accounts (noun, ac-counts, \ əˈkaʊnts \) receivable (adjective, re-ceiv-a-ble, \ rɪˈsiːvəbl \) aging (noun, ag-ing, \ ˈeɪdʒɪŋ \)
Definition: is a process supervised by a company’s accounting department that is needed to keep track of which clients are making payments on time, which are running late, and how much time passed since their deadlines. This process helps the organization to determine bad debts and develop its individual set of credit guidelines. The result of this process is usually presented in the shape of a periodic report that holds all the information about the accounts receivable and outstanding invoices.
In a Sentence:
- According to the accounts receivable aging statement, Feltop is far behind on his payments, so I think we should stop doing business with him as soon as we find a new client.
- As it’s evident from our accounts receivable aging summary, it’s been fifty days since the deadline, and we still didn’t receive the money. If our history with Wesley’s and Clancy has taught us anything is that our credit guidelines have to be stricter.
Synonyms and related words: accounts receivable, net accounts payable, accounts payable, credit risk
