Application of customer payments against Invoices

Please assist in confirmation of GAAP -
If a customer has multiple open invoices of varying age, makes a payment, references an invoice number on the check - is payment applied:
- To oldest invoice
- To invoice referenced on payment check
Thank you!
Reply to
JLP

"JLP" wrote
I'd follow published company policy to the letter.
--
Paul Thomas, CPA
www.paulthomascpa.com
 Click to see the full signature
Reply to
paulthomascpa

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.