unallocated payments definition
unapplied payments definition

An unallocated payment or unapplied payment is a payment that has been entered but cannot be applied because there are no amounts due. An unallocated payment or unapplied payment can be processed or unprocessed. A payment transaction can be partially allocated/applied and partially unallocated/unapplied.

GLS Integration Note: When integrating with Tabs3 General Ledger Software, an Unapplied Payments account must be defined as a holding account for unallocated/unapplied payment amounts.