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Aged Accounts Receivable

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Glossary  -> Aged accounts receivable report

Aged Accounts Receivable Report

An aged accounts receivable report shows the amounts in accounts receivable according to how long they have been outstanding, such as current, over 30 days, over 60 days, and over 90 days.  This report is used at year end to calculate the allowance for doubtful accounts.  When amounts are outstanding over 90 days there is much less likelihood that they will be eventually collected.

When it is doubtful that accounts receivable will be collected, income from business or property can be reduced by claiming a reserve under s. 20(1)(l) of the Income Tax Act.

See also accounts receivable turnover and day's sales outstanding.

Revised: February 08, 2017

 

 

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