A/R – Aging

If you extend in-store credit to your customers and allow them to charge their purchases, you will need to age these accounts once a month in order for the transactions to roll over to the correct aging buckets (Current, 1-30, 31-60, 61-90, 90+) and to assess any finance charges if you choose to calculate those. Please note, this HITS routine is for Open Item Accounts only.

To Age in HITS:

1.) Click on Views –> Bookkeeping

2.) Click on the A/R Aging icon

3.) Your Aging Date is a reference field only and displays the date that the aging will be processed on. This will be your oldest open store date. To age as of a specific date, all other store dates prior need to be closed.

4.) The A/R Due Date is the Due Date for the finance charges only that will be created. Edit as needed.

5.) If you would like you can select the option to charge a minimum finance charge and then type in the minimum amount you would like to add. Usually, this is not necessary as the aging process looks to each individual customer’s account to see what % to calculate for each customer.

6.) You also have the ability to charge Late Fees. Again, this is optional and not required. If your company chooses to charge a Late Fee, select the appropriate Days Late for which to charge the customer (i.e., No Late Fees, Late Fees When Past Due 1-30 Days, Late Fees When Past Due 31-60 Days, Late Fees When Past Due 61-90 Days or Late Fees When Past Due 91-120 Days).

7.) Type in the Late Fee amount to be charged on the selection that is made in Step#6.

8.) Click on Run Process to age your accounts. When it has completed, you will receive a message confirming it is done:

REMINDER:  If you are closing invoices in Blue Screen (ONLY), please go to Views>Administration & Utilities>Corporate>A/R Due Date and set your new A/R Due Date for next month’s invoices.

Note: Customer Safety Days prevents a users from aging A/R Accounts again after the aging process has already been run. The default is set to <20> days, however can be edited according to your business needs. Please reach out to HITS Technical Support for any questions.