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Age Balance at Westpac Journey of Transformation Commercial in Confidence 2006The Current Environment 66× 12% Sources: ABS, Westpac Economics65 1064 638 62 616 participation rate (LHS) unemployment

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What is age balance?

Age balance is a financial report that shows the age of outstanding amounts owed to a company.

Who is required to file age balance?

Companies or organizations that want to monitor and manage their outstanding debts are required to file age balance.

How to fill out age balance?

Age balance can be filled out by categorizing outstanding debts by age (e.g. current, 1-30 days, 31-60 days, etc.) and calculating the total amount due for each category.

What is the purpose of age balance?

The purpose of age balance is to help companies track and analyze their outstanding debts, identify overdue payments, and take appropriate actions to recover the amounts owed.

What information must be reported on age balance?

Age balance report must include details of outstanding debts, categorized by age and total amount due for each category.

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