Ageing Schedule Generator (Schedule III) – Receivables and Payables Ageing

What this tool does

Since the Schedule III amendments effective 1 April 2021, every set of company financial statements must carry ageing schedules in a fixed format: trade receivables across seven columns and four dispute/quality rows, trade payables across six columns split between MSME and others. This tool builds both tables exactly. Paste the party-wise balances from Excel or Tally, tick the flags that apply to each row, and the bucketed table appears with totals – ready to copy into your working file or print with the CalcGuru header. Ages compute row by row against the balance sheet date you set, which is the audit-proof way to do it. Everything runs in your browser; nothing is uploaded.

The buckets, exactly as prescribed

Receivables: unbilled, not due, less than 6 months, 6 months to 1 year, 1-2 years, 2-3 years and more than 3 years – each split across undisputed considered good, undisputed considered doubtful, disputed considered good and disputed considered doubtful. Payables: unbilled, not due, less than 1 year, 1-2 years, 2-3 years and more than 3 years – across MSME, others, disputed MSME and disputed others. Rows flagged unbilled or not due sit in their own columns and never enter the age buckets. The tables are required even where balances are nil.

Tying to the balance sheet

The total of each ageing table must equal the trade receivables or trade payables figure on the face of the balance sheet. Enter the face figure and the tool confirms the tie or shows the exact difference – the single check reviewers apply first. Rows with an amount but no date and no flag are excluded and flagged loudly, so nothing slips through silently.

Ageing schedules – Frequently Asked Questions

From which date is the ageing counted?

From the transaction date – the invoice date for receivables and, per the prescribed format, the due date of payment for payables. Count backwards from the balance sheet date. This tool computes ages against the balance sheet date you set, using the date you paste per row.

What does the not due column mean?

Amounts whose payment period has not yet expired on the balance sheet date – for example an invoice raised in March on 30-day terms. Flag such rows Not due and they stay out of the age buckets.

What goes in unbilled?

Unbilled dues – receivables recognised for work done or goods supplied where the invoice is yet to be raised. The amended format shows them as a separate column so the ageing ties to the ledger balance.

How do I know which creditors are MSME?

From the Udyam registration declarations collected from suppliers under the MSMED Act. Only micro and small enterprises fall in the MSME rows; medium enterprises are shown under others. The free MSME Supplier Ageing Excel tracks the 43B(h) side of the same data.

Are the ageing tables needed if all balances are current?

Yes. The tables are part of the prescribed format; buckets simply show nil. Skipping them is one of the most common review observations since FY 2021-22.

Do the comparatives also need ageing?

Yes – the previous year table is disclosed alongside. Build it the same way with the previous balance sheet date, print both, and carry them into the note.