During this time of COVID 19, when many companies are forced to telework, AccountEdge Hosted may be a good option. And it’s important to note that it doesn’t have to be a permanent solution. You can host your company file only as long as needed, then return to whatever environment makes sense for your business. If you’d like to discuss that or any other teleworking solution with a product specialist, please call 800.322.6962. Be safe.

  • Section: Most Popular
  • Last updated: July 18, 2019, 7:07 p.m.

Average Days to Pay Defined

Average days to pay is a field that exists on customer cards under the history tab (the far right tab when you are looking at a customer card). It gives an indication of how long it takes that particular customer to pay their invoices.

Average days to pay = the total number of days to pay divided by the number of closed invoices.

For Example: Your closed invoices report shows 3 closed invoices for a customer.

Invoice 1 was paid 5 days after the invoice date.

Invoice 2 was paid 10 days after the invoice date.

Invoice 3 was paid 15 days after the invoice date.

Total days 'til paid is 30.

Divide this figure by the number of closed invoices - 30/3 - equals 10 as the average days to pay.

If you enter the payment while you are entering the invoice, using the 'paid today' feature, this invoice would have a 0 days 'til paid. If you combine this with an invoice that was paid 8 days after invoice date - then the average days 'til paid becomes 4. (8 total days divided by 2 closed invoices)

Note: the Average Days to Pay on the Card file record is for the life of the card, not for any date range.