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The Invoice Applications sub menu is where payments that have been made (or received) can be linked or allocated to an invoice. The phrase 'applying' an amount to an invoice is often used to describe this. The screen is divided into 3 main areas as follows:

• Payments Applied (which shows details of the total amount 'Applied' and the total amount 'Open'. Note that 'Open' here means outstanding)
• Possible Payments to Apply (which shows all the payments that have been sent from the same party id as the invoice - for a sales invoice this would be the customer party id)
• Assign Payment to Invoice (which allows you to manually assign a specific payment id to this invoice)

NOTE: General Ledger accounting transactions are generated during the payment application process but unless your GL is setup with Unapplied Cash and Applied Cash accounts - I'm not sure that there will be any true accounting impact. In the Sales Order process the accounting transaction generated the following GL Accounting transaction is generated for 'Payment Applied'

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