accounts (noun, ac-counts, /əˈkaʊnts/) payable (adjective, pay-able, /ˈpeɪəbəl/) aging (noun, ag-ing, /ˈeɪdʒɪŋ/)
Definition: is a report, a process of deciding which company bills are supposed to be paid in order to avoid problems with credit. Such a report allows a business to determine which of the suppliers and other external parties are being paid right on time and which are not. This, consequently, helps determine which of the bills are near or behind the payment date and need to be paid first. Accounts payable aging also helps avoid future problems with suppliers, keep track of all the payments, and manage the business’s cash flow more efficiently.
In a Sentence:
- In order to get an overview of what we owe for supplies and services for the last few months, we need to create an accounts payable aging report.
- Each new accounts payable aging report allows us to monitor our firm’s expenses more closely.
- It’s been a month since we received an invoice, so it is time for another accounts payable aging report.
Synonyms and related words: accounts receivable aging, aging of accounts, accounts payable, aging schedule, accounts payable aging report
