Which time frame is considered "past due" for payment collection categorization?

The term "past due" in the context of payment collection typically refers to any payment that has not been made by the expected due date. In this case, categorizing payments that are uncollected between thirty-one to sixty days as "past due" is consistent with standard practices in accounts receivable management. This time frame helps organizations identify accounts that require follow-up or collection efforts, allowing them to prioritize their collection strategies based on the length of time the payment is overdue.

Payments categorized as "current" usually relate to those that are either paid on time or are only slightly overdue. Options describing current payments—up to fifteen days or more than thirty days—do not capture the significant overdue status that is recognized as "past due." By defining "past due" specifically as a period extending from thirty-one to sixty days, organizations can effectively manage their receivables and take appropriate actions for outstanding debts.