The accounts receivable report provides a list of customers who owe money, the amount they owe and how old the debt is. This report is a tool for collections management, providing contact information, the ability to email or print statements, add notes and contact tags.
Find the report at Customers > Accounts Receivable, or via Reports > Accounts Receivable.
Accounts receivable is called Aged Debtors in the UK.
The report displays the customer company, name, email and telephone number - everything you need to quickly work your way through a collections list. If further information is needed then it is possible to drill down into the customer record and financial history.
The accounts receivable report will automatically list all customers which have an account balance, and by default displays all values in base currency. Customers 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 customers with the largest debt at the top of the report and help with prioritizing debt collection.
If payment is received then a quick link takes you directly to the customer payment allocation screen.
If notes about conversations with the customer are needed, use the batch actions to add them to their timeline.
And contact tags can be used for numerous reasons, for example, monitoring the date a statement was sent, which dunning letter was sent with the statement or the account status.
Select the customers you want to send a statement to, and click the send statement button. You will need to have filtered to show invoices for a single currency first.
Foreign currency accounts receivable
By default this report provides a complete view of all accounts receivable in base currency (matching the balance sheet value). Filtering by a currency will display the customer account balances held in that currency.
Revaluing foreign currency accounts receivable
Foreign currency accounts receivable are recorded in both the foreign currency and base currency. The base currency valuation is calculated using the transaction exchange rate less 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 receivable will need to be revalued, particularly at year end.
How to revalue open accounts receivable
This will need to be done using a manual calculation and journal entry.