Written by Gary M.
Adding 30,60,90-day ageing to your customer statements is a great way to drive down your debtors book. This is especially true when you have customers you transact with multiple times a month and offer extended payment terms.
A simple invoice ageing table on your customer statements can help clarify the amounts they owe:
Unfortunately, Xero doesn’t provide this table in either the ‘Activity’ or ‘Outstanding’ customer statement format. The Xero ‘Activity’ statements show only the activity for a customer within a date range. While the ‘Outstanding’ statement shows what’s owed by the customer at a specific date. Neither have the aged totals.
You can add these ageing periods to customer statements via a Xero plugin. Statey is a plugin for Xero that enables you to add the 30,60,90-day breakdown to your customer statements. It has many other great features that simplify sending and tracking customer statements.
With Statey, you can get an ageing table added to your customer statements in 2 easy steps:
Sign up for Statey at www.statey.app. It has a long free trial to get you going:
Pick the ageing method you’d like to apply in the statement settings. You can configure the 30,60,90-day buckets to be calculated based on the invoice date (the date it was raised) or the due date.
You can configure the bucketing to group by the exact days passed or calendar month.
Statey recommends ageing by ‘invoice date’ and ‘calendar month’. This configuration ages your customer invoices the most assertively. All statements raised last month (regardless of the particular day) will appear as aged by a whole month.
You can also customise your customer statement to include both the ‘Activity’ and ‘Outstanding’ sections (unlike in Xero where you must choose either one).
And that’s it.
With a simple plugin to Xero, you can have more explicit statements that help you communicate clearly with your customers and keep those debtors-days down.
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