A Guide To Ageing Accounts
One thing that is consistent across the board is that ageing accounts are referred to by the range of time that they are overdue. The most common ranges of times that ageing accounts are categorised by our 30 days, 60 days, and 90 days overdue. In most cases, a after accounts are more than three months overdue, they are either written off as a loss or sent to collections. Which course and accounts takes at that point depends on a number of factors, including the size of the debt and the relationship with the account holder.
Up to and until the point where an account is either written offer sent to collections, there are a number of steps that are generally taken in house to try to secure payment. These include sending out notices to the account holder as well as placing telephone calls asking when payment might be rendered. Many times, this also includes coming up with altered terms for the debt, including different payment plans as well as possibly lowering the total amount owed.
If part of your job is dealing with ageing accounts, most likely you will find that the people you speak with on the phone are not the most pleasant to deal with because they’re under quite a bit of stress. However, if you can handle the job successfully you will end up bringing in quite a bit of money to your employer.
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