diff --git a/crates/fidc-core/src/engine.rs b/crates/fidc-core/src/engine.rs
index fd30cfc..24ec5d3 100644
--- a/crates/fidc-core/src/engine.rs
+++ b/crates/fidc-core/src/engine.rs
@@ -3242,14 +3242,16 @@ where
         notes: &mut Vec<String>,
     ) -> Result<BrokerExecutionReport, BacktestError> {
         let mut report = BrokerExecutionReport::default();
-        let settled = portfolio.settle_cash_receivables(date);
-        for receivable in settled {
+        let due = portfolio.take_due_cash_receivables(date);
+        for receivable in due {
+            let cash_before = portfolio.cash();
+            portfolio
+                .settle_cash_receivable(&receivable)
+                .map_err(BacktestError::Execution)?;
             let mut note = format!(
                 "cash_receivable_settled {} ex_date={} payable_date={} cash={:.2}",
                 receivable.symbol, receivable.ex_date, receivable.payable_date, receivable.amount
             );
-            let cash_before = portfolio.cash() - receivable.amount;
-
             if self.dividend_reinvestment
                 && receivable.reason.starts_with("cash_dividend")
                 && receivable.amount > 0.0
diff --git a/crates/fidc-core/src/portfolio.rs b/crates/fidc-core/src/portfolio.rs
index 39203ff..a36447f 100644
--- a/crates/fidc-core/src/portfolio.rs
+++ b/crates/fidc-core/src/portfolio.rs
@@ -778,25 +778,23 @@ impl PortfolioState {
         Ok(())
     }
 
-    pub fn settle_cash_receivables(&mut self, date: NaiveDate) -> Vec<CashReceivable> {
-        let mut settled = Vec::new();
+    pub fn take_due_cash_receivables(&mut self, date: NaiveDate) -> Vec<CashReceivable> {
+        let mut due = Vec::new();
         let mut pending = Vec::new();
         for receivable in self.cash_receivables.drain(..) {
             if receivable.payable_date <= date {
-                let amount = Self::fixed_money(receivable.amount, "cash receivable")
-                    .expect("cash receivable must be finite fixed-point money");
-                self.cash = self
-                    .cash
-                    .checked_add(amount)
-                    .expect("fixed-point cash overflow while settling receivable");
-                settled.push(receivable);
+                due.push(receivable);
             } else {
                 pending.push(receivable);
             }
         }
         self.cash_receivables = pending;
         self.refresh_dividend_receivables();
-        settled
+        due
+    }
+
+    pub fn settle_cash_receivable(&mut self, receivable: &CashReceivable) -> Result<(), String> {
+        self.apply_cash_delta(receivable.amount)
     }
 
     pub fn cash_receivables(&self) -> &[CashReceivable] {
diff --git a/crates/fidc-core/tests/corporate_actions.rs b/crates/fidc-core/tests/corporate_actions.rs
index 0e34073..88673a7 100644
--- a/crates/fidc-core/tests/corporate_actions.rs
+++ b/crates/fidc-core/tests/corporate_actions.rs
@@ -49,14 +49,30 @@ fn portfolio_settles_cash_receivable_on_payable_date() {
         amount: 500.0,
         reason: "cash_dividend 0.5".to_string(),
     });
+    portfolio.add_cash_receivable(CashReceivable {
+        symbol: "000002.SZ".to_string(),
+        ex_date: d(2025, 1, 2),
+        payable_date: d(2025, 1, 5),
+        amount: 250.0,
+        reason: "cash_dividend 0.25".to_string(),
+    });
 
-    let settled_early = portfolio.settle_cash_receivables(d(2025, 1, 4));
-    assert!(settled_early.is_empty());
+    let due_early = portfolio.take_due_cash_receivables(d(2025, 1, 4));
+    assert!(due_early.is_empty());
     assert!((portfolio.cash() - 1_000_000.0).abs() < 1e-9);
 
-    let settled = portfolio.settle_cash_receivables(d(2025, 1, 5));
-    assert_eq!(settled.len(), 1);
-    assert!((portfolio.cash() - 1_000_500.0).abs() < 1e-9);
+    let due = portfolio.take_due_cash_receivables(d(2025, 1, 5));
+    assert_eq!(due.len(), 2);
+    let mut cash_chain = Vec::new();
+    for receivable in &due {
+        let cash_before = portfolio.cash();
+        portfolio.settle_cash_receivable(receivable).unwrap();
+        cash_chain.push((cash_before, portfolio.cash()));
+    }
+    assert_eq!(
+        cash_chain,
+        vec![(1_000_000.0, 1_000_500.0), (1_000_500.0, 1_000_750.0)]
+    );
     assert!(portfolio.cash_receivables().is_empty());
 }