The careful management of your Accounts Payable Aging Report is an important element of managing the credit rating and financial reputation of your business. When there are vendor account balances older than 30 days it can directly impact your ability to obtain credit or a business loan. The example report below indicates vendor account balances over 30 days.

You May Need Help Cleaning Up Your Accounts Payable Balances

If you have been in business for many years you may find that there are too many outstanding transactions on your Accounts Payable Aging Report. This can be the result of many oversights in the bookkeeping process. For starters, you could have simply duplicated a bill entry, or recorded a bill that you actually paid by some other means such as with a credit card or direct debit to your checking account. You may need help to clean-up these accounting errors.

It is possible for an unapplied bill payment to be the cause of a bill showing up on your Accounts Payable Aging Report. It is also possible that you never received and/or applied a vendor credit to an outstanding bill. Less common is when a vendor is also a customer, and they apply the balance that you owe them to a balance that they owe you. This is contra-accounting. If you find that you don’t have time to research and correct old outstanding Accounts Payable balances, it may be beneficial for you to get some A/P Clean-Up help from your accountant. Most especially if contra accounting is needed, as this is complex accounting that requires advanced knowledge and experience to perform accurately, and there are tax implications.

Your Personal Guide to Seamless Accounting: Advanced QuickBooks ProAdvisor at Your Service

Hey there! I’m Gina, and I’m the proud co-founder of Lend A Hand Accounting. Why did I start this? Well, I believe that everyone should have access to affordable, efficient, and flexible accounting and bookkeeping services. It’s all about making sure these essential services fit snugly into your budget without any fuss.

We’ve ditched the traditional hourly rate system and adopted a flat fee pricing. You might be wondering, “Why does this matter?” Well, this way, you know exactly what you’re paying for upfront and there are no unexpected surprises. You get to pick and choose the accounting services you need, like a customized menu. And the best part? You’re in complete control of when you start or stop using our services. We’re essentially just a call or a text away, no need for endless phone calls or draining trips to the accountant’s office.

I’m not just any accountant though. I’m an Advanced QuickBooks Online ProAdvisor. That means I’m equipped with advanced expertise and resources to help you leverage QuickBooks Online to its full potential. My goal is to make your accounting process smooth and efficient so you can focus on what you do best – running your business.

Ready to get started? Reach out to me directly at 360-637-4799. We can even kick things off immediately if you’re ready. Simply create a free account, and I can instantly take a look at your books and let you know where you stand.

At the end of the day, we’re here to serve you. We really appreciate the trust you place in us and we’re eager to meet all of your accounting and bookkeeping needs. Looking forward to being part of your team!

Take care,

Gina

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.