Open Item

In finance, an open item is an unpaid invoice or unresolved transaction on a customer’s account that hasn’t been settled or closed. Tracking open items helps accounts receivable teams monitor outstanding balances and prioritize collection efforts. However, resolving open items requires a centralized data management approach that handles cash application and provides instant visibility to collections teams, ensuring collectors don’t contact customers for payments that have already been made. Accounts receivable automation software helps manage open items and cash application tasks, delivering a unified platform and centralized data management across the entire order-to-cash process.

Check out this guide: The Cash Application Advantage.