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[Windi Epperson]

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Hey Christine,

There really isn’t a best practice around the two Payables setup options you’re asking about. It’s really what works best for you company. That said, here is a little information on the settings:

Age By Invoice Date vs Due Date – Example you have an invoice with Invoice date of 6/1/2024 and and Due Date of 6/15/2024. When you run your aging at 7/1/2024, if you age by invoice date your in will be 31 days old so it will fall into the 30-60 days old bucket. If you age by Due Date your invoice will be 16 days old so it will stay in the current bucket.

For Apply By if you let the system auto apply credits or payment, the credits/payments will be applied to the oldest documents first. So if you have Invoice A with an invoice date of 7/1/24 and a due date of 7/15/24 then Invoice B with an invoice date of 7/2/24 and a due date of 7/14/24 – If you apply by doc date payments/credits will apply to Invoice A first. If you apply by due date payments/credits would apply to Invoice B first.

Hope that helps.

Windi