I have a customer who has an outstanding invoice from July 2014, we are in the month of March 2015, after doing research it was determined the customer paid in full via credit card however the July 2014 period has already been closed we are in march. The payment was never applied and there is no unapplied account where the payment could have been posted in. there is no way to track where the money was applied our system is very old doss. The employee messed the books up. What do I do? We can't write off the outstanding balance it's been paid. Can't issue credit to wash the outstanding balance off we did receive the payment.


So do I do a journal entry, please be specific on what I need to do I have found about 50 transactions just like this on my aging report, thank you


Klohe

In our books, you wold go back to the month where the error occurred, and correct the error. Money from the payment had to be applied somewhere, if not, they needed to be.