The Aged Payables Review helps you identify vendor-related issues by analyzing the aging report. It highlights common discrepancies such as incorrect balances, misapplied payments, overdue bills, and potential data entry errors. The Aged Receivables Review works in the same way, but focuses on customer balances instead of vendors.

This review process allows finance teams to quickly spot issues, filter vendors or customers by problem type, and take corrective action efficiently.

The Aged Payables Review helps you:

· Identify vendors with accounting issues that need attention

· Detect incorrect payments recorded as expenses

· Find overdue bills and unpaid balances

· Review vendors with negligible or negative balances

· Speed up month-end or period-end reviews

Start by loading the Aged Payables Aging Report. By default, the report loads as of the current date.

If needed, you can also run the report as of a specific report date to review historical balances.

Once the report is loaded, Xenett automatically highlights vendors with different types of issues, including:

· Negative Balance – Vendors showing a credit balance instead of an amount payable

· Unapplied Payments – Payments recorded but not applied to any bill

· Overdue Bills – Bills that are past their due date

· Negligible Balance – Very small balances that may require cleanup

· Possible Payment – Payments that may have been recorded incorrectly

If you want to review only vendors with a specific issue:

1. Click on the issue type (for example, Negative Balance)

2. The report automatically filters to show only vendors with that issue

This allows you to focus on one problem area at a time.

The Possible Payment issue is especially important.

· A vendor has an unpaid bill (for example, $114.09)

· A payment exists, but it was recorded as an expense instead of a bill payment

· As a result:

o The bill remains unpaid

o The expense is recorded separately

o The expense account may be booked twice

Xenett identifies this situation and flags it as a Possible Payment, indicating that:

· The transaction should likely have been applied as a bill payment

· The expense entry may be incorrect or duplicated

This helps prevent incorrect balances and duplicate expenses in your books.

Xenett provides additional options to help expedite the review process:

· Quick-access buttons to streamline actions

· Easy switching between current-date and report-date views

These tools help reduce manual review time.

The Aged Receivables Review follows the same logic and workflow as the Aged Payables Review:

· Pull the aging report

· Identify customers with issues

· Filter by specific problem types

· Review and resolve discrepancies

The only difference is that it focuses on customers and outstanding invoices instead of vendors and bills.

The Aged Payables and Aged Receivables Review provide a structured way to analyze aging reports, identify common accounting issues, and correct them quickly. By highlighting problem vendors or customers and allowing easy filtering, Xenett helps teams maintain accurate balances, avoid duplicate expenses, and streamline financial reviews.