Difference between unapplied and unidentified payment?

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Unapplied payment is a payment received but not yet applied to a specific invoice or account, while unidentified payment is a payment received but cannot be matched to any invoice or account.

Unapplied payment is a temporary holding account for payments that have not yet been allocated to a specific invoice or account.
Unidentified payment is a payment that cannot be matched to any invoice or account, usually due to incorrect or incomplete information provided by the payer.
Unapplied payments can be applied to an invoice or account at a later time, while unidentified payments require further investigation to determine the correct recipient.
Unapplied payments are common in industries where invoices are issued before payment is received, such as healthcare or construction.
Unidentified payments can result in accounting errors and should be resolved as soon as possible to avoid discrepancies in financial records.

Difference between unapplied and unidentified payment?

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