Financial term: proccess of associating a specific receipt to a specific debit note or bill

ophirw

New Member
Hebrew, English
Hi,

I would like to know what is the financial term for the proccess of associating a specific receipt to a specific debit note or bill.
our customers have large contracts with payments distibution and schedule. we do a proccess we call coverage, which we alocate the incoming payment to the specific debit note or notes.

is there a financial term for this proccess or I could just use a discriptive word like alocation or associating?
 
  • boozer

    Senior Member
    Bulgarian
    "Reconciliation" springs to mind, but I cannot be sure because I am not sure I understand the process you are describing...
     

    ophirw

    New Member
    Hebrew, English
    Thanks Boozer, Reconciliation is very similar to the proccess I am talking about but reconciliation is done in the accounting books.
    I will try to explain: a customer has a contract for buying property. acording to the contract he has to pay for the property and additional charges.
    The total amount of the contract is divided into differant payments with due dates. this is the payment schedule, it is not part of the accounting system.
    Once the customer pays a sum of money we associate the money paid to the relevant sections in the payments schedule. I would like to know if there is a term for that?
     

    ophirw

    New Member
    Hebrew, English
    Thanks Nunty, I guess that could be a good word to describe it.

    which word do you think describes the process more accurately: posting or
    allocating?


    I thought there will be a professional term for it.
     

    Nunty

    Modified
    Hebrew-US English (bilingual)
    I think that "posting" is a professional word, but it may not be precisely the meaning you want.

    We also have a Hebrew forum, and if you want, you could ask for a translation of the Hebrew term there. I'll also tag this thread for accountancy. :)
     
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