Workflow Templates: Accounts Receivable Aging Report Checklist

Ensure that all customer balances are up to date and reflect all recent transactions.

Identify any credits or unapplied cash and determine if they need to be applied to open invoices.

Confirm that all payments received by the cutoff date are accurately posted to customer accounts.

Verify the accuracy of the aging categories (e.g., current, 30 days, 60 days, 90+ days) and ensure they align with company policy.

Review the aging report for any irregularities or unusual patterns that may indicate errors or potential issues.

Highlight accounts that are past due and require immediate attention or follow-up.

Compare the current allowance for doubtful accounts with historical data and industry standards to assess its adequacy.

Review any write-offs or recoveries that occurred since the last reporting period and adjust the allowance as necessary.

Evaluate the creditworthiness of customers with significant overdue balances and consider additional provisions for doubtful accounts.

Check for segregation of duties between the personnel who manage accounts receivable and those who handle cash receipts.

Ensure that the aging report is prepared and reviewed by appropriate personnel as part of the internal control process.

Verify that the aging report complies with relevant accounting standards and regulatory requirements.

Prepare a summary of findings and recommendations based on the aging report analysis for management review.

Initiate communication with customers regarding their past due balances and document all collection efforts.

Update the company's credit policy as necessary based on insights gained from the aging report analysis.

Accounts Receivable Aging Report Checklist