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The use of the calendar year for the accounting period will not always understate the ratio.
The use of average receivables in the days' sales-in-receivables ratio will not always understate the ratio.
The days' sales-in-receivables ratio is calculated as the days in the year divided by the receivables turnover ratio. The receivables turnover ratio is calculated as sales divided by average receivables. In order to understate the days' sales-in-receivables ratio, either the sales need to be understated or the receivables turnover ratio needs to be overstated. If the company uses the natural business year for its accounting period, the accounts receivable balances will be understated. This is because the natural business year will start and end at the down cycle of the business, understating receivables. Because the receivables will be understated, the receivables turnover will be higher than it would be otherwise. This will lead to an understated days' sales-in-receivables ratio.
Not using average receivables in the days' sales-in-receivables ratio will not always understate the ratio.