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VisionVPM uses the Open Item accounting method to address the need for payments to be allocated to specific services or invoices.
In an Open Item accounts receivable system, each client's account consists of a number of unpaid invoices called Open Items. Each item or invoice has its own balance. Payments and adjustments are allocated to each selected invoice until the item is paid or adjusted to a zero balance. Invoices with a zero balance are, by definition, Closed.
Open Item accounting provides more detail of how payments are allocated and enables you to select which invoices are paid.
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