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!
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"JLP" wrote

I'd follow published company policy to the letter.
--
Paul Thomas, CPA
www.paulthomascpa.com
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