The ‘Client Payments Status’ screen shows you a list of all your clients and what they owe you. The list is arranged in a table according to how late the payments are.
Part of creating an invoice is deciding when it needs to be paid and making sure that the due date is shown prominently on the bill. If you create an invoice that is due in 30 days, for example, then the client has 30 days to pay. His terms are 30 days. If he pays after 31 days, then he paid 1 day late. If your bill gives 20 day terms, and the client hasn’t paid for 55 days, then he is 35 days late.
Accounting programs usually call this type of screen an “aging report," or “accounts receivable aging report." It tells you which clients are slow payers and it also tells you how much money you’ve earned that is overdue. As a general rule of thumb, the longer a client takes to pay his bill, the less likely that he will pay it. Perhaps the best use of this screen is to tell you which clients need friendly reminders to pay their bills.
The ‘Client Payment Status’ screen lets you filter by client, so you can easily scroll down to see how a particular client pays his bills.
The bottom and right most column of the table shows totals, so you can see how much money is due to you in each aging category and from each client or project.
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