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Accounts Receivable Year-End Procedures

Applying Unapplied Payments at Year-End

You can apply your unapplied payments.

Unapplied payments are payments that you entered but did not apply to an invoice. These payments were applied to the Unapplied account when you entered them, so your cash receipts balance should be correct. The revenue of the unapplied payment is posted according to your cash or accrual setting.

Payments are applied to unpaid invoices with matching fees, starting with the oldest invoice. If the payment was made to an unapplied fee, the payment is applied to the oldest invoice, regardless of the invoice's fee distributions. After adding and posting an invoice, you can apply posted prepayments and unapplied payments to the invoice. If you did not select Auto Apply Payment when adding the payment, you can use the Apply to Invoices tab to match unpaid invoices with the appropriate unapplied payments.

In a Cash Environment, when you post a payment to the unapplied fee, the revenue is posted to the unapplied revenue account in the general ledger. After you post invoices and apply the payment to an invoice, the revenue moves from the unapplied account to the revenue account of the invoice. For example, a payment of $250.00 can apply to the unapplied fee. Later, when you apply the payment to an invoice, the $250.00 is deducted from the unapplied account in the general ledger and added to the receivables account of the fee on the invoice.

In an Accrual Environment, when you post a payment to the unapplied fee, the revenue is posted to the unapplied receivables account in the general ledger. After you post invoices and apply the payment to an invoice, the revenue is deducted from the unapplied account and moved to the revenue account of the invoice. For example, a payment of $250.00 can apply to the unapplied fee. Later, when you apply the payment to an invoice, the $250.00 is deducted from the unapplied account in the general ledger and added to the receivables account of the fee on the invoice.

  1. Under Manage Records, click the Transactions tab.
  2. Select Accounts Receivable Payments from the drop-down list and click Go .
  3. Click Add/Edit Payments.
  4. Select the payment to which you want to apply to an invoice and click Edit. You may need to filter by the customer's name or select All Users and All Periods under Posting Period.
  5. On the Unapplied Amount tab, select the payment you want to apply to an invoice and click Re-Apply Payment.
  6. On the Apply to Invoices tab, select the invoice you are applying the payment toward.
  7. Click on Applied Amount for the selected invoice and enter the amount of the payment that you want to apply to the invoice.
  8. Select Pay?.
  9. Repeat the last step until the remaining amount has been applied.
  10. Click OK, then Yes.
  11. When the Transfer Revenue window displays, review the information and make any necessary changes.
  12. Click Transfer Payment. This posts a journal entry to transfer the money from the unapplied fee account to the applied invoice fee accounts.
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Last updated: July 11, 2023