Payment Allocation Date definition

The payment allocation date is the date that the payment is allocated to due amounts. Payment allocation can occur either 1) when a payment is entered; or 2) when a statement is updated with billed amounts for a client with unallocated payments.

• If the payment is allocated at the time the payment is entered, the payment allocation date will be the payment transaction date.
• If the payment is allocated later when a statement is updated, the payment allocation date will be the statement date or payment transaction date, whichever is later.
  

Keep in mind that the payment allocation date may or may not be the same as the payment transaction date. Quite often these dates are the same; however, some payments, particularly unapplied payments, are not allocated until a later date.

It is important to be aware that a single payment may have more than one payment allocation date associated with it.

For detailed information on how payment information is selected for reports, see Knowledge Base Article R11117 - How Payment and Write Off Information is Selected for Tabs3 Reports.