What is Unapplied and On Account?

[rudraerp]

Hi Frenz,

Can you guys give me the clarification about UNAPPLIED and ONACCOUNT in receivables? Plz provide the a/cing for those?

I would be thankful for ur's replay..

[venkat.5091@gmail.com]

<font color="brown">on account</font id="brown">

Payments where you intentionally apply all or part of the payment amount to a customer without reference to a debit item. On account examples include prepayments and deposits.

<font color="maroon">on account credits</font id="maroon">

Credits that you assign to your customer's account that are not related to a specific invoice. You can create on account credits in the Transaction window or through AutoInvoice.

<font color="purple">on account payment</font id="purple">

The status of a payment of which you apply all or part of its amount to a customer without reference to a specific debit item. Examples of these are prepayments and deposits

unapplied payment
The status of a payment for which you can identify the customer, but you have not applied or placed on account all or part of the payment. For example, you receive a check for $1200.00 and you pay an open debit item for $1000.00. The remaining $200.00 is unapplied until you either apply the payment to a debit item or place the amount On Account.