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Payables Management Setup
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Payables Management Setup
Good morning,
I am trying to figure out if the setup for payables management is correct.
It appears that the vendors we have set up as Net 30 have a due date of Net 20.
I am not sure the reason and hope that someone can assist with this (attachments)
Thank you
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5 Replies
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Hi Elainine,
For the Payables Management Setup – Aged Periods in Payables,
Could you please a little better than Help contents. If possible an example of how works by invoice date and due dates for aging and Apply By document Date or Due Date. What is the best practice.
Iam trying to get a better understanding of how it works.
Thank you,
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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
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