Accounts receivable is an essential part of any business. With accounts receivable, you can track money that you expect from your customers. Whether your business provides goods or services, using an accounts receivable aging wordbook template will help you gain piece of mind that you will have enough monetary funds to keep your business in operation.
You may be asking yourself, "How do I keep track of accounts receivable aging wordbook?" Accounts receivable aging wordbook has a template that can be downloaded for free.
Information needed in an accounts receivable aging wordbook:
-Names of your customers and clients
-Date of service/product delivery
-The amount of the receivable
-The terms of payment
What an accounts receivable aging wordbook template may look like:
-Column A should contain the name of your customer/client.
-Column B should contain the date when services were provided.
-Column C should contain the amount that you expect to receive from services. If you provide services to other countries, you should separate the monitoring sheet for currencies used. This way you don't mix various currencies together.
-Column E should contain 0-30 day payment terms.
-Column F should contain 31-45 day payment terms.
-Column G should contain 46-60 day payment terms.
-Column H should contain 61-90 day payment terms.
-Column I should contain 91-120 day payment terms.
When it comes to columns G through I, make sure you check with your client's accounting department in order to ensure accuracy. Ask for any misplaced invoices, or if your client is having any issues with their services. If your client exceeds their column, it may be necessary to send a payment demand letter.
The last column on the accounts receivable aging wordbook template should contain the amount of money expected from your clients.
The accounts receivable aging wordbook template is an invaluable excel tool. It will give you peace of mind, and ensure that your business is making the amount of money that you expect to be making. Let your accounts receivable aging wordbook drive your company on the road of success.
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