Credit Terms & Ageing on Statements

Question: I would be interested to have customer credit terms defined as I have had difficulty assigning the correct terms.
For example: If I wanted a customer to pay on the 20th of the month, would I choose: – On a Day of the month and enter 20th in Balance Due date, or – In a given number of days and enter 20 in Balance Due Days, or -No of days after EOM and enter 20 in Balance Due Days, or -Day of the month after EOM and
enter 20th in Balance due Date? It would appear that ‘balance due date’ versus ‘balance due days’ are the confusion!

Answer: If your customers are meant to pay you on the 20th of the month after invoice date, which are the most common terms for NZ businesses, then choose either:
1. No of days after EOM (End of Month) and enter 20 in Balance Due Days, or,
2. Day of Month after EOM and enter 20th in Balance Due Date.

To ensure you get the correct ageing on your statements you need to do the following BEFORE you print your statements:

Go to Setup, Preferences then Reports & Forms tab

Alter the number of days in the previous 3 months to reflect the actual number of days  (use daily ageing terms)

eg printing statements as at 30 Sept then enter 30 days (30 days has Sept) then 61 days (Aug + Sept) then 92 days (July, Aug, Sept)

Seems a hassle but it works and ages just fine.


Lynley Averis

Lynley is an MYOB Certified Consultant & has been involved in training in New Zealand since 1985. She's written various accounting & MYOB workbooks including co-authoring “Bookkeeping for Dummies”. She has consulted on all versions of MYOB Accounting, Retail and Payroll over the past 18 years and has previously worked for MYOB. She currently consults to NZ businesses on all aspects of business systems - her mission for clients is for them to spend as little time as possible doing accounting!