This section relates to legacy Aged Trading accounts that were used in Version 5 of Phoenix and earlier. See Legacy Aged Trading Accounts |
Statements should be printed regularly according to the terms applicable to your customers. For your weekly, fortnightly and monthly customers, you should print statements each week, fortnight or month respectively. Before printing statements for a particular group of customers, you should age those accounts
Ageing is used for Customer and Supplier accounts. It is the process of closing one statement period and opening up a new one for data entry. Ageing also causes all balances to be aged forward one period. See Age Customer Accounts and Age Supplier Accounts
Ageing prevents past statements from being altered or added to. Past aged statements are always available for viewing and reporting, with editing restricted so that the total amount of each invoice, payment or credit note cannot be changed. You can only enter new transactions in the current statement period and the one period following.
It is important to be regular and consistent with the aging of accounts. For instance, age all 30 day accounts on the same date of each month. Age all 7 and 14 day accounts on the same day of the week. Customer accounts should be aged regularly even if no transactions have been entered for the accounts. For this reason, consider carefully before setting up accounts on 7 and 14 day terms.
Note. 7 day accounts does not mean that you expect to be paid in 7 days from invoice, it means that you will issue a statement every 7 days in regard to the account. An account may be a 30 day account, with an invoice message stating that payment is expected in 7 days from invoice.
For Customer accounts, you cannot print the statement until it has been aged. This ensures that the statement entries, balances and totals cannot change once it has been printed and sent to a customer or client. See Print Customer Statements.
