VALET360 cash application

Where every dollar of a payment lands.

VALET360 reads each payment, matches it to the right open invoices and credit memos, and places anything left over by rules you set. Here's exactly how it works, step by step.

  1. Verify
    the payer
  2. Read the
    amount
  3. Match invoices
    in full
  4. Apply what's
    left

Payer B's $1,000 check. Only part of the remittance is readable. VALET360 matches the invoice it can read, then works out the other three.

Four steps, always in this order.

Steps 1 and 2 establish who paid and how much. Step 3 tries to account for the whole amount with invoices paid in full. Step 4 only runs if step 3 couldn't, and it follows rules you set for each customer.

1

Verify the payer

Read who the payment is from and confirm it's a known customer. Everything after this only looks at that customer's open items.

2

Read the payment amount

Capture the total. This is the number the rest of the process accounts for, dollar for dollar.

3

Match invoices in full

Find the open invoices, and credit memos, that add up to the payment exactly. Two methods, used alone or together:

Remit-based matchMatch the invoices detailed in the remit info. If they add up to more than the payment, VALET360 finds the combination of them that matches it. When the remit pays less than an invoice's balance, it's applied as a short pay you can annotate.
Inference-based matchNo remit, or it doesn't cover the full amount? Test every combination of open invoices and credit memos for one that totals what's left. If several do, use the one with the fewest items.
4

Apply what's left

If step 3 can't account for everything, two settings you choose decide where the leftover goes, checked in this order.

Your setting A

Leftover is enough to pay at least one invoice in full:

Oldest firstPay the oldest invoices by due date in full, skipping any that are too big.
or
Cash on accountPut the whole leftover on account.
With oldest first, use open credit memos too?YesNo

Anything still left, or too small for setting A to begin with

Your setting B

Leftover is too small to pay any invoice in full:

Partial paymentApply it to the oldest open invoice.
or
Cash on accountPut it on account.

The whole decision, on one page.

Every payment follows a path through this map. Colored boxes are the ways money gets applied; double-outlined boxes are settings you choose. A path ends when nothing is left to place.

Decision map for applying a payment
Remit-based match Inference-based match Oldest first, in full Partial payment Cash on account Your setting, per customer

Three payments, played out.

Try it yourself.

Pick a sample customer, change the payment amount, tick what the remittance lists, and choose the settings. The result updates instantly. Press play to watch it step by step.

Sample customer
$
Setting A: enough left to pay invoices in full
With oldest first, use credit memos too?
Setting B: too little left for any invoice

Built for how payments really arrive.

Messy remittance still works

Partial, smudged or out-of-date remit info doesn't stall a payment. VALET360 uses what it can read and works out the rest.

No remittance, no problem

VALET360 searches the customer's open invoices and credit memos for the combination that matches the payment exactly.

Your rules for the rest

Anything left over goes where you decide, customer by customer: oldest invoices first, a partial payment, or cash on account.

Your team reviews every match before it's final, and can re-match anything by hand.

See VALET360 with your payments