What is an aged creditors report?
Definition of an aged creditors report
An aged creditors report is a totalled list of all the bills that you haven’t yet paid, less any bill credit notes that you haven’t yet been refunded for.
The report usually sorts the bills by supplier and by date, and groups together unpaid bills and bill credit notes that are due in various time periods. It subtotals bills and bill credit notes by supplier and by time period so that you can see how much you owe to each supplier, and the total amount that you have to pay by a specific date.
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The report will show the bills inclusive of VAT because that’s how much you'll have to pay to your supplier.
The aged creditors report usually divides out unpaid bills that are due for payment within 30 days, in 30 to 60 days, in 60 to 90 days and in more than 90 days.
How to see your aged creditors report
FreeAgent's online accounting software automatically generates your aged creditors report whenever you or your accountant want to take a look.
Got questions? Ask Emily!
FreeAgent's Chief Accountant Emily Coltman is available to answer your questions in the comments.