Finance Settings: Aging

These options allow you to define the guidelines for determining the aging groups to use for statements, aged trial balances, and account inquiries. Aging is the length of time that has passed since the invoice date.

Aging settings

The following settings are available from Settings > Finance > Aging:

• Group - Four groups define the guidelines for determining the Aging Groups to use for statements, aging trial balances, and account inquiries.
• Days - The number of days indicates how many days old the invoice can be before the invoice moves out of this particular age group. When the invoice passes this age group by one day, the system automatically moves the invoice to the next age group.
• Group name - Enter a short name for each age group that names the group for all statements, aged trial balances, and account inquiries.
• Thank you, Reminder, Dunning Message - If you would like a message to appear on statements when an account reaches a certain age, enter the message next to the appropriate age group. You can have different messages print for different ages.

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  Note

  Currently, aging is based on the date of the invoice, not on a due date calculated from payment terms.

• Default terms code - The payment terms code applied to all levels of order entry. For example, you might select a code whose description is Net 30. The description prints on Order Entry invoices. Select the code you want to use by default.

  Important

  You must populate the Default terms code field. Although you can define multiple payment terms, only the default term is assigned to orders processed through the standard iMIS cart, regardless of the other terms you have defined.