The accounts payable report provides a list of vendors who are owed money, the amount owed and how old the debt is. This report is a tool for prioritizing vendor payments, providing contact information, adding notes and contact tags.
Using the accounts payable (aged creditors) report
Note: Accounts Payable is called Aged Creditors in the UK.
Find the report at Vendors > Accounts Payable, or via Reports > Accounts Payable.
The accounts payable report will automatically list all vendors which have an account balance. By default, all values are displayed in base currency - filter by currency to see the foreign currency balances.
Vendors with zero or negative account balances can be included or excluded using the filters.
Click on the column headers to sort the data. For example, sort by balance to view the vendors with the largest balance at the top, to prioritize payment runs.
The report displays the vendor company, name, email and telephone number - everything you need to quickly work your way through a payables list. If further information is needed then it is possible to drill down into the vendor record and financial history.
If you want to record a payment made to your vendor, then a quick link takes you directly to the vendor payment allocation screen.
If notes about conversations with the vendor are needed, use the batch actions to add them to their timeline.
Filtering the accounts payable report
|As of invoice date||
Select the date on which to generate the report.
It defaults to the current date. Changing the date will display a report relative to the date chosen, i.e. what the report looked like if it was generated on that date.
|Detailed||Checking the 'Detailed' box will break the report down further, listing the individual outstanding invoices.|
|Hide zero balances||
Checking the 'Hide zero balances' box will hide any rows where the balance is zero.
Zero balances occur when the vendor's account balance is zero, but is made up of transactions which are not cleared off against each other.
For example, they may have an invoice for $100 and a payment on account for $100, but if the payment is not specifically allocated to the invoice, both transactions are considered uncleared and the customer will appear on the report.
|Hide negative balances||Checking the 'Hide negative balances' box will hide any rows where the balance is negative. These will likely relate to payments on account or credits, and so can be ignored for the purposes of making payments.|
Choose what date to use when determining the aging.
Customize the aging.
Defaults to 30, 60, 90 and 120+ days by default.
|Account owner||Filter the report based on staff members who are assigned to the contacts.|
|Vendor's price list||Filter the report based on the price list associated with the vendor.|
|Contact tags||Filter the report based on the contacts' tags.|
|Currency||Filter the report based on currency. See below for further information on foreign currencies on the accounts payable report.|
|Filter by company name||Display only entries beginning with a specific letter of the alphabet.|
Foreign currency accounts payable
The report provides a complete view of all accounts payable in base currency (matching the balance sheet value), but can be filtered by currency to view only the accounts payable in a particular currency.
The conversion to base currency is made on a transaction basis using the exchange rate applied at the time of entry (as seen on the accounting journal). Since exchange rates are always changing then it is likely that any outstanding accounts payable balances will need to be adjusted for the end of year.
Revaluing accounts payable
Foreign currency accounts payable are recorded in both the foreign currency and base currency. The base currency valuation is calculated using the transaction exchange rate - the rate applicable at the time the transaction occurred, which is saved on the accounting journal. Exchange rates are always changing, so the value of those foreign currency transactions at today's rate may mean that the base currency value of those transactions has changed. For this reason accounts payable will need to be revalued, particularly at year end.
How to revalue open accounts payable
This will need to be done using a manual calculation and journal entry. The journal will most likely be a quick credit or quick invoice, in base currency, posting to an exchange rates gains/losses code, but please consult your accountant before posting any entries.