I have an issue where the amount from my Aged Receivables and Accounts Receivable is different.
Should it be same or its okay if its different?
In accounting, aging of accounts receivable refers to the method of sorting the receivables by the due date to estimate the bad debts expense to the business. Accounts receivables arise when the business provides goods and services on a credit to the clients.
Aged receivable is a periodic report that categorizes a company's accounts receivable according to the length of time an invoice has been outstanding. It is used as a gauge to determine the financial health of a company's customers. If the accounts receivable aging shows a company's receivables are being collected much slower than normal, this is a warning sign that business may be slowing down or that the company is taking greater credit risk in its sales practices.
I have a similar question. The Accounts receivable and Aged Receivables does not match. My accountant says you should include credit accounts or at least have the option to, when generating a report for Aged Receivables. In fact he says Aged Receivables should have the option to view either debit or credit accounts or both.
Is there an option to view both?
Hey there @Divan ,
In order for us to properly diagnose what the issue might be I may need a few screenshots of the discrepancies in the numbers. This will give us a better sense of what the issue may be in your account! Thanks.
Hi @BarsinA ,
Here they are - let me know if I should send you the link to the actual report. (Not sure if you will have access or not)
I just removed customer names.
Hey there @Divan
One thing I wanted to point out here, I see that your account transactions report shows your date selection range is 2018. Would you mind changing this to the same fiscal year of your aged receivables report and letting me know what you're seeing here?
Also are you categorizing your transactions under accounts receivable? If so you're likely going to see a discrepancy as the aged receivables report only accounts for invoices, not accounts receivable transactions.
You can filter your accounts receivable transaction from the transactions page by using the filter button!
Sorry, didn't notice your reply - I'll check your suggestions and report back.
Hye, i want to ask similar question. My bank statement balance are tally with wave balance. But, why it become red and the number is 0 ?
Hi @Tuah_12345 , thanks for reaching out! I'm sorry the Reconciliation tool was giving you trouble here, that's definitely not expected behaviour. I triggered a fix on your account, and it showed that your account was in need of this! The reports, reconciliation, and accounts should be properly connected within 15-30 minutes, depending on how much data there was to fix.
Attached is the screenshot of the totals when I changed the Accounts Receivable to 01/03/2019 - 29/02/2020.
The transactions under Accounts Receivable are not categorised but rather just assigned to an invoice - not sure if that also constitutes as categorised.
Thanks for the tip on viewing the Accounts Receivable from the transactions page, however, when I filter by that I don't see any transactions :-(
Thanks for your help so far, looking forward to your reply.
Hey @Divan! Thanks for reaching out here - I can see that you're looking into your Accounts Receivable transactions. Do you have any currently outstanding invoices? If you don't, then nothing would be populating here - but I'm interested as per what you're referring to when you say 'The transactions under Accounts Receivable are not categorised but rather just assigned to an invoice', could you send a screenshot of what that looks like on your end? I know there's been several requests for screenshots from your end, and we do appreciate your patience thus far.
Yes, there are outstanding invoices.
Ok, I see all the transactions listed are the ones allocated against an invoice.
My bank here in Namibia is not supported for auto import, so I manually import the statement from the school's Bank export. I then go through each item and either set the category(e.g. Rental Payment or Bank Charges), but the income transactions for school fees are simply marked against an invoice and not getting a category per se.
Does that answer your question? I can do a screen share if that will help resolve it quicker.
This is the proper method of categorizing your income transactions to an invoice. The invoice itself contains the proper account info so when you simply categorize it to the invoice, the proper accounts are being debited correctly.
One likely possibility for the discrepancy you're seeing on your reports: Aging reports only consider invoices/bills respectively. the actual General Ledger may likely have manual entries from journals/categorized bank transactions. It may be that your AR report is actually picking up other transactions that aren't just invoices here.
I'm not sure what you mean by "It may be that your AR report is actually picking up other transactions that aren't just invoices here."
The problem my accountant have is that amount that is shown in the Balance Sheet/General Ledger with regards to Accounts Receivable does not marry up with the Aged Receivable report on its own. The difference is due to the fact that some clients pay for school fees for the next month, before the invoice was created.
So we really just need the option to include credits in the Aged Receivables report to take in account early payments.
If we view the "Income By Customer" report, then we do get to the correct numbers.
I hope that makes sense.
Again, I would be happy to do a screen share session to show you first-hand.
Hey @Divan! Thanks for reaching out here. Unfortunately the ability to include credits in that Aged Receivables report is not something that is possible within Wave at this point. I have passed on your feedback to our teams for consideration to future developments on the platform, and we definitely appreciate your input!
Thank you @ConnorM - much appreciated!
The total of my aged receivable report does not balance with the total of my accounts receivable in the balance sheet. The aged receivable report is showing an amount outstanding for one customer who has no invoices outstanding. How do I get rid of this amount so that both reports are back in balance?
Hey @beancounter! Looks like there may have been some bad data in your account that was causing these discrepancies. I've run a reflow, and you should be seeing things looking more normal within 30 minutes here
Thanks for that speedy resolution to my problem Connor - another satisfied customer!
This issue will cause anyone who receives any sales revenue, in advance or monies on account from customers prior to invoices being raised, problems. In such curcumstances it makes the "Aged Receivables" list pretty useless as a tool for managing invoicing or debt chasing as a customer could be in credit (money paid on account) but get invoiced for invoices they have settled in advance.
I would apprecaite it if you could let me know where ,given the laws of double entry Wave posts these payments on account if not to sales debtors as this might be useful and when you think this situation is likely to be resolved.
Howie (new adopter having second thoughts)
July 8, 2020
Any news on this? Is Zoho better at dealing with this?
November 11, 2020
Currently the Aged Receivables report in Wave is only able to display your overdue invoices. This means that things such as credit on invoices and overpayments won't appear.
This isn't on our current roadmap of features to be addressed, but I appreciate you providing further context as to why it would be useful for you, and this has been passed on! Feel free to check in to see if it is on our roadmap in the future
Do you know if this issue has been dealt with in the Zoho App as I'm in Europe and need to decide what to switch to. If the aged debtors don't agree to accounts receivable in that package I'll have to look elsewhere. Thanks
Hey @Howie77 !
As our insight is limited when it comes to Zoho, I recommend reaching out to their Support Team directly. They will gladly answer these questions for you. For your convenience I attached a link to their support page here: Zoho Support