has sufficed. Do your banks require the same thing from their Quickbooks (or other low level accounting software) users?

Steve

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#7722 - 10/11/06 07:48 PM Re: AP Aged Payables
Retired_Guy Offline
Adagio Master

Registered: 03/16/99
Posts: 10504
Loc: Canada
This is a new one for me too. Why not give the bank the Open Payables report and let them age it if it is important to them. Then you wouldn't have to hold the prior month open and print out all those manual cheques!
_________________________
Andrew Bates

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#7723 - 10/12/06 09:27 PM Re: AP Aged Payables
Douglas Dickie Offline
Adagio God

Registered: 06/02/99
Posts: 4439
Loc: Vancouver, BC
I've never seen this before either, Aged receivables and an inventory list is all I have ever been asked for.
_________________________
Douglas Dickie
AccSys Solutions Inc
Phone: 1.888.534.4344
ddickie@accsyssolutions.com

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#7724 - 10/12/06 09:28 PM Re: AP Aged Payables
Anonymous
Unregistered


I'm surprised as I've had both CIBC and RBC flaming because the security agreement states they are to received AGED payables. I've actually had them insist that we age the open payables as they would end up charge the company in their billing for the analysis. Remembering the locals submit to Toronto and have strict rules. And yes I have insisted on occasion or neglected and provided Open Payables and got away with it in some situations.
I've worked for a number of companies and they were following this procedure when I joined them.(the number is 14-16 companies to be exact).
Fortunately, this procedure isn't any extra work as the company has been using manual cheques for some time.

Thanks,

Glen_S

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#7725 - 10/13/06 02:22 PM Re: AP Aged Payables
Retired_Guy Offline
Adagio Master

Registered: 03/16/99
Posts: 10504
Loc: Canada
Hi Glen,

We'll take it under advisement for the next time we open Payables for improvements...
_________________________
Andrew Bates

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