An Action Date custom field is a simple but practical tool that can help administrators and accountants keep track of when specific actions are due or past due. By entering a date, the system can visually indicate status by comparing it with the current date, red if the date is upcoming, yellow on the day, and green after, making it easy to see or easily sort out what requires attention or action. Other custom fields can be added to capture additional information and enhance what the Action Date communicates.
The idea came from this topic about post-dated cheques (Post Dated Cheques - Manager Forum). This tool makes it easy to track upcoming payments, schedule reversals, follow up on debt collections, or prepare reconciliations, as well as other administrative or accounting follow-ups. In the topic, I suggested that users could enter a post-dated cheque with a zero amount and, using an Action Date custom field, later update it when it matures for deposit, ensuring records remain accurate.