FIFO and Exact match are automated program features that help to ensure unapplied payments do not sit on your account for too long without being used.
FIFO
- FIFO stands for ‘first in first out’ and is an automated program feature that will regularly look for unapplied payments that have been sitting on an account for a specific period of time (generally 20 or more days) and then try to apply those payments to invoices with a current open balance, starting with the oldest open invoice first
- FIFO can help ensure you're utilizing and taking advantage of any payments that have not been fully applied to open invoices on your account
- Payment application by FIFO is a recorded event on Payment History Reports
Exact Match
- Exact Match is an automated program feature that works similarly to FIFO except that for an unapplied payment to be applied to an invoice, the unapplied payment amount and the invoice amount must match exactly (down to the cent or smallest element of the transaction currency)
- Because of the higher precision in payment application, Exact Match logic is always set to trigger in advance of FIFO when it is enabled for a program
- Payment application by Exact Match is a recorded event on Payment History Reports