Workflow Templates: Accounts Payable Aging Report Checklist

Ensure that all invoices and payment transactions have been entered into the accounting system up to the date of the report

Verify that the accounts payable ledger is reconciled with the general ledger

Confirm access to the necessary reports and accounting software features

Select the appropriate accounts payable aging report from the accounting software

Set the report date to reflect the desired period for analysis

Choose the correct parameters and filters, such as sorting by vendor or invoice date

Examine the report for overdue invoices and identify any vendors with outstanding balances

Analyze the aging categories to assess the company's payment performance

Investigate any inconsistencies or irregularities in the report, such as duplicate entries or unexpected balances

Prioritize vendor payments based on the aging report to avoid late fees and maintain good supplier relationships

Update vendor contact details and account information as needed

Schedule future reviews of the accounts payable aging report to maintain financial health

Prepare a summary of the accounts payable aging report for management review

Discuss significant findings with the management team and recommend actions

Archive the report and any related documentation for future reference and audits

Evaluate the accounts payable process for potential improvements based on report findings

Implement changes to the payment process to prevent late payments in the future

Consider opportunities for taking advantage of early payment discounts offered by vendors

Accounts Payable Aging Report Checklist