The year end is in Feb. However, the post date is March when I applied several prepayments to one invoice (all before Feb 28). Does it affect the year end report and closing??
The apply itself does not generate an entry, it does, however, impact the historical aged trial balance. The historical aged trial balance will consider the invoice paid according to the apply date.
Leslie Vail, CPA, MVP, MCT, MCITP, MCP, MCITSASCI, Inc. * PO Box 600965 * Dallas, TX 75360 * 972-814-8550 * email@example.com
Thanks. That is helpful.