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ageing profile

This topic has 2 replies, 2 voices, and was last updated 12 years ago by Ken Garrett.

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June 12, 2012 at 8:12 pm #53399
sani19
Member
- Topics: 14
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in the audit of receivables it is written under
valuation and allocation
” inspect the ageing profile of receivables to identify any significant,long outstanding balances that may require a provision .”
what dose ageing mean ?
June 13, 2012 at 9:41 am #100396
sani19
Member
- Topics: 14
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waiting for your answer ……..
June 13, 2012 at 10:06 am #100397
Ken Garrett
Keymaster
- Topics: 10
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It means sort and display invoices owed by each customer into age categories, usually <30 days old, 30 - <60, 60 - <90, 3 - 6 months, >6 months.
The older they are the less chance of recovery.
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