accounting definition of aging
AGING OF ACCOUNTS Definition. AGING OF ACCOUNTS is the classification of accounts by the time elapsed after the date of billing or the due date. The longer a customers account remains uncollected or the longer inventory is held, the greater is its realization risk. Those accounting terms are then also added to the VentureLine Accounting Dictionary. So, the architecture and terms contained herein were developed by you our users. The result is an accounting dictionary or glossary that is relevant to today’s environment. The Current Balance column of an aged accounts payable report includes only the balance information from new supplier orders you placed within the last 30 days. Balances that are zero to 30 days old are considered current balances. Tel: (612) 246-4616. Whether you are an analyst, business person or accounting student, audit the records of a corporation, a business manager, or balance your own checkbook, you will find the VentureLine accounting dictionary of accounting terms of immeasurable assistance. Accounting Terms/Accounting Dictionary/Accounting Glossary Largest Online Accounting Dictionary - Over 4,200 Accounting Terms Whether you are an analyst, business person or accounting student, audit the records of a corporation, a business manager, or balance your own checkbook, you will find the VentureLine accounting dictionary of accounting terms of immeasurable assistance. AGING OF ACCOUNTS Definition AGING OF ACCOUNTS is the classification of accounts by the time elapsed after the date of billing or the due date. The longer a customers account remains uncollected or the longer inventory is held, the greater is its realization risk. Aged accounts payable reports are the opposite of aged accounts receivable reports. An accounts receivable aging report allows you to view the balances that are owed to your company by customers. Similarly, an accounts payable aging report allows you to view the balances you owe to other companies for supplies, inventory and services your company receives. Largest Online Accounting Dictionary - Over 4,200 Accounting Terms. Whether you are an analyst, business person or accounting student, audit the records of a corporation, a business manager, or balance your own checkbook, you will find the VentureLine accounting dictionary of accounting terms of immeasurable assistance. Aged accounts payable reports are the opposite of aged accounts receivable reports. An accounts receivable aging report allows you to view the balances that are owed to your company by customers. ... Local An aging schedule of accounts receivable may break down receivables from 1-30 days, 31-60 days, 61-90 days, and over 90 days. With regard to inventory, if it is held too long, obsolescence, spoilage, and technological problems may result. Aging can be done for other accounts such as fixed assets and accounts payable. See also ACCOUNT AGING. Learn new Accounting Terms. GPRO is Group Practice Reporting Option used within the US government, e.g. Medicare and US DHHS.
Aging of accounts is the classification of accounts by the time elapsed after the date of billing or the due date.