post date for applying payment to invoice

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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?? 

Verified Answer
  • Hi Vivi,

    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.

    Kind regards,

    Leslie

    Leslie Vail, CPA, MVP, MCT, MCITP, MCP, MCITS
    ASCI, Inc.    *    PO Box 600965   *   Dallas, TX 75360    *   972-814-8550   *   leslievail@earthlink.net

All Replies
  • Hi Vivi,

    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.

    Kind regards,

    Leslie

    Leslie Vail, CPA, MVP, MCT, MCITP, MCP, MCITS
    ASCI, Inc.    *    PO Box 600965   *   Dallas, TX 75360    *   972-814-8550   *   leslievail@earthlink.net

  • Hi,Leslie,

    Thanks. That is helpful.