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30 Day Balance Aging in Timeslips and February

We are gearing up for March billing for February time, and it seems like a great time to discuss the issue with aging balances in Timeslips, and the strict interpretation of 30 days.  This trips a few folks up every year, so I thought I’d offer up some suggestions, or perhaps just a heads up regarding this phenomena.

By default, Timeslips ages Account Receivable balances in 30 day intervals.  To determine this date period it calculates from the date of the bill that created the A/R.  Lots of folks like to date their bills the 1st day of the month and 11 out of 12 times, that works out just fine as there are at least 30 days between the 1st day of every month, but March is a little different.  Since February does not have at least 30 days in it, the aged balances table that some folks print on their bills, and their Aged A/R Balances Report won’t put their February 1st bill’s A/R balance in the 30 day column, nor will it consider the balance ‘overdue’ yet.  It is literally 30 days, not one month.

Aged Balances on March 1st

This year, we are a little better off in that it is a Leap Year, so we get at least one more day in the aging giving us 29 days between February 1 and March 1.  But still, it isn’t 30, and that’s the rub.

So, what can we do about it?  You really only have two options.

Option 1: Just continue billing on March 1, and let it ride.  After 4 months your February 1st A/R will have either been paid, or worked it’s way through the aging table (Current, 30, 60, 90) to the 120+ column and have resolved itself. If you know it is going on, sometimes it is easier to endure.

Option 2: This one cycle, date your bills March 2.  This will give you 30 days since your February 1st billing, so that A/R balance will be 30 days old.  In April, due to the 31 days in March, you can go back to billing on the 1st day of the month and still have 30 day intervals between your bills/balances.

N.B, in non-Leap Years you will need to alter the date on TWO bill cycles to correct for the effects of the short February, using March 3 and April 2 as your billing dates.

Hope this helps.  Let me know in the Comments below if you have any other suggestions about this issue.

6 Responses to 30 Day Balance Aging in Timeslips and February

  1. [...] 0 CommentsCertified Resources Network member Nancy Duhon has posted a blog article on her website here regarding how to compensate for the lack of 30 days in February, and what that does to Aged [...]

  2. Allen Hardon says:

    Great article Nancy! I usually advise clients to take your option #1 and let the chips fall where they may. I think it is almost always better to not mess with billing dates and let Timeslips report on what actually happened.

    • nancyduhon says:

      Thanks Allen. I think that’s what most folks do just because they don’t know any better. Then we get the call, “WHY is it not aging properly? Well, actually, it is….” But I don’t see anything wrong with dating the billing on a day other than the 1st either. At any rate, I think it helps to know there is another option if the first one is truly driving you nuts. I also don’t like that it takes more time for it to work its way through the system if they keep it on the 1st. Billing them on the 2nd is still what actually happened. ;-)

  3. Thank you for sharing! This was a great article. It will definitely help me out a lot. Thanks again.

  4. y k varshney says:

    i want the period when 30 days and 31 days in february in india and also want to know out of india

    • nancyduhon says:

      I’m sorry, but I do not understand what you need. Could you provide a more detailed explanation of what you are trying to achieve?

      Thank you.

      Nancy Duhon, Esq.
      Certified Consultant for Timeslips, Amicus Attorney and Credenza
      Duhon Technology Solutions, LLC
      duhon@duhon.biz
      404-325-9779
      Providing personalized local and remote online support for Timeslips users for over 19 years. Available for private consultations, including older/unsupported versions.

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