Final answer:
The Accounts Receivable Aging Report should be run to list all customers who owe balances and to detail how old the balances are, as it provides a breakdown of overdue payments by time period which helps in prioritizing collection efforts and risk assessment.
Step-by-step explanation:
To list all customers who currently owe balances and to see how old those balances are, you should run an Accounts Receivable Aging Report. This report categorizes a company's accounts receivable according to the length of time an invoice has been outstanding. It is a critical tool for managing and assessing the financial health of a business, as it provides detailed information about amounts owed by customers and helps in identifying potential bad debts or issues in the collection process.
An Accounts Receivable Aging Report is typically broken down into columns that show the current outstanding balance and then further segments the balances into time periods, such as 0-30 days, 31-60 days, 61-90 days, and more than 90 days overdue. This format helps to prioritize collections efforts and assess the risk associated with receivables. The other reports such as the Customer Balance Report, Sales by Customer Report, and Profit and Loss Report do not offer the detailed aging information of unpaid invoices.