What is on-account receipt account , un-applied receipt
Account, and un-identified receipt account in ar ?
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Answer Posted / arunkumar
Unidentified:
you receive a cheque, you dont know who(Customer) sent it.
So you dont give credit to any one.
Unapplied:
you receive a cheque, you know who(Customer) sent it, but
you dont set it off against the invoices.
You just give credit.
On-Account:
you receive a cheque, you know who(Customer) sent it, but
you park it in on-account so you cannot set it off against
the invoices.
Still giving him credit.
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